CHICAGO, April 14, 2023 /PRNewswire/ -- The report "Polytetrafluoroethylene (PTFE) Market by Form, Application (Sheets, Coatings, Pipes, Films), End-use Industry (Chemical & Industrial Processing, Automotive & Aerospace, Electrical & Electronics, Construction), and Region - Global Forecast to 2028", is projected to reach USD 4.0 billion by 2028, at a CAGR of 6.4% from USD 2.9 billion in 2023.
The PTFE market is mainly driven by the demand for PTFE in various end-use industries, including chemical & industrial processing, automotive & aerospace, electrical & electronics, building & construction, and consumer goods. Moreover, it is also driven by rapidly developing and emerging economies such as India, China, and Japan.
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"Fine powder segment is projected to grow at fastest CAGR, in terms of volume, during the forecast period."
Fine powder is projected to be the fastest-growing segment in the global PTFE market, in terms of volume, during the forecast period. Fine powder is widely used in various applications such as wire & cable insulation, tapes, hoses, tubing's, liners, diaphragms, and textiles in different industries.
"Sheets is projected to be the fastest growing application type in the PTFE market, in terms of value."
PTFE sheets are commonly used in industries such as pharmaceutical, aerospace, and chemical processing. Moreover, it is frequently used in applications involving food contact. In the food industry, PTFE sheets are used as baking sheets, conveyor belts, non-stick grilling mats for grilling fish, vegetables, and other delicate foods.
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"Asia Pacific is expected to be the fastest growing market for PTFE during the forecast period, in terms of value and volume."
The markets of Asia Pacific are registering high growth, and the trend is projected to continue during the forecast period. Emerging economies such as India, China, and Japan are investing in various industrial developments that are driving the PTFE market. Growth in the European market is hindered due to the environmental regulations imposed on the usage of harmful substances, as PTFE contains TFE.
New product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the PTFE market include The Chemours Company (US), Daikin Industries, Ltd. (Japan), 3M (US), The AGC Group (Japan), Solvay (Belgium), HaloPolymer, OJSC (Moscow), Dongyue Group Limited (China), Gujarat Fluorochemicals Limited (India), and Jiangsu Meilan Chemical Co. Ltd. (China).
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