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Polytetrafluoroethylene (PTFE) Market to Generate Revenue Worth $2,953.6 Million by 2024

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Polytetrafluoroethylene (PTFE) Market to Generate Revenue Worth $2,953.6 Million by 2024

March 03
18:20 2020
Polytetrafluoroethylene (PTFE) Market to Generate Revenue Worth $2,953.6 Million by 2024
In the recent years, the increasing application of polytetrafluoroethylene in the medical sector has been a key trend in the market. It has replaced traditional plastics owing to its properties of low coefficient of friction, resistance to UV radiation, and chemical inertness. Such properties make it highly suitable for catheters, sutures, syringes, and bio-containment vessels.

In 2018, the global polytetrafluoroethylene (PTFE) market generated a revenue of $2,197.8 million and is projected to attain a value of $2,953.6 million in 2024, witnessing a 5.0% CAGR during the forecast period (2019–2024). In terms of end-use, the industrial processing sector is predicted to dominate the market during the forecast period, as the chemical is utilized for coating different products in the chemical processing industry in order to improve the electrical load-bearing capacity of the base material, decrease friction and sticking, and enhance chemical and heat resistance.

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On the basis of type, the granular category is expected to hold the largest share of the PTFE market during the forecast period, which is attributed to the suitability and extensive usage of this type in seals, gaskets, and rings for aerospace and automotive applications. The fastest growth is projected to be registered by the powder category during the forecast period because of its wide applications in coatings and electrical tapes, cables, and wires. In terms of application, the market is predicted to be dominated by the coatings’ division during the forecast period.

The rising requirement for PTFE from the electrical & electronics industry is a key driving factor of the PTFE market. PTFE finds in applications in different electrical & electronics products, such as fabrication of semiconductor devices, cable tires, barb insulators, battery binders, connectors, circuit breakers, and brush holders. In addition to this, the requirement for electrical and electronics goods is expected to increase in the coming years due to the growing population, primarily in the South Asian countries. This is further projected to drive the demand for PTFE.

For more detail analysis with TOC at: https://www.psmarketresearch.com/market-analysis/ptfe-market

The utilization of PTFE in medical devices is a key trend in the PTFE market. PTFE has replaced the usage of conventional plastics because of its properties such as resistance to ultraviolet radiation, coefficient of friction, and chemical inertness. These properties make it suitable for sutures, bio-containment vessels, catheters, and syringes. Apart from this, the high chemical resistivity of PTFE makes it suitable for multi-lumen tubing, which is needed in minimally invasive procedures.

When Geography is taken into consideration, the Asia-Pacific region accounted for the major volume share (64.1%) of the PTFE market in 2018 and is further predicted to grow at the fastest pace during the forecast period. China is projected to dominate the regional market, reaching a value of $1,594.0 million in 2024, due to the presence of a large number of electronics manufacturers in the country. The second-largest share of the market is expected to be Europe during the forecast period.

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