Polytetrafluoroethylene (PTFE), commonly known as Teflon, is a fluoropolymer used in the production of electronic products such as barb insulators, cable ties, connectors, battery binders, circuit breakers, brush holders, and semiconductor devices. The increasing use of the material in the electrical and electronics industry can be attributed to the chemically inert, non-flammable, and non-toxic features of PTFE. Moreover, the hydrophobicity, non-reactivity, good insulating property, and low coefficient of friction of the material makes it ideal for nonstick coating for cookware.
Additionally, the rising application of the fluoropolymer in the medical sector is expected to drive the polytetrafluoroethylene market at a CAGR of 5% during the forecast period (2019–2024). The market revenue stood at $2,197.8 million in 2018 and it is projected to reach $2,953.6 million revenue by 2024.
The application segment of the polytetrafluoroethylene market is categorized into tapes, tubes, fabrics, films and sheets, coatings, fuel additives, wires and cables, and others. Among these, the coatings category held the largest market share in 2018 and it is expected to retain its dominance throughout the forecast period. Additionally, the category is also expected to demonstrate the fastest growth in the forecast years, due to the mounting demand for PTFE-coated valves, seals, and rings in the industrial processing sector.
Whereas, Europe is expected to hold the second position in the polytetrafluoroethylene market throughout the forecast period, due to the growth of the automotive sector in the region. Additionally, the surging adoption of lightweight vehicles in France, Germany, and the U.K. will also contribute to the market growth, owing to the burgeoning demand for PTFE coatings in these countries. Furthermore, North America is expected to hold the third position in the market in the future, due to the large-scale industrial processing activities in the region.
Thus, the mounting demand for electronics, beauty products, and medical products will boost the adoption of PTFE in the coming years.
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