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(Transportation-News.com, October 05, 2023 ) The report "Polytetrafluoroethylene Market by Form, Application (Sheets, Coatings, Pipes, Films), End-use Industry (Chemical & Industrial Processing, Automotive & Aerospace, Electrical & Electronics, Construction), and Region - Global Forecast to 2028", is projected to reach USD 4.0 billion by 2028, at a CAGR of 6.4% from USD 2.9 billion in 2023.
The PTFE market is mainly driven by the demand for PTFE in various end-use industries, including chemical & industrial processing, automotive & aerospace, electrical & electronics, building & construction, and consumer goods. Moreover, it is also driven by rapidly developing and emerging economies such as India, China, and Japan.
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282 - Market Data Tables
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“Fine powder segment is projected to grow at fastest CAGR, in terms of volume, during the forecast period.”
Fine powder is projected to be the fastest-growing segment in the global PTFE market, in terms of volume, during the forecast period. Fine powder is widely used in various applications such as wire & cable insulation, tapes, hoses, tubing’s, liners, diaphragms, and textiles in different industries.
“Sheets is projected to be the fastest growing application type in the PTFE market, in terms of value.”
PTFE sheets are commonly used in industries such as pharmaceutical, aerospace, and chemical processing. Moreover, it is frequently used in applications involving food contact. In the food industry, PTFE sheets are used as baking sheets, conveyor belts, non-stick grilling mats for grilling fish, vegetables, and other delicate foods.
“Asia Pacific is expected to be the fastest growing market for PTFE during the forecast period, in terms of value and volume.”
The markets of Asia Pacific are registering high growth, and the trend is projected to continue during the forecast period. Emerging economies such as India, China, and Japan are investing in various industrial developments that are driving the PTFE market. Growth in the European market is hindered due to the environmental regulations imposed on the usage of harmful substances, as PTFE contains TFE.
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Polytetrafluoroethylene (PTFE) Market Key Players
New product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the PTFE market include The Chemours Company (US), Daikin Industries, Ltd. (Japan), 3M (US), The AGC Group (Japan), Solvay (Belgium), HaloPolymer, OJSC (Moscow), Dongyue Group Limited (China), Gujarat Fluorochemicals Limited (India), and Jiangsu Meilan Chemical Co. Ltd. (China).
THE CHEMOURS COMPANY
The Chemours Company was formed as a spin-off of the performance chemicals business from DuPont. The company is a leading global provider of high-end polymers and advanced materials. It holds a leadership position in fluorine chemistry and materials science, a broad scope and scale of operations, a strong applications development competency, and deep customer knowledge. The Chemours Company has segmented its operations into four business segments: Titanium Technologies, Thermal & Specialized Solutions, Advanced Performance Materials, and Chemical Solutions. The company provides PTFE under its advanced performance materials business segment. It provides its products to various industries such as automotive, energy, connectivity & advanced electronics, oil & gas, architectural coatings, application development, and medical.
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The Chemours Company is present in 58 locations worldwide and has 28 offices globally with nine R&D facilities serving 3,200 customers in North America, Latin America, Asia Pacific, and Europe. The company serves 120 countries and has 24 production facilities worldwide.
DAIKIN INDUSTRIES LTD.
Daikin Industries Ltd. is a leading manufacturer of air conditioning equipment and fluorochemical products. The company has segmented its operations into three business segments: Air conditioning business, chemical business, and filter business. Its portfolio of fluorochemical products includes refrigerant gases, resins, elastomers, and chemicals. The company offers PTFE under its chemical business segment. It offers more than 1,000 products of PTFE and fillers to more than 150 companies in 26 countries. Daikin Industries serves various industries, such as automotive, semiconductor manufacturing, electronics, energy solutions, home & living, building & construction, oil & gas, aerospace, and life sciences, through its fluoropolymer products.
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