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The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
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They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Persistence Market Research (PMR) has released a new market study on the micronized PTFE market for the historical period of 2014–2018 and forecast period of 2019–2029, which studies the global micronized polytetrafluoroethylene market, and offers deep-dive analysis for the next ten years. The report on the global micronized PTFE market estimates the key macroeconomic and forecast factors that are projected to drive the growth of the micronized PTFE market. The report on the micronized polytetrafluoroethylene market also discusses the restraints that are affecting the global market, along with the potential opportunities and latest trends in the micronized PTFE market across the value chain.
The global micronized PTFE market was valued over US$ 300 Mn in 2014, and this value is expected to go above US$ 450 Mn at the end of 2019. The micronized PTFE market is expected to grow at a CAGR of nearly 7% between 2019 and 2029, and is estimated to reach a global value of more than US$ 800 Mn by 2029 end.
Micronized PTFE Market: Segmental Analysis
By source, the global micronized PTFE market is segmented as virgin and recycled. Amongst these segments, the virgin segment is projected to grow at a substantial value share in the global market, owing to the rising demand for such sources from end-use industries. Moreover, virgin micronized polytetrafluoroethylene is prominently used in electronics for its extreme chemical resistance, thermal stability, electrical insulation, and low friction coefficient; recycled micronized PTFE is used for coating applications.
By application, the global micronized PTFE market is segmented into inks, paints, coatings, lubricants & greases, thermoplastic, and elastomers. The inks and coatings segments are expected to continue their growth at a substantial rate in the global micronized PTFE market over the slated time period, owing to their increasing application in the packaging industry. The coatings segment is also expected to represent a significant opportunity for the micronized PTFE market, owing to the rising use of industrial coating for machinery and industrial equipment. By end-use industry, the global micronized polytetrafluoroethylene market is segmented into automotive, textiles, food, pharmaceuticals & medicines, electronics, and others. Among these segments, the automotive and pharmaceuticals & medicines segments are estimated to grow at noteworthy rates in the global micronized PTFE market over the forecast period. In the automotive sector, micronized PTFE is used for coating automotive vehicles in the OEM and aftermarket sectors. Increase in the demand for automotive vehicles over the forecast period is expected to drive the micronized PTFE market.
Technological advancements in the pharmaceutical & medicine field regarding micronized PTFE instruments are expected to increase pace over the years. The trending use of micronized PTFE powder for thermoplastic gears is expected to increase at a steady rate for easy reproducibility and quick manufacturing through MIM. As such, growth in these industries is collectively expected to accelerate the sales of micronized PTFE, globally, over the forecast period.
The global micronized PTFE polytetrafluoroethylene study has been segregated into six regions -North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and the Middle East & Africa.
The micronized PTFE market is directly and indirectly dependent upon the performance of industries such as automotive, textiles, food, pharmaceuticals & medicines, electronics, and others, in respective regions.
According to PMR’s deep dive study, the markets in North America, Asia Pacific, and Western Europe are projected to be frontrunners, with significant growth rates in the global micronized PTFE market. These regions are also expected to account for healthy shares in the global micronized PTFE market.
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