CHICAGO, Aug. 14, 2024 /PRNewswire/ -- The report "PTFE Market by Form, Application, End Use Industry (Chemical & Industrial Processing, Automotive & Aerospace, Electrical & Electronics, Building & Construction, Consumer Goods), and Region - Global Forecast to 2029", PTFE Market size is projected to grow from USD 2.8 billion in 2024 to USD 3.5 billion by 2029, registering a CAGR of 4.3% during the forecast period.
The PTFE market is experiencing significant growth due to increasing demand from various major economies for different end use industries such as chemical & industrial processing, electrical & electronics, automotive & aerospace, consumer goods, building & construction and other end use industries as well. Stricter environmental regulations and the need for sustainable practices are driving industries to adopt advanced technologies to reduce plastic consumption. Additionally, the rapid expansion of chemical industries, which require PTFE in various applications, is further propelling the market.
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"Dispersion PTFE, by form, is expected to have highest CAGR in terms of volume during the forecast period."
Dispersion PTFE is expected to have highest CAGR of 4.4% in form in terms of volume during the forecast period in terms of value. It is yellowish and milky liquid which helps in reducing surface tension and better chemical resistance. It has various applications such as nonstick coatings and impregnation of glass fiber. Apart from this the PTFE dispersion is also used in various applications such as electrical insulation, gaskets, seals. The reason being its excellent thermal stability and low friction coefficient. As the industries wants the material to be pure, durable and with low maintenance cost, the demand for dispersed PTFE is bound to increase.
"Coatings is anticipated to be the largest application, during the forecast period in terms of volume."
Coatings is estimated to be the largest application in terms of volume, Due to exceptional qualities of PTFE such as good chemical resistance, low friction, and great chemical tolerance. PTFE coating is also gaining momentum in medical fields as it has its application in ligament replacement, heart patches, and cardiovascular graft. One of the biggest advantages of PTFE coatings is its ability to withstand harsh chemicals and corrosive environments. In addition to this PTFE coatings offer an extremely low coefficient of friction, making them ideal for application in smooth and non-sticky surfaces. These qualities are particularly useful in food and processing industry, where PTFE coating is extensively used in cookware and bakeware to prevent food from sticking and which helps in easy cooking.
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"Asia Pacific is expected to be the fastest-growing region in the global PTFE market, by region, during the forecast period."
The Asia Pacific region is experiencing growth in the PTFE market due to rapid industrialization, urbanization, and infrastructure development. The significant presence of highly populated countries, such as India, China, has benefited the PTFE market, because of the increasing demand for high-quality medical, automotive, consumer, and electronic products. China, India, Japan, and South Korea are among the world's biggest automakers, which consistently generates demand for PTFE products in the transportation sector. In addition, these countries are leading manufacturers and exporters of medical & pharmaceutical, electronics, consumer goods, and chemical products. Asia Pacific is attracting investors for setting up production facilities because of the easy availability of raw materials and labor at lower prices. This region has witnessed significant growth in production due to low production costs and support of the local governments.
The key players profiled in the report include are AGC Inc. (US), Gujarat Fluorochemical Limited (India), DAIKIN INDUSTRIES, Ltd., (Japan), Dongyue Group (China), The Chemours Company (US), 3M (US), SYENSQO (Belgium), HaloPolymer, OJSC (Russia), Shanghai Huayi 3F New Materials Co.Ltd (China), and Micropowders,Inc. (US).
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