Polytetrafluoroethylene (PTFE), a durable, tough, waxy, non-flammable synthetic resin has a significant influence on the final performance of a unique material, called tetrafluoroethylene popularly known by its trade-names as Teflon, Fluon, Hostaflon, and Polyflon. PTFE offers glossy surface to final products that have a high melting point, and resistance to attack by almost all chemicals.
These properties have made PTFE popular among consumers as the coating on nonstick cookware; it is also fabricated into industrial products, including bearings, pipe liners, and parts for valves and pumps. Polytetrafluoroethylene is used in a wide range of applications in industries as diverse as aerospace, the food and drink industry, pharmaceuticals and telecoms.
Simultaneously, PTFE is extensively used in pipe works and containers used for corrosive and reactive chemicals. It is also used as a lubricant owing to its ability to reduce friction and fuel consumption in machinery whereas in the healthcare industry as graft material. As a result, Polytetrafluoroethylene garners a huge traction globally, and its market is pervasively escalating on the global platform.
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Acknowledging the traction, the market perceives currently, Market Research Future (MRFR) in its recently published study report mentions that the Global PTFE (Polytetrafluoroethylene) Market is estimated to demonstrate a voluminous growth by 2023, registering a striking CAGR of 6% during the assessment period (2018 – 2023).
Additional factors influencing the growth of Polytetrafluoroethylene Market include the burgeoning end-user industries such as automotive, electronic, electrical, and health care, creating the vast demand. Similarly, the demand from the chemical and industrial processing is supporting the market to head forth steadily. The augmenting demand for durable and impact resistant materials in automotive and electronic applications would be a key force, driving the PTFE (Polytetrafluoroethylene) market during the assessment period.
Alongside, factors such as volatility in the prices of the feedstock required in the production of this material are impeding the market growth. Also, stringent regulations imposed by the U.S. Department of Commerce on the Chinese and Indian producers of PTFE resins with anti-dumping margins are hampering the market growth. Nevertheless, the cost-effectiveness of the PTEF would propel the market growth during the forecast period, keeping the demand for Polytetrafluoroethylene up.
Global PTFE (Polytetrafluoroethylene) Market – Regional Analysis
Globally, the North American region accounts for the dominating market for Polytetrafluoroethylene, holding the largest market share. The increasing demand from the automotive industry for lighter vehicles is driving the growth of the regional market. Furthermore, the presence of well-developed aerospace and automobile industries contributes substantially to the growth of the market mainly in the U.S. and Canada. Also, the growing adoption of PTFE in the pharmaceuticals, healthcare, and electrical and electronic industries is supporting the growth of the regional market.
The PTFE (Polytetrafluoroethylene) Market in the European region holds the second largest market, emerging as a lucrative market in the global space. The automobile industry in this region majorly pulls the demand for the material for making exteriors and interiors of luxury cars.
Besides, the surging demand for the PTFE products from the well-established, aerospace industry along with the demand for household and electrical insulation to increase energy efficiency associated with the regulatory norms are fostering the market growth in the region. Simultaneously, the proliferating healthcare industry in the region is substantially contributing to the growth of the market.
The Asia Pacific PTEF market is becoming as one of the promising markets that are growing fastest. Increasing automobile production is acting as a tailwind for the growth of the PTFE Market in the region.
A rapid shift towards the light-weight auto parts is anticipated to propel the demand for PTFE (Polytetrafluoroethylene) in the region. Moreover, rapid industrialization alongside the increasing investments transpired into the automotive and transportation sector from the countries such as India, China and Japan are projected to propel the PTFE (Polytetrafluoroethylene) Market in the region.
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