With burgeoning sales of electrical and electronics items all over the world, the demand for polytetrafluoroethylene (PTFE) is set to grow rapidly in the coming years. This is because PTFE is extensively used in cable ties, battery binders, brush holders, circuit breakers, connectors, and barb insulators. Moreover, with the rapid growth of the population, the demand for electrical and electronics products will soar, especially in the developing South Asian countries.
Furthermore, the total sales of semiconductors grew by more than 20% in China from 2017 to 2018. Apart from this, the rising adoption of PTFE-based utensils is also fueling the demand for the material. This is, in turn, pushing up the sales of the material, which is subsequently driving the expansion of the global polytetrafluoroethylene (PTFE) market. As a result, the value of the market is predicted to grow from $2,197.8 million to $2,953.6 million from 2019 to 2024.
Furthermore, the market will exhibit a CAGR of 5.0% between 2020 and 2030, as per the forecast of P&S Intelligence, a market research firm based in India. Powder, granules, and aqueous dispersion are the most commonly used variants of PTFE across the world. Amongst these, the sales of the granular variants were the highest in the past, on account of the fact that it is harder to mix solids with powder PTFE to obtain a uniform blend than granular PTFE.
In addition to the above-mentioned factor, the granular variants are cheaper than the fine powder PTFE and are ideal for compression molding, which is necessary for producing tubes, sheets, and rods. Across the globe, the Asia-Pacific (APAC) PTFE market was the most lucrative one in the years gone by. In the coming years, this market will demonstrate the fastest growth in the world. Globally, the sales of PTFE are predicted to be significantly high in Europe in the forthcoming years.
Thus, it can be said without any doubt that the sales of PTFE will shoot-up across the world in the forthcoming years, primarily because of the rising requirement for PTFE coatings in the automotive industry, the surging sales of electrical and electronics products, and the booming industrial sector all over the world.
Read more: https://www.psmarketresearch.com/market-analysis/ptfe-market
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