Polytetrafluoroethylene Global Market Report 2022: Increasing Adoption in the Pharmaceutical Industry Fuels Sector

DUBLIN, April 6, 2023 /PRNewswire/ -- The "Polytetrafluoroethylene Market By Product, By Manufacturing Process, By End-Use, and By Region Forecast to 2030" report has been added to  ResearchAndMarkets.com's offering.

The market for Polytetrafluoroethylene (PTFE) had a size of USD 1.85 Billion in 2021 and is projected to experience a revenue compound annual growth rate (CAGR) of 6.7% during the forecast period.

The market growth is driven by several factors, including the increasing popularity of fluoropolymers worldwide, rising demand for PTFE in chemical and industrial processing sectors, and the increasing preference for biocompatible PTFE in various medical procedures, such as cardiovascular, orthopedic, ophthalmic, and dental procedures. Additionally, the development of reprocessed PTFE with higher compressive strength and durability is contributing to market revenue growth .

PTFE is a synthetic fluoropolymer of tetrafluoroethylene, composed of fluorine and carbon atoms, and is resistant to heat, light, and chemicals. It has numerous applications in a wide range of industries, including Oil & Gas (O&G), chemical processing, manufacturing, electrical/electronic, and construction. PTFE has revolutionized the development of fluoropolymers and is used in various applications, such as non-stick frying pan surfaces, exotic medical and hospital uses, and firefighting gear .

PTFE is an excellent insulator with a long history of use and can insulate up to 500 volts/mil in thin areas. PTFE grades with considerably higher dielectric strengths are commonly used in cable and wire wrapping, as well as in capacitors as a conductive surface separation. The most popular PTFE shape is thick-walled, close-tolerance extruded tubing, used in situations where it is impractical to machine or drill lengthy lengths to precise specifications. PTFE is also used in the creation of standoff insulators and a variety of high voltage encapsulation devices for electrical components .

The transportation and automotive industries are expected to fuel market demand for PTFE due to the increased need for improved efficiency and pollution control. These industries use PTFE due to its numerous advantages, including low friction, strong electrical resistance, heat resistance, and chemical inertness.

Increasing adoption from the pharmaceutical industry

Polytetrafluoroethylene (PTFE) is widely used in medical applications due to its chemical inertness and biocompatibility, making it resistant to negative reactions upon contact with the body. It is a popular material in the healthcare sector for its qualities such as lubricity and biocompatibility, especially for membranes and grafts used in peripheral vascular grafts, plastic surgery, orthopedics, ophthalmology, and dentistry procedures. The demand for PTFE in the healthcare sector is expanding in the U.S. and Europe, and the untapped potential of this market is expected to drive its continued growth. In addition, PTFE is increasingly used in chemical and industrial processing sectors, non-stick cookware, and building additives.

Increasing prices of PTFE:

The closure of several Chinese and European manufacturing facilities has led to a steady rise in PTFE prices, with the entry of low-cost Chinese goods increasing pricing pressure on PTFE producers in other countries. For example, the average price per kilogram of granular PTFE in Europe has exceeded 8 USD, while PTFE is currently sold at an average cost of 15 USD per kilogram. The rising prices of PTFE's raw materials, such as fluorspar, the gap between supply and demand, and changing regulatory landscapes are all factors that affect PTFE prices, which can significantly impact demand for the material.

Key Takeaways:
Product Outlook:

The global market for PTFE has been divided into granular, fine powder, micronized powder, and aqueous dispersion, with the granular segment contributing significantly to revenue growth in 2021. Granular PTFE is created by suspension polymerization in an aqueous medium with minimal or no dispersion agent, and is used for ram extrusion and molding (compression and isostatic). It provides processing flexibility for molding various goods and stock shapes, including rods, tubes, and sheets. In addition, it is used to create products that require high electrical characteristics and chemical resistance, such as seal rings, valve seats, bearing pads, fittings, electrical insulations, and others. The demand for industrial parts in end-user industries is expected to increase, thereby driving demand in this segment.

Manufacturing Process Outlook:

The global market has been divided into suspension and dispersion based on the manufacturing process, with the suspension segment expected to register a steady growth rate during the forecast period. This process produces granulated or powdered PTFE that is used to make a variety of products, such as gaskets, valves, seals, expansion joints, pipes, and electrical insulators. There will be an increase in demand for suspension processes due to the proliferation of industrial component manufacturing in emerging nations. The dispersion segment is expected to register steady growth as well. PTFE powder is produced through an emulsion polymerization reaction and can be used to make thin films for PTFE coatings. It can also be used as an additive to improve corrosion resistance in other polymeric materials or paste-extruded into PTFE tapes, tubing, and wire insulation.

End-User Outlook:

The global market has been divided into healthcare, chemical, industrial, and others based on end-user, with the chemical segment expected to register a steady growth rate during the forecast period. PTFE is a flexible and high-performance fluoropolymer composed of fluorine and carbon atoms and is commonly used as a non-stick coating for kitchen cookware. Due to its hydrophobic nature and chemical inertness, it is unaffected by a wide range of gases, vapors, and liquids. It has outstanding mechanical qualities, including corrosion resistance and thermal insulation, and is frequently used to safely hold a variety of corrosive substances. PTFE liners and tubers are also utilized in machinery, allowing corrosive chemicals to flow without harming the machinery, thereby ensuring the safe storage and transportation of chemicals.

Regional Outlook:

The Asia Pacific market had the largest revenue share in 2021. China's state-owned oil and gas companies, such as China National Petroleum Corp. and China National Offshore Oil Corp, dominate the oil and gas market, while coal is the primary source of energy in the country. However, new reforms are expected to make it easier for private businesses to invest, which could lessen the monopoly of state-owned companies and expand the oil and gas sector, leading to an increase in demand for PTFE. Japan's electrical and electronics sector is also a global leader, which is anticipated to further drive demand for PTFE in the region .

The North America market is predicted to experience a steady growth rate during the forecast period, driven by the chemical resistance and thermal properties of PTFE, rising demand for non-stick cookware, and expanding applications in the electrical and electronics industries. The chemical and industrial processing industry segment led the market in 2021 and is expected to continue dominating the market in the future .

The Europe market is forecasted to grow at a moderate rate during the forecast period. PTFE is frequently used in containers and piping for reactive and corrosive chemicals due to its high efficiency, environmental friendliness, and quality. Innovative uses and new safety regulations are expected to have a significant impact on the European PTFE market, with a focus on the material's various types and uses. The market is growing in countries such as Germany, Italy, and France, with significant investments being made by market players to meet the needs of the end-user industry.

Competitive Landscape:

The global polytetrafluoroethylene market has a consolidated competitive landscape with only a few major players operating at both global and regional levels. These key players are engaging in strategic alliances to expand their product portfolios and establish a strong presence in the global market. The major companies in the global market include 3M, Asahi Glass Co. Ltd., Gujarat Fluorochemicals Ltd., Solvay SA, Daikin Industries, Shanghai 3f New Material Co., Ltd., Dongyue, Chemours, Halopolymers Ojsc, and Zhejiang Juhua .

In July 2021, Solvay made an acquisition of Bayer's global coatings business, which has facilities in Mereville, France, as well as tolling activities in the U.S. and Brazil.


Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Polytetrafluoroethylene Market Segmentation & Impact Analysis
4.1. Polytetrafluoroethylene Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers' analysis
4.2.2.1. Increasing adoption from the pharmaceutical industry
4.2.2.2. Growing usage of PTFE in the chemical processing sector
4.2.3. Market restraints analysis
4.2.3.1. Increasing usage of alternatives
4.2.3.2. Rising prices of PTFE

Chapter 5. Polytetrafluoroethylene Market by Product Insights & Trends

Chapter 6. Polytetrafluoroethylene Market by Manufacturing Process Insights & Trends

Chapter 7. Polytetrafluoroethylene Market by End-User Insights & Trends

Chapter 8. Polytetrafluoroethylene Market Regional Outlook

Chapter 9. Competitive Landscape

Chapter 10. Company Profiles

Companies Mentioned

• 3M
• Asahi Glass Co. Ltd.
• Gujarat Fluorochemicals Ltd.
• Solvay SA
• Daikin Industries
• Shanghai 3f New Material Co. Ltd.
• Dongyue
• Chemours
• Halopolymers Ojsc
• Zhejiang Juhua.

For more information about this report visit https://www.researchandmarkets.com/r/4pktqk

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