The polytetrafluoroethylene (PTFE) market is expected to grow at a CAGR of more than 5% during the forecast period. The major factors driving the growth of the market studied are the supreme chemical resistance and thermal characteristics, growing demand for non-stick cookware and increasing applications in the electrical and electronics sector. On the flip side, the increasing price of PTFE hampers the growth of the studied market.
- Chemical & Industrial Processing Industry segment dominated the market and is likely to continue its dominance during the forecast period.
- The growing healthcare applications are further likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe. The share-trend is expected to remain the same during the forecast period, where chemical and industrial processing will still dominate the market in terms of volume.
Key Market Trends
Chemical & Industrial Processing Industry Segment to Dominate the Market Demand
- In the chemical and industrial processing industry, PTFE is the material of choice for gaskets, vessel linings, pump interiors, washers, rings, seals, spacers, dip tubes, and well-drilling components. PTFE is unaffected by virtually all acids and caustics and functions in an an extreme environment; thus, it is widely used in this industry.
- Additional usage for the chemical industry includes coatings for heat exchangers, pumps, diaphragms, impellers, tanks, reaction vessels, autoclaves, containers, etc.
- The oil and gas industry is also a major consumer of the PTFE coatings. Oil and gas exploration and recovery demand the harshest of all applications for polymeric materials.
- The temperature and pressures, the corrosive chemicals present, and the operational life, which are expected of such materials require the use of premium, high-performance grades.
- Another benefit that it offers to the manufacturing and processing industry is the facilitation of smooth functioning of the machinery, thereby, saving the time required during downtime.
- The growing chemical and industrial processing industry is expected to drive the market for PTFE through the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific region dominated the global market share with china dominating the market.
- China is the largest importer of oil and gas. The primary energy consumption in the country is dominated by coal. However, owing to air pollution and environmental concerns, the country is employing policies to increase the share of gas and reduce the share of coal in the total energy mix.
- China’s state-owned oil and gas operators, namely, China National Petroleum Corp. (CNPC), China Petrochemical Corp. (Sinopec), and China National Offshore Oil Corp., monopolized the oil and gas market.
- However, the new reforms are expected to make it easier for private companies to invest in the country, which, in turn, is expected to help reduce the monopoly of state-owned companies. The growing investment by the private sector is also expected to improve the oil and gas industry, thus driving the PTFE market in the country.
- Furthermore, the Japanese electrical and electronics industry is one of the world’s leading industries. The country is a world leader in the production of video cameras, compact discs, computers, photocopiers, fax machines, cell phones, and various other key computer components.
- Hence, all such market trends are expected to drive the demand for PTFE market during the forecast period.
The global polytetrafluoroethylene (PTFE) market is moderately consolidated, with the top five companies accounting for around 50% of the global production. The companies based in China accounted for more than 60% of the overall production capacity. Some of the major players in the market include Shandong Dongyue Group, The Chemours Company, Dyneon GmbH & Co KG (3M), HaloPolymer, and Zhonghao Chenguang Research Institute of Chemical Industry, amongst others.
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