Polytetrafluoroethylene, better known as PTFE has numerous applications across different industrial verticals. It is a fluorocarbon solid with hydrophobic properties. The high electronegativity of fluorine and lowest friction coefficient characteristics make this material suitable for numerous applications. PTFE is commonly used in the nonstick cookware and for the pipework of the corrosive materials. Polytetrafluoroethylene or PTFE market holds major share in the overall fluoropolymer market, which makes it an economically crucial segment of the global marketplace. Growing range of applications and advancing technologies are creating strong growth prospects for the products made using polytetrafluoroethylene. Rapid rise in demand from the emerging regions also comes across as a crucial driving factor for the overall market.
Applications and Drivers in PTFE Industry
Polytetrafluoroethylene is mainly available in powder forms including fine, micronized, granular, aqueous dispersion and such other forms. It is used as a mechanical component and coating material across different industrial verticals. Different prominent end-users for the PTFE products include electronics, food and household, mechanical, chemical processing, and such other industries. The global Polytetrafluoroethylene market is witnessing significant growth since the past few years. This growth is triggered by the strong demand from the emerging regions as well as the growing applications of these products. Apart from that, strong demand from Asia Pacific region is considered as the strongest driver for the global market. Researchers are also expecting growth in medical applications segment to be a vital driving factor for this industry.
Restraints and Growth Opportunities
Stagnancy in the European economy is expected to be a major restraining factor for the global industry. According to the researchers, businesses in this region need to work their way in an innovative manner in order to achieve significant growth in the next few years to come. However, growing demand and investment opportunities in the emerging regions like Asia Pacific and Latin America are expected to driving the business prospects for the existing players in the PTFE market. Demand for expanded and modified Polytetrafluoroethylene is also expected to create innovative applications of these products, driving the industrial growth in terms of demand, innovation and revenue channels. Researchers are hoping for a steady growth in the industry during the next few years to come.
Growth Prospects
The global Polytetrafluoroethylene market is segmented on the basis of the types of product forms, their applications, end-user industries and geographic regions of the market. According to the analysis of the current growth trends, industry segmentation, market share, overall size, competition and future growth opportunities, researchers are expecting steady growth for this market. According to the experts, the global PTFE market is expected to grow at a CAGR of over 5%. At this steady compound annual growth rate, the market is expected to become worth $2,114.7 million by the end of the year 2018.
