Polytetrafluoroethylene Market By Form (Granular, Micro Powder, Fine Powder, & Dispersion), By Type (Modified & Unmodified), By Application (Sheet, Coatings, Pipes, Films, & Others), By End-Use Industry (Transportation (Automotive, Aerospace, Locomotive, & Marine), Healthcare (Catheters, Guidewires, Implantables), Building & Construction (Residential, Commercial, & Infrastructure), Chemical & Petrochemical, Electrical & Electronics, Consumer Goods, Industrial, & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027
Polytetrafluoroethylene Market Overview
Polytetrafluoroethylene market size is forecasted to reach US$3.3 billion by 2027, after growing at a CAGR of 4.5% during the forecast period 2022-2027. Polytetrafluoroethylene (PTFE) also known as Teflon, is a synthetic fluoropolymer and hydrophobic made from the tetrafluoroethylene (TFE) monomer during the polymerization process. PTFE is a vinyl polymer with a structure that resembles polyethylene, if not its behavior. Free radical vinyl polymerization is used to produce polytetrafluoroethylene from the monomer tetrafluoroethylene. Due to its high surface lubricity and anti-blocking qualities, PTFE is utilized in the electronics, pharmaceuticals, textiles, and food industries. It can also reduce machine wear and fuel consumption, hence it is often employed as a lubricant. The major factors driving the growth of the global polytetrafluoroethylene market include an increase in demand for polytetrafluoroethylene from the electrical and electronics sectors as well as the chemical and industrial processing sectors, an increase in demand for non-stick cookware, and a rise in use in construction additives. The COVID-19 pandemic in 2020 had a detrimental impact on the market. The market's growth was hampered by insufficient raw material demand and supply as a result of the shutdown and price volatility. Expensive R&D, growing geopolitical challenges, unfavorable market conditions as a result of the coronavirus outbreak, high polytetrafluoroethylene costs, and stringent global trade laws all limit the industry expansion.
The report: “Polytetrafluoroethylene Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the global synthetic resin market.
- The APAC region dominated the global market share, Economic growth, the expansion of manufacturing sectors, low labor costs, increased foreign investment, and expanding PTFE application areas in chemical and industrial processing, as well as the electronics industries, are likely to drive the PTFE market forward.
- PTFE's market is predicted to be dominated by the rising chemical and industrial processing industry throughout the forecast period.
- A change in the regulatory environment, a demand-supply gap, and fluctuations in raw material prices all have an impact on and cause fluctuations in the prices of granular polytetrafluoroethylene. As a result, market growth is expected to be limited.
Figure: Asia-Pacific Polytetrafluoroethylene Market Revenue, 2021-2027 (US$ Billion)
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Polytetrafluoroethylene Market – By Form
The Granular segment held a significant share in the polytetrafluoroethylene market in 2021 and is forecasted to grow at a CAGR of 4.3% during the forecast period 2022-2027. The finely broken down coarse particles generated by suspension polymerization are used to make the granular powder form of PTFE. Compression molding or ram extrusion molding are two methods of molding. Chemical inertness, high-temperature resistance, excellent chemical resistance, low coefficient of friction, extraordinary adhesion, low-temperature toughness, electrical characteristics, and great water repellant properties are all advantages of PTFE granular resins. Because of its resilience to high temperatures and chemicals, granular PTFE is used in industries such as automotive and aerospace, as well as chemical and industrial processes. The extensive use of granular segment in the manufacture of seal rings, valve seats, bearing pads, fittings, electrical insulations, and many other components is one of the elements that can be linked to its rise.
The Electrical & Electronics segment held a significant share in the polytetrafluoroethylene market in 2021 and is forecasted to grow at a CAGR of 5.2% during the forecast period 2022-2027. Due to its exceptional electrical insulation capabilities, PTFE & Filled PTFE Products are mostly utilized in electrical & electronics engineering industries such as Electric Switch Gears, Capacitors, Traction Motors, and Traction Generators. Because of its high-quality insulation properties under the roughest of conditions, PTFE is projected to grow in popularity in electronics and electrical applications. For engine parts, PTFE has high-temperature resistance and thermal stability, which is projected to lead to its use in the automotive sector. It has leak-proof technologies that last longer and are reliable at high speeds and temperatures. According to the Department of International Trade, the electronics industry in the United Kingdom generates £16 billion in revenue each year. Thus, significant growth in the end-use industries is fuelling the growth of the polytetrafluoroethylene market, thereby driving the market growth.
