Polytetrafluoroethylene (PTFE) has replaced traditional plastics in the medical sector owing to its resistance to ultraviolet (UV) radiation, chemical inertness, and low coefficient of friction. Such features make it highly suitable for bio-containment vessels, sutures, catheters, and syringes. Moreover, the high chemical resistance of PTFE makes it suitable for multi-lumen tubing that is needed in minimally invasive procedures. For instance, in May 2019, a custom medical service and solution provider, Bal Seal Engineering Inc., received the USP Class VI compliance status for its SP-23 (polymer with PTFE base) and SP-191 (filled PTFE) seal materials.
Additionally, the surging demand for this common plastic from the electrical and electronics industry will drive the polytetrafluoroethylene market at a CAGR of 5.0% during the forecast period (2019–2024). The market stood at $2,197.8 million in 2018, and it is projected to reach $2,953.6 million in 2024. The compound is required in brush holders, barb insulators, cable ties, connectors, circuit breakers, and fabrication of semiconductor devices. The booming population is fueling the demand for electrical and electronic goods, especially in the emerging economies. This will further increase the application of PTFE in wire and cable jacketing and separation of conductive surfaces in capacitors.
The type segment of the polytetrafluoroethylene market is categorized into powder, aqueous dispersion, and granular. Among these, the granular category accounted for the largest share in 2018, and it is expected to retain its dominance during the forecast period. This can be owed to the large-scale usage and suitability of granular PTFE for rings, gaskets, and seals for aerospace and automotive applications. The powdered category will exhibit the fastest growth in the forecast years owing to rising application of PTFE powder in coatings, electrical tapes, and wire and cables.
The European polytetrafluoroethylene market is expected to hold the second-largest share during the forecast period, on account of the high sales of lightweight vehicles. In the coming years, the production and adoption of lightweight vehicles will accelerate in Germany, the U.K., and France, which, in turn, will create an extensive demand for PTFE for coatings. Additionally, the North American market will also register significant growth in the coming years due to a considerable rise in the industrial processing activities in the region.
Thus, the surging demand for electronic goods and medical equipment and devices will fuel the sales of PTFE in the coming years.
Read More: https://www.psmarketresearch.com/market-analysis/ptfe-market
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