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.
