The Micronized Polytetrafluoroethylene Market size is estimated to reach US$950 million by 2027, after growing at a CAGR of 6.2% during the forecast period 2022-2027. The growth
of the Micronized Polytetrafluoroethylene market would be highly influenced by surging
demand from automotive, construction, electronics and others. Micronized
Polytetrafluoroethylene or micronized
PTFE is a synthetic
polymer. Along with micronized powder, it is utilized as inks, coatings, additives and others. Micronized polytetrafluoroethylene has significant demand in the automotive sector
for anti-corrosion coatings, paints and others, due to its excellent wear and
tear resistance, thereby driving the micronized polytetrafluoroethylene
industry. According to the Japan Automobile Manufacturers Association (JAMA),
motor vehicle production in Japan increased from 344,875 units in December 2019
to 360,103 units in January 2020. The
growing transportation sector, building & construction, chemicals and
others are fueling the growth scope for the Micronized Polytetrafluoroethylene
Micronized Polytetrafluoroethylene Market: The Automotive Industry Leads the Market
Based on end-use industry, the Micronized Polytetrafluoroethylene market can be segmented into automotive, aerospace, electronics, building & construction, medical & healthcare, chemicals and others. The leading segment in the micronized polytetrafluoroethylene industry has been evaluated to be the automotive industry. During the forecast period 2022-2027, the automotive industry is projected to grow at a CAGR of 6.5%. This can be attributed to growth factors such as increasing public transportation, a rising scope for passenger vehicles and industrialization.
According to the International Organization of Motor Vehicle Manufacturers (OICA), automotive production saw a growth of 12% in Brazil, 30% in India, 4% in the U.S. and 3% growth in China in 2021. Thus, the micronized polytetrafluoroethylene industry would grow significantly as a result of emerging applications of Micronized PTFE in the automotive over the forecast period.
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Micronized Polytetrafluoroethylene Market: Asia-Pacific Holds the Largest Market Share
Based on geography, the Micronized Polytetrafluoroethylene market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, Asia-Pacific has emerged as the most profitable region. In 2021, the Asia-Pacific held a 39% share of the total revenues earned by the market globally. The APAC region is estimated to grow rapidly due to the lucrative demand from the transportation sector, construction and infrastructure and others. The automotive sector is lucratively growing in APAC due to an upsurge in automotive vehicle production and urbanization. According to the India Brand Equity Foundation (IBEF), the automotive industry in India is expected to reach US$251.4-282.8 billion by the year 2026. With robust growth scope for Micronized Polytetrafluoroethylene in the automotive industry for coatings, paints and others across APAC countries, the micronized polytetrafluoroethylene industry would emerge significantly over the forecast period.
The Micronized Polytetrafluoroethylene market would also gain demand from the North American region. The U.S., Canada and others are emerging countries in the Micronized Polytetrafluoroethylene industry.
Micronized Polytetrafluoroethylene Market: Competitive Landscape
Key companies holding major shares in the Micronized Polytetrafluoroethylene market are 3M, Clariant International Ltd, Solvay, The Chemours Company, BYK-Chemie GmbH, Daikin Industries, Nanjing Tianshi New Material Technology Co. Ltd, Shamrock Technologies, Maflon SpA and AGC Chemicals.