by Polytetrafluoroethylene (PTFE) connected with market application outlook
The global Polytetrafluoroethylene (PTFE) Market is estimated to be valued at US$ 3.00 Bn or Billion in 2022 and is expected to exhibit a CAGR of 5.56% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polytetrafluoroethylene (PTFE) is a synthetic fluoropolymer of tetrafluoroethylene that has several advantages leading to wide range of applications. PTFE is highly resistant to corrosion, solvents and chemicals. It also has properties such as self-lubricating, electrical insulation, thermal stability, low friction and extreme weather resistance. These properties make PTFE useful in various industries including chemical processing, aerospace, electrical and electronics among others.
Market Key Trends:
One of the key trends in the PTFE market is the increasing application in non-stick cookware industry. PTFE is commonly used as a non-stick coating in pans and cookware due to its non-stick properties. The ability of PTFE to prevent food from sticking and making cleanup easier has increased its demand in cookware market. Furthermore, properties of PTFE such as heat resistance makes it suitable for applications where higher temperature is required like bakeware. The enhanced cooking experience along with easier cleaning has boosted the application of PTFE in cookware driving the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the PTFE market due to the requirement of high capital investments for production plants and R&D.
Bargaining power of buyers: The bargaining power of buyers is high in the Polytetrafluoroethylene (PTFE) Market as it is a fragmented market with a large number of global players. Buyers can negotiate on price.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are substitute raw materials available in the market.
Threat of new substitutes: The threat of new substitutes is low in the PTFE market as PTFE has unique properties like chemical resistance and electrical insulation.
Competitive rivalry: The competitive rivalry in the PTFE market is high due to presence of many global players.
Key Takeaways
Market size: The global PTFE market is expected to witness high growth, exhibiting CAGR of 5.56% over the forecast period of 2023 to 2030, to reach a market size of USD 4.49 Billion By 2030 due to increasing demand from the automotive industry.
Regional analysis: North America dominated the global PTFE market in 2022 accounting for around 35% of the overall market share owing to increasing consumption from various end-use industries including chemical processing, electrical and electronics in the US and Canada. Asia Pacific is expected to be the fastest growing market during the forecast period.
Key players: Key players operating in the PTFE market are Dynalab Corp., Daikin Industries Ltd., HaloPolymer, Asahi Glass Co. Ltd., Dongyue Group Ltd., Saint-Gobain, Solvay Solexix S.p.A, and E.I. Dupont de Nemours. Dynalab Corp specializes in PTFE micropowders for coatings, inks and cosmetics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
