According to TMR’s projections, the global polytetrafluoroethylene (PTFE) market is forecasted to rise at a 4.6% CAGR over the forecast period 2016 to 2024. The polytetrafluoroethylene (PTFE) market stood at an evaluation of US$3.48 bn in 2015, and is projected to reach US$5.18 bn by 2024.
Soaring Adoption by Automotive Sector to
Amplify Demand in Polytetrafluoroethylene
(PTFE) Market
The global polytetrafluoroethylene (PTFE) Market is highly concentrated, as reported by
Transparency Market Research (TMR). The vendor landscape if this market is composed of
some regional as well as global players. A few small-scaled vendors also operate in the
global polytetrafluoroethylene (PTFE) market. Vendors are largely involved in expanding
their production capacities. Growing innovations in the industry is likely to amplify
competition between the market vendors. Players are also expected to focus on research and
development activities in order to gain traction in the global polytetrafluoroethylene (PTFE)
market.
Chemours Company, Asahi Glass Co., Ltd., 3M, and Solvay are reported to be current top
participants operating in the global polytetrafluoroethylene (PTFE) market. The companies
together accounted for almost 63% of the overall market share in 2015. A key strategy being
adopted by top vendors is the expansion to developing markets. As regions like the Asia
Pacific offer raw materials at cheaper prices, vendors are seen shifting their base to these
markets.
According to TMR’s projections, the global polytetrafluoroethylene (PTFE) market is
forecasted to rise at a 4.6% CAGR over the forecast period 2016 to 2024. The
polytetrafluoroethylene (PTFE) market stood at an evaluation of US$3.48 bn in 2015, and is
projected to reach US$5.18 bn by 2024.
Segmented on the basis of products, micro powder PTFE, with a 30.8% share of the market
as estimated in 2015, is poised to lead the global polytetrafluoroethylene (PTFE) market over
the forecast period.
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Geographically, Asia Pacific is predicted to emerge as the key regional market. Asia Pacific
held nearly 44% of the total share of the global polytetrafluoroethylene (PTFE) market in
2015. The region is expected to remain dominant ove