According to a new research report by Global Market Insights Inc., the Polytetrafluoroethylene Market size is estimated to exceed USD 1 billion by 2026. Increasing product usage in electrical and electronics sector will drive industry growth rate over projected timeframe.
Advancement in manufacturing of polytetrafluoroethylene supported by heavy R&D investment is estimated to drive industry development over forecast timeframe. In 2016, AGC chemicals, a global manufacturer of fluoropolymers, announced to invest USD 1 million in expansion of its R&D technical center based in the U.S. This showcases positive outlook as it will further bring in new possibilities for the polytetrafluoroethylene market.
In 2019, Daikin Americas have invested around USD 195 million in expansion of their production capacity based in the U.S. This expansion plan had included PTFE & melt resin polymer manufacturing capability.
Regulatory framework of major government bodies along with rising concerns toward health risk associated with PTFE will be a key hindrance behind their growth during 2016 to 2026. This factor will be accountable behind its least growth potential in sectors like food & beverages, pharmaceuticals, healthcare, etc. Ease of availability of substitutes including ceramics, stainless steel, cast iron, etc. will further slowdown the polytetrafluoroethylene market growth rate over projected timeframe.
Browse key industry insights spread across 190 pages with 284 market data tables & 23 figures & charts from the report, “Polytetrafluoroethylene (PTFE) Market By Form (Granular, Powder, Dispersion), By Type (Unmodified, Modified), By Manufacturing Process (Suspension, Dispersion), By End-user (Automotive & Aerospace, Building & Construction, Chemical Processing, Electrical & Electronics, Industrial), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Powder segment reported a growth rate of 4.9% in the global market over projected timeframe. This form of PTFE is obtained from suspension process and is utilized in the applications of pyrotechnics, decoy flares, igniter for rocket propellants, etc. Increasing aircraft production along with rising need for air travel is estimated to drive PTFE market demand in coming years.
Superior safety and reliability to drive modified segment penetration
Modified PTFE is estimated to have highest growth rate in global polytetrafluoroethylene market throughout study time period. This type of product is utilized in the applications where extensive safety and reliability is required. The product can be weldable and is more transparent than virgin PTFE. Proliferation of semiconductor industry is estimated to increase PTFE demand over projected timeframe.
Dispersion process will hold considerable share of overall market in the forecast time period. This process produces PTFE dispersion that is highly recommended for the applications requiring high weather resistance, excellent dielectric strength and superior chemical resistance.
Globally, electrical manufacturing sector stood at around USD 5 trillion in 2018, which further promotes industry growth over projection timeframe. Electrical and electronics segment will occupy around 15% share in polytetrafluoroethylene market. This is majorly attributed to increasing polytetrafluoroethylene demand in making cables, wires, insulation, etc. in electrical sector. Additionally, the product is gaining considerable attention in making components used for semiconductor chip manufacturing.
Presence of chemical manufacturers to drive growth in Europe
Europe is estimated to have growth rate of 5.6% throughout the forecast time period. The region has presence of several well-established chemical manufacturers which is driving the PTFE market share in Europe. Major countries have planned to expand their production output for chemicals in 2020.
Romania reported highest increase of 44% in chemical output month-on-month during May 2020, while France and Italy reported around 11% and 7% increase in chemical output for the same period. These trends showcase positive outlook for chemical production in Europe, which is estimated to increase the polytetrafluoroethylene market demand over forecast time period.
Major PTFE industry manufacturers considered in the sector are 3M, Solvay, Arkema, AGC Chemicals, Honeywell, Mitsubishi Chemicals, Daikin Chemicals, DuPont, RTP Company, etc.
Explore More on Related Topics: