Polytetrafluoroethylene (PTFE) Market – Growth, Trends, Impact of COVID-19 and Forecast (2022)
The polytetrafluoroethylene (PTFE) market size was estimated to be over 156 kilotons in 2021, and the market is expected to register a CAGR of over 5% during the forecast period (2022-2027).
New York, April 29, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Polytetrafluoroethylene (PTFE) Market – Growth, Trends, COVID-19 Impact and Forecast (2022 – 2027)” – https:// www.reportlinker.com/p06039493/?utm_source=GNW
The market was negatively impacted by COVID-19 in 2020. However, the market is now estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
In the short term, the major market growth drivers are supreme chemical resistance and thermal characteristics, rising demand for non-stick cookware, and increasing applications in the electrical and electronics sector.
The chemical and industrial processing industry segment dominated the market, and it is likely to continue its dominance during the forecast period.
Growing healthcare applications are further likely to provide opportunities for the market studied over the forecast period.
Asia-Pacific dominated the market across the world. The stock trend is expected to remain the same over the forecast period, where chemical and industrial processing will still dominate the market in terms of volume.
Main market trends
Chemical and Industrial Processing Industry Segment to Dominate Market Demand
In the chemical and industrial industry, PTFE is the material of choice for gaskets, vessel liners, pump interiors, washers, rings, seals, spacers, dip tubes and drilling components of well. PTFE is unaffected by virtually all acids and caustics and performs in an extreme environment; thus, it is widely used in this industry.
Additional use for the chemical industry includes coatings for heat exchangers, pumps, diaphragms, impellers, tanks, reaction vessels, autoclaves, containers, etc.
The oil and gas industry is also a large consumer of PTFE coatings. Oil and gas exploration and recovery demands the toughest of all applications for polymeric materials.
Demand in the global oil and gas industry has been severely affected by the Covid pandemic and volatile commodity prices.
Overall, global oil demand is expected to grow by a total of 5.7 mb/d (million barrels per day), with China and India accounting for about half of the growth through 2025. In the same time, global oil production capacity is expected to increase. increase by 5.9 mb/d. Non-OPEC supply will increase by 4.5 mb/d while OPEC will build an additional 1.4 mb/d of crude and natural gas liquids capacity.
The temperature and pressures, corrosive chemicals present, and expected life of these materials call for premium, high performance grades.
Another benefit it offers to the manufacturing and processing industry is facilitating the smooth operation of machinery, thus saving the time needed during downtime.
The growing chemical and industrial processing industry is expected to dominate the PTFE market over the forecast period.
Asia-Pacific will dominate the market
The Asia-Pacific region led the global market share, with China dominating the market.
China is the largest importer of oil and gas. The country’s primary energy consumption is dominated by coal. However, due to air pollution and environmental concerns, the country is implementing policies to increase the share of gas and reduce the share of coal in the total energy mix.
China’s state-owned oil and gas operators, namely China National Petroleum Corp. (CNPC), China Petrochemical Corp. (Sinopec) and China National Offshore Oil Corp., monopolized the oil and gas market.
However, the new reforms should make it easier for private companies to invest in the country, which, in turn, should help reduce the monopoly of public companies. Growing private sector investment is also expected to improve the oil and gas industry, thereby boosting the PTFE market in the country.
Also, Japan’s electrical and electronics industry is one of the world’s leading industries. The country is a world leader in the production of video cameras, compact discs, computers, photocopiers, fax machines, mobile phones and various other key computer components.
Hence, all these market trends are expected to drive the demand in the PTFE market over the forecast period.
The polytetrafluoroethylene (PTFE) market is partly consolidated in nature. Some of the major market players (not in particular) include Dongyue Group, The Chemours Company, 3M, Gujarat Flurochemical Limited, and Daikin Industries Ltd.
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