Global Polytetrafluoroethylene (PTFE) Market: Snapshot

The global polytetrafluoroethylene (PTFE) market is expected to register steady growth in the forthcoming years, as reported by Transparency Market Research (TMR). The vendor landscape of the global PTFE market is currently highly concentrated. The report identifies Asahi Glass Co., Ltd., Solvay, 3M, and Chemours Company as the leading vendor in the global market. These enterprises held more than 62.7% of the total market share in 2015. While the market also comprises of small-and medium-scale vendors, they are relatively low in numbers.

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The key strategy that vendors in this market could adopt is increasing the extent of their production capacity. Several companies are investing in research and development activities in order to gain momentum over their competitors in the market. Companies are also seen exploring the potential of untapped markets and expanding to regional market with the aim of increasing their geographical presence. The steep prices of raw materials could challenge the growth of vendors, inciting further exploration and shifting base to developing economies over the coming years.
TMR projects that the global polytetrafluoroethylene market is likely to expand at a 4.6% CAGR over the forecast period 2016 to 2024. The market was estimated to stand worth US$3.48 bn in 2015, and is prognosticated to achieve a value of US$5.18 bn by 2024.
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Rising Adoption in Multitude of Industrial Application to Augment Demand
The automotive industry is witnessing high demand for PTFE in recent times. The material offers low friction and chemical as well as thermal resistance. The capacity of PTFE to withstand high temperatures, even exceeding 2500 C, makes it an ideal for fluid transfer at high temperature in automotive applications. It is widely adopted in clutch, brake line, sump hoses and fuel for improving the performance of the vehicle.
PTFE also see immense application in semiconductors and is extensively used to avoid contamination of the substances. Easy cleaning, washing and brisk drying of the product is possible on account of the use of PTFE in semiconductor products. The material is further used in fuel cells, wire and cable insulation for high performance, and as gas diffusion layers. Vast demand for the product is being witnessed in domestic applications such as cookware range as a non-stick coating.

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