Why Is Medical Sector Increasing Its Reliance on Polytetrafluoroethylene?

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.

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PTFE Market Analysis and In-Depth Analysis on Market Dynamics, Emerging Trends, Growth Factors and Sales Forecast

In 2018, the global polytetrafluoroethylene (PTFE) market generated a revenue of $2,197.8 million and is projected to attain a value of $2,953.6 million in 2024, witnessing a 5.0% CAGR during the forecast period (2019–2024). In terms of end use, the industrial processing sector is predicted to dominate the market during the forecast period, as the chemical is utilized for coating different products in the chemical processing industry in order to improve the electrical load bearing capacity of the base material, decrease friction and sticking, and enhance chemical and heat resistance.

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On the basis of type, granular category is expected to hold the largest share of the PTFE market during the forecast period, which is attributed to the suitability and extensive usage of this type in seals, gaskets, and rings for aerospace and automotive applications. The fastest growth is projected to be registered by the powder category during the forecast period because of its wide applications in coatings and electrical tapes, cables, and wires. In terms of application, the market is predicted to be dominated by the coatings’ division during the forecast period.

The rising requirement for PTFE from the electrical & electronics industry is a key driving factor of the PTFE market. PTFE finds in applications in different electrical & electronics products, such as fabrication of semiconductor devices, cable tires, barb insulators, battery binders, connectors, circuit breakers, and brush holders. In addition to this, the requirement for electrical and electronics goods is expected to increase in the coming years due to the growing population, primarily in the South Asian countries. This is further projected to drive the demand for PTFE.

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The utilization of PTFE in medical devices is a key trend in the PTFE market. PTFE has replaced the usage of conventional plastics because of its properties such as resistance to ultraviolet radiation, coefficient of friction, and chemical inertness. These properties make it suitable for sutures, bio-containment vessels, catheters, and syringes. Apart from this, the high chemical resistivity of PTFE makes it suitable for multi-lumen tubing, which is needed in minimally invasive procedures.

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