February 29, 2024

Rising Demand From Industrial Applications To Fuel Growth Of The Global Polytetrafluoroethylene Market

The global Polytetrafluoroethylene Market is estimated to be valued at Us$ 3.1 Bn in 2023 and is expected to exhibit a CAGR Of 5.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Polytetrafluoroethylene (PTFE) is a synthetic fluoropolymer that is extremely non-reactive. It has remarkable non-stick properties and high heat resistance, along with excellent chemical, electrical and thermal stability. These unique properties make PTFE suitable for applications in industries such as chemical processing, automotive, electrical, and construction. In chemical processing industry, PTFE finds use in pipes, tubing, linings, seals and gaskets due to its corrosion and chemical resistance. In automotive industry, it is commonly used as hoses, gaskets and seals due to its heat resistance. PTFE coating is applied on wires, cables and circuit boards in electrical applications owing to its electrical insulation and non-stick properties.

Market Key Trends:

Rising demand from industrial applications is expected to remain a key driving factor for the global PTFE market over the forecast period. The chemical processing industry constitutes the largest end-use segment for PTFE as it offers resistance against corrosive chemicals and solvents. Growing demand from pharmaceutical, food processing and oil & gas industries is expected to propel the demand for PTFE in chemical processing segment. In automotive industry, the adoption of PTFE is increasing owing to its ability to withstand high temperatures and offer enhanced performance in high-stress applications such as hoses, gaskets and seals. Moreover, growing electrical and electronics sector around the world is augmenting the adoption of PTFE due to its excellent electrical insulation and heat resistance properties. Properties such as low friction coefficient and non-stickiness also make PTFE suitable for use in applications such as cookware, machinery parts and slide bearings.

Porter’s Analysis

Threat of new entrants: Low threat of new entrants in this market due to high capital requirements, economies of scale, brand identity,Switching costs.

Bargaining power of buyers: The buyers have moderate bargaining power since the poluyetrafluoroethylene products can be substituted and there are many established manufacturers.

Bargaining power of suppliers: Suppliers have moderate bargaining power since raw materials for this market are moderately differentiated and not too costly to change for buyers.

Threat of new substitutes: The threat of new substitutes is low as polytetrafluoroethylene has few close substitutes and switching costs are also high.
Competitive rivalry: Intense competitive rivalry due to established players.

Key Takeaways

The global Polytetrafluoroethylene Market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand from end use industries such as chemical processing, automotive, electrical and electronics.

Regional analysis:

North America dominated the global market in 2023 and is expected to maintain its lead over the forecast period. This is attributed to presence of major manufacturers and high demand from end use industries in the region. Asia Pacific is expected to be the fastest growing market owing to rapid industrialization and increasing production of automotive and consumer goods in China, India.

Key players:

Key players operating in the polytetrafluoroethylene market are Daikin Industries, Asahi Glass Company, Solvay, 3M, Halopolymer, Dow, Dupont, Solexis SA, China Haohua Chemical Group, Hubei Everflon Polymer CO. Ltd. Daikin Industries and Asahi Glass Company captured around 25% of the global market share in 2023 due to wide product portfolio and geographical presence across regions.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it