PTFE Market Research Report: By Type (Powder, Granules, Aqueous Dispersion), Application (Tubes, Films & Sheets, Fabrics, Coatings, Wires & Cables, Fuel Additives, Tapes), End User (Automotive, Construction, Electrical & Electronics, Industrial Processing, Medical), Geographical Outlook (U.S., Canada, Mexico, Germany, Italy, U.K., France, China, India, Japan, Brazil, South Africa, Iran, Australia)
NEW YORK, Nov. 11, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global polytetrafluoroethylene (PTFE) market share stood at $2,197.8 million in 2018, and it is expected to reach $2,953.6 million in 2024, demonstrating a CAGR of 5.0% during the forecast period (2019–2024). A high-volume demand for the compound is expected to arise from the electrical and electronics industry, which would further drive the market.
The demand for polymer of tetrafluoroethylene in the electrical & electronics niche is expected to witness the fastest growth compared to all other applications, at a CAGR of 6.4%, in terms of volume, during the forecast period. This growth is attributed to the increasing demand for innovative products across several regions, which has expanded the manufacturing of electrical and electronic devices, which, in turn, is creating a huge demand for PTFE from the sector.
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Geographically, Asia Pacific held the largest volume share, of 64.1%, in the global market in 2018, and it is also expected to demonstrate the fastest growth during the forecast period. Europe is expected to have the second largest share in the global market, while North America is expected to witness the second fastest growing demand for polymer of fluoroethylene during the forecast period. This can be attributed to the large-scale industrial processing activities in North America and growth of the automotive industry in Europe.
The increasing adoption of lightweight vehicles in countries such as Germany, France, the U.S. and the U.K. is expected to boost automotive production in the coming years, which, in turn, is likely to create a high demand for PTFE coatings.
China is expected to lead the market in APAC region, generating revenue of $1,594.0 million in 2024. This can be mainly attributed to the large number of electronics manufacturers in the country, which require such chemical coatings for wiring, semiconductors, and other parts. Some of the leading electronics manufacturing companies in the country are Lenovo Group Limited, Huawei Technologies Co. Ltd., Haier Group Corporation, and Xiaomi Corporation.
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In RoW, Brazil dominated the market with the largest volume share, and it is expected to demonstrate the fastest growth during the forecast period as well. This is attributed to the escalating demand for PTFE coatings from the aerospace sector of the country. Moreover, the government is aiming at foreign investments in Brazil’s aviation sector. In addition, the demand for such coatings from Saudi Arabia’s chemical processing industry is expected to help the global market grow. In 2018, Saudi Aramco and SABIC announced their agreement for the development of an integrated industrial complex to convert crude oil to chemicals.
The global market is highly concentrated in nature due the presence of a small number of players. Some of the leading players in the market include 3M Company, Gujarat Fluoropolymers Ltd., AGC Inc., Daikin Industries Ltd., Solvay SA, Juhua Group Corporation, The Chemours Company, Zhonghao Chenguang Research Institute of Chemical Industry, and Shandong Dongyue Polymer Material Co. Ltd. A significant portion of the chemical manufacturing happens in the APAC region, primarily China.
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Mergers and acquisitions, product launches, and capacity expansions are being undertaken by PTFE market players in order to gain a larger share in the global market. Also, most of the large players operating in the market are backward integrated and also produce raw materials, such as fluorspar, chloroform, and R-22.
In 2017, Daikin Industries Ltd. acquired Heroflon S.p.A., an Italian manufacturer of fluoropolymer compounds. Heroflon’s product portfolio comprises fluoropolymer compounds and micro-powders of polytetrafluoroethylene.
Some other important players operating in the global market are Zhejiang Jusheng Fluorochemical Co. Ltd., HaloPolymer OJSC, Shamrock, and Shanghai 3F New Material Co. Ltd.
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