The PTFE Market is estimated to be USD 1.97 billion in 2017 and is projected to reach USD 2.66 billion by 2022, at a CAGR of 6.1% from 2017 to 2022. Exceptional properties of PTFE such as electrical resistance, dielectric strength, and low coefficient of friction, increasing demand for high-performance polymers, high growth end-use industries, and demand for PTFE in emerging countries are driving the PTFE market. However, the price of PTFE is restraining the growth of the market.
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The PTFE market is expected to witness moderate growth during the forecast period. However, change in regulations related to raw materials used for PTFE production is expected to affect the market growth. Currently, the threat of substitutes in the market is low. However, in case of the development of a suitable substitute to PTFE, the growth of the PTFE market is likely to be affected. Regulations related to fluorspar mining, surfactant, including Perfluorooctanoic acid and other raw materials are expected to affect market growth.
Fine powder is the fastest growing form of PTFE. It is used in a variety of applications due to its exceptional properties. These properties include low coefficient of friction, high durability, dielectric properties, surface finish, excellent thermal resistance, weather resistance, high flexibility & toughness, and chemical inertness. Fine powder PTFE is widely used in various applications, such as wire & cable insulation, tapes, hoses, tubing, liners, diaphragms, and textiles/fibers in different industries.
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Electronics & electrical is the fastest growing end-use industry in the PTFE market. Electrical insulation properties, chemical resistance, temperature resistance, and design make PTFE a preferred alternative to traditional materials used in the electrical & electronics industry. It also meets industry and regulatory requirements pertaining to electrical properties and flame retardancy. It is used in high growth applications of this end-use industry such as cable sheathing of electrical lines, electrical conduits for wiring, and hermetic motor insulation.
Asia Pacific is the fastest-growing market for PTFE. The high growth of the chemical industry has increased investments in chemical manufacturing units in APAC. These factors have increased the use of PTFE in the form of plain bearings, gears, slide plates, dough hoppers, mixing bowls, and conveyor systems in industrial machinery. Growing industrialization in high growth economies such as India, China, and other South Asian countries is driving the PTFE market in Asia Pacific.
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