Theglobal polytetrafluoroethylene (PTFE) Market is highly concentrated, asreported by Transparency Market Research (TMR). The vendor landscape if thismarket is composed of some regional as well as global players. A fewsmall-scaled vendors also operate in the globalpolytetrafluoroethylene (PTFE) market. Vendors are largelyinvolved in expanding their production capacities. Growing innovations in theindustry is likely to amplify competition between the market vendors. Playersare also expected to focus on research and development activities in order togain traction in the global polytetrafluoroethylene (PTFE) market.
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ChemoursCompany, Asahi Glass Co., Ltd., 3M, and Solvay are reported to be current topparticipants operating in the global polytetrafluoroethylene (PTFE) market. Thecompanies together accounted for almost 63% of the overall market share in2015. A key strategy being adopted by top vendors is the expansion todeveloping markets. As regions like the Asia Pacific offer raw materials atcheaper prices, vendors are seen shifting their base to these markets.
Accordingto TMR’s projections, the global polytetrafluoroethylene (PTFE) market isforecasted to rise at a 4.6% CAGR over the forecast period 2016 to 2024. Thepolytetrafluoroethylene (PTFE) market stood at an evaluation of US$3.48 bn in2015, and is projected to reach US$5.18 bn by 2024.
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Segmentedon the basis of products, micro powder PTFE, with a 30.8% share of the marketas estimated in 2015, is poised to lead the global polytetrafluoroethylene(PTFE) market over the forecast period.
Geographically,Asia Pacific is predicted to emerge as the key regional market. Asia Pacificheld nearly 44% of the total share of the global polytetrafluoroethylene (PTFE)market in 2015. The region is expected to remain dominant over the forecastperiod.
High Adoption in Automotive Sectorto Amplify Demand
PTFE hasthe ability to withstand extremely high temperatures (up to 2500 degreeCelsius). At the same time, the product offers low chemical resistance andfriction. On account of these properties, polytetrafluoroethylene is beingwidely adopted in the automotive industry. Several components used in vehiclessuch as brake lines, sump hoses, clutch, and brake can use PTFE. Rally vehicleswhich need hydraulic fluid, clutch fluid, and cooling, can also make use of theproduct to a large extent. The growing demand from these sectors iscontributing to the growth of the polytetrafluoroethylene market.
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New Innovations to Bolster Polytetrafluoroethylene(PTFE) Market Growth
Recently, akey vendor in the global polytetrafluoroethylene (PTFE) market 3M has developeda novel PTFE processing technology. The technique uses 3D printing technologyas a new and to process fully-fluorinated polymers such as PTFE. This processallows the production of complex and small volume PTFE parts without the needfor expensive traditional processing techniques.
This new,3D manufacturing process is expected to provide enhanced flexibility toplastics manufacturers. Novel innovations such as these are expected to boostthe growth of the global polytetrafluoroethylene (PTFE) market over the comingyears.
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