According to the new market research report “Expanded PTFE (ePTFE) Market by Form (Sheets, Tapes, Membranes, Fibers), Application (Gaskets, Filtration & Sepration, Dielectric Constant), End-Use Industry (Oil & Gas, Chemical, Medical, and Transportation), and Region – Global Forecast to 2024″, The ePTFE market is expected to grow from USD 816 million in 2019 to USD 1,105 million by 2024, at a CAGR of 6.2% during the forecast period. The major factors driving the ePTFE market include increasing demand from various end-use industries such as oil & gas, chemical, medical, and transportation among others.
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Polytetrafluoroethylene (PTFE) is a polymer consisting of a carbon backbone covalently bonded to a uniform sheath of fluorine atoms, which can be manipulated and engineered into various forms as a result of an expansion process. This expanded form is referred to as expanded PTFE or ePTFE, which is of hydrophobic and oleophobic nature, and repels water and oil, respectively. These are used in industries such as oil & gas, transportation, medical, and chemical. EPTFE is the most versatile fluoropolymer known for chemical resistance, electrical resistance, thermal resistance, lowest coefficient friction, low dielectric constants, excellent insulation, wide operating temperature, among other properties.
MarketsandMarkets projects that the global ePTFE market will grow from USD 816 million in 2019 to USD 1,105 million by 2024, at a CAGR of 6.2% during the forecast period. The growth of the market can be attributed to the increasing consumption of ePTFE such as gaskets, and filtration & separation in the oil & gas and chemical industry among others. However, the high production cost of ePTFE acts as a restraint to the growth of the ePTFE market.
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The global expanded PTFE (ePTFE) market is estimated to increase from USD 816 million in 2019 to USD 1,105 million by 2024, at a CAGR of 6.2% during the forecast period. The global ePTFE market is driven mainly by its increasing demand from the oil & gas and chemical industry. The growth in automotive production and increasing usage of gasket, and filtration & separation application in oil & gas and chemical industry will drive the demand during the forecast period.
Emerging economies such as China, India, Japan, and South Korea are experiencing a high demand for ePTFE. Increasing per capita expenditure, growing construction industry, huge consumer base, rising urban population, low labor costs, and easy availability of raw materials are attracting global chemical and automobile manufacturers to shift their production facilities to Asia Pacific, thus, creating a high demand for ePTFE in these industries.
W.L. Gore & Associates, Inc. (US), Donaldson Company, Inc. (US), Teadit (Austria) Zeus Industrial Products, Inc. (US), Dexmet Corporation (US), Phillips Scientific, Inc. (US), Rogers Corporation (US), Poly Fluoro Ltd (India), Markel Corporation (US), Shanghai Lanle Plastics Co.Ltd (China) among others are the leading ePTFE manufacturers globally. These companies adopted new product development, and expansion as their strategies between January 2015 and August 2019 to earn a competitive advantage in the ePTFE market.
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W.L. Gore & Associates, Inc. (US), is one of the leading players in the ePTFE market. The company has been focusing on both organic and inorganic strategies to maintain its leading position in the market. For example, in April 2016, the company launched low drag filter bags. This innovative product is used in fume and excellent powder applications. This has benefitted the company by increasing airflow, fan efficiency, flow capacity, and durability of the product. This new product development is expected to strengthen the companys product portfolio and will help in strengthening its position in the global market.
Zeus Industrial Products, Inc. (US) is another major player in the ePTFE market. In February 2018, the company expanded its manufacturing facility in Aiken County. The expansion will help the company in offering advanced ePTFE products to its consumer and is also expected to create an additional 51 new jobs in Aiken, S.C. The new manufacturing facility will help the company to meet the growing demand in Europe and expand its footprint globally and tap the untapped market.
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