is a fluoropolymer formed by the polymerization of monomer tetrafluoroethylene (TFE) in presence of an initiator. It is found in numerous product types ranging from flexible foam to elastomers and from rigid foams to solid compositions. Its unique features include extreme chemical inertness, excellent heat resistance, optimum dielectric properties, and low frictional coefficient. PTFE is also combined with other materials such as glass fibers, carbon, and graphite to improve its mechanical properties. It is a synthetic high molecular weight fluorocarbon comprising entirely of carbon and fluorine atoms. Additionally, PTFE is well known as Teflon, a registered brand of DuPont often used in cookware.
The global market for PTFE is highly concentrated dominated by a handful of players. Their plans and policies have considerable impact on the overall market. The global PTFE market is primarily gaining from the increasing demand for non-stick cookware. The expansion of the cookware industry will therefore pave way for the success of market players. Besides this, the rising application of PTFE in the automotive sector will boost the market in the coming years.
However, dwindling raw material prices could limit the scope for expansion. Nevertheless, the presence of untapped opportunities across developing regions, besides innovative strategies adopted by the leading players to gain pace will aid growth in the coming years. Between 2016 and 2024, the global PTFE market is forecast to exhibit a CAGR of 4.6%. At this pace, the market will reach US$5.18 bn by the end of 2024, from US$3.48 bn in 2015.
Micro Powder PTFE to Continue Dominating Global PTFE Market
PTFE is commercially available in granular, fine powder, micro powder and other form. Of these, micro powder PTFE, which also led the overall market with a share of 30.8% in 2015, is a low molecular weight micronized particle and used as additives in polymers, inks, paints, coatings and grease. Over the course of the forecast period, the micro powder PTFE segment is likely to continue as the market lead. Granular PTFE emerged as the second-leading product segment in the market in the same year. It is generally used for the manufacturing of semi-finished parts such as sheets, rods, billets, cubes. Fine powder PTFE is paste extruded powder, which is generally used for the manufacturing tapes, tubes, rods and wire coatings. Other products include dispersions, and liquids. Dispersion PTFE is used as an aqueous dispersion for coatings. Major manufacturers in PTFE market manufactures granular PTFE and this segment is likely to offer lucrative opportunity during the forecast period.
Growth in Chemical Industry to Seal Asia Pacific’s Dominance as Leading PTFE Market
In terms of revenue, Asia Pacific held the dominant 44.3% of the global PTFE market in 2015, followed by Europe and North America. Dominance of Asia Pacific is likely to remain constant on account of the persistent growth witnessed in the region’s chemical industry. In North America, chemical and industrial processing along with automotive will emerge as the leading application segments. Over the next few years, the demand for PTFE is expected to rise in the U.S. giving impetus to the North America PTFE market.
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Meanwhile, the presence of leading players will steer growth in the Europe market for PTFE. Contrary to this, the Middle East & Africa will offer limited opportunities for growth, as the region is yet to be explored by the leading manufacturers.
Some of the leading manufacturers of PTFE catering to industry-specific applications are The Chemours Company, Daikin Industries, Ltd., 3M, Solvay, and Asahi Glass Co., Ltd. Manufacturers across the globe is trying to increase their market share through loyalty schemes, and competitive pricing.