Polytetrafluoroethylene Market – By Geography
The Asia-Pacific region held a significant share in the polytetrafluoroethylene market and is expected to grow with a CAGR of around 5.7% during the forecast period. Economic growth, the expansion of manufacturing sectors, low labor costs, increased foreign investment, and expanding PTFE application areas in chemical and industrial processing, as well as the electronics industries, are likely to drive the PTFE market in APAC. In the Asia Pacific, countries like China, Japan, and South Korea, which are important hubs for electronic component production, are likely to have significant market expansion. For instance, according to the India Brand Equity Foundation, by 2025, India's electronics manufacturing industry is expected to be worth US$ 520 billion, Electronics consumption will increase to US$ 400 billion by 2025, up from US$33 billion in FY20. According to India Brand Equity Foundation (IBEF), India’s domestic automobile production increased at a 2.36 percent CAGR from FY16 to FY20, with 26.36 million vehicles produced in FY20. Between FY16 and FY20, domestic automobile sales increased at a 1.29 percent compound annual growth rate (CAGR), with 21.55 million vehicles sold in FY20. According to the Japan Automobile Manufacturers Association (JAMA), automobile production in Japan increased in November from 6,67,462 units in October to 6,90,311 units. In addition, Japan's electrical and electronics industry is a global leader. As a result, during the forecast period, all of these market trends are likely to increase demand for PTFE in APAC, thereby driving market growth in the Asia-Pacific region.
Polytetrafluoroethylene Market Drivers
High Demand in the Automotive Industry
For its diverse qualities, PTFE has a variety of advantages over other polymers. High heat resistance, lightweight, dimensional stability, and chemical resistance are among PTFE's most notable characteristics. Consumer products, building and construction, automotive and aerospace, electronics and electrical, and chemical and industrial processing are just a few of the major end-use industries where PTFE is widely used. The expansion of the automotive industry is also one of the most significant drivers of the PTFE market. To improve the performance and durability of automotive parts and components, PTFE is utilized in the manufacturing of numerous engine parts. PTFE reduces pollutants and improves fuel efficiency in automobiles. It is critical to utilize a fire-retardant material that releases less smoke and harmful fumes in aerospace applications. PTFE that can endure harsh application circumstances and a wide range of temperatures is required for a variety of aerospace applications. According to the Energy Information Administration (EIA), by 2035, the number of automobiles will have increased to 1.7 million worldwide. Thus, significant growth in the end-use industries is fuelling the growth of the Polytetrafluoroethylene market, thereby driving the market growth.
Growth in Healthcare Industry
Chemical inertness makes PTFE biocompatible, which is why it's employed in medical applications. In addition, the chemical inertness precludes any negative responses when it comes into contact with the human body. Furthermore, it is neither chemically modified nor destroyed by medical fluids and resists wetting by biological liquids. PTFE is one of the most used materials in the healthcare business, notably for membranes and grafts, because of its biocompatibility and lubricity. PTFE is used in a variety of applications in the healthcare business, including cardiovascular, peripheral vascular grafts, plastic surgery, orthopedics, ophthalmology, and dental. According to India Brand Equity Foundation, By 2023, the Indian healthcare industry, which accounts for 80% of the entire healthcare market, is predicted to reach US$ 132 billion. According to Centres for Medicare & Medicaid Services, National health spending is projected to grow at an average annual rate of 5.4 percent for 2019-28 and to reach $6.2 trillion by 2028. As a major percentage of the market remains untapped, this industry is projected to see a further surge in demand for PTFE through new horizons.
Polytetrafluoroethylene Market Challenges
Problems Associated with Reprocessed PTFE
The growing usage of reprocessed PTFE poses a threat to the PTFE market's growth since it modifies the resin's important qualities. Porosity is introduced into the material, causing problems with water absorption and dielectric strength. Furthermore, weaker connections between molecules reduce tensile strength and invariably result in crack lines inside the material, which may or may not be visible but will have an impact over time. Although the material's chemical inertness is unchanged (it's still 100 percent PTFE), the increased water absorption makes it vulnerable in applications where pure PTFE's weather ability and hydrophobic qualities are sought.
Polytetrafluoroethylene Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polytetrafluoroethylene market. The Polytetrafluoroethylene market’s top 10 companies are:
- 3M Company
- AGC Inc.
- Gujarat Fluorochemicals Limited
- Hindustan Fluorocarbons Ltd
- Jiangsu Meilan Chemical Co. Ltd
- Shanghai 3F New Materials Co. Ltd
- The Chemours Company
- Zhonghao Chenguang Research Institute of Chemical Industry
- In January 2021, Tech Tubes & Fittings has launched the PTFE/Teflon Tube Fittings, Instrumentation Pipe Fittings & Valves.
- In April 2021, Dolphin Sutures, a global leader in surgical sutures, announced the addition of non-absorbable Polytetrafluoroethylene sutures to its Dental product portfolio for the first time in India. Dense PTFE is part of the new TEFLENE product family (Polytetrafluoroethylene).
- In April 2020, JP air Tech, a Danish air filter media manufacturer, has recently launched the JX81-B-PTFE membrane, a synthetic lightweight filter media, as part of its ongoing investment in the development of innovative products for the filtration and separation sector.