PTFE Market To Expand At A Modest CAGR Of 4.60% By 2024

Global Polytetrafluoroethylene (PTFE) Market

The global PTFE market is developing at a healthy pace and is expected to witness high growth in the coming years, thanks to the rising opportunities from developing nations across the globe. The rise in the development of the cookware industry and the rising demand for non-stick cookware are estimated to ensure the growth of the global PTFE market in the next few years. With these factors, the Global PTFE market is projected to register high growth in the coming few years. Among the key products, the micro powder PTFE segment is anticipated to witness a high demand in the next few years and hold a major share of the overall market.

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A research study by Transparency Market Research stated that, in 2015, the global market for PTFE stood at US.48 bn and is projected to reach a value of US.18 bn by the end of year 2024. Furthermore, the global PTFE market is predicted to register a healthy 4.60% CAR between 2016 and 2024.

The rise in the demand for PTFE from the diverse industrial sectors is likely to enhance the development of the market in the next few years. The rise in the need for PTFE, especially in emerging economies, which is projected to support the growth of the overall market in the coming years. In addition to this, the rising penetration in the medical applications is another factor that is estimated to ensure market growth in the near future. On the flip side, the increasing cost of PTFE and the increasing use of reprocessed PTFE and the strict rules and regulations for environment are predicted to restrict the market growth in the near future. Nonetheless, the rise in the use of MPTFE is expected to support the market growth and offer growth prospects for players in the near future.

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From a regional viewpoint, Asia Pacific led the global PTFE market with a massive share of the market and is likely to remain in the same position over the next few years. The rapid development of the chemical industry is projected to enhance the growth of this region in the coming years. Furthermore, the growing demand for PTFE from the industrial and chemical industries and the developing automotive sector are some of the other factors estimated to enhance the growth in the near future. Furthermore, Europe and the Middle East and Africa markets for PTFE are projected to grow at a healthy pace in the next few years.

The global market for PTFE is concentrated in nature with a few international and local players operating in it across the globe. In addition to this, several small-size and medium-size vendors are also operating in market, however, they are comparatively less in number. The developments and innovations in this field and the expansion of the manufacturing capacities are likely to enhance the competitive scenario of the global PTFE market in the coming few years. Also, the rise in the research activities is expected to ensure market growth in the next few years. Some of the leading players in the global PTFE market are Daikin Industries, Ltd., The Chemours Company, Solvay, 3M, and Asahi Glass Co., Ltd.

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Rakesh Joined: November 28th, 2018