More than 1 trillion semiconductor units were shipped around the world in 2018, according to the Semiconductor Industry Association (SIA). Moreover, in China, the sale of such electronic components rose by 20.5% in 2018, compared to 2017. This is due to the surging demand for TVs, smartphones, laptops, tablets, wearable devices (such as smartwatches), and loads of other electronic appliances. An important material consumed in the electrical and electronics industry is polytetrafluoroethylene (PTFE), which is a type of plastic. Apart from the fabrication of semiconductors, PTFE is also used the manufacturing of cable ties, battery binders, brush holders, circuit breakers, connectors, and barb insulators.
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Therefore, with the rising demand for this plastic by the expanding electrical and electronics industry, the PTFE market is projected to grow to $2,953.6 million by 2024, from $2,197.8 million in 2018, at a 5.0% during 2019–2024 (forecast period). Apart from the electrical and electronics sector, the material is also heavily consumed in the construction, automotive, medical, and industrial processing sectors. Among these, the industrial processing industry is the largest consumer of PTFE, owing to the ability of the plastic to make the base material more resistant to heat and chemicals. Additionally, a coating of the plastic decreases sticking and friction and makes the material, on which it is applied, stronger.
Another sector where the usage of polytetrafluoroethylene is rising is the medical sector, where PTFE is rapidly replacing traditional plastics. With the surging incidence of chronic diseases and population of the elderly, the footfall at hospitals, clinics, ambulatory departments, and diagnostic laboratories is increasing. This is resulting in a growing demand for various medical devices, which are now being made of PTFE, especially with the high number of research and development (R&D) activities being initiated in this regard. For instance, Bal Seal Engineering Inc. achieved compliance with USP Class VI standards for its PTFE-based SP-191 (filled PTFE) and SP-23 seal materials, in May 2019.
Similarly, the use of the plastic is also rising in the production of cosmetics! This is because recent research has established that using the polymer of tetrafluoroethylene in pressed powders, anti-aging creams and lotions, bronzers, and blushes can give a smoother appearance to the skin. With the rising disposable income of people, particularly in emerging economies, as well as their increasing consciousness about appearance, the demand for premium cosmetic products is escalating. Moreover, with the rising influence of social media and strong marketing activities by major cosmetics firms, the awareness of people on the various beauty products available is surging, thus pushing up the consumption of PTFE.
In all the above-mentioned industries, the plastic finds wide-ranging application, from films & sheets, tubes, coatings, and fabrics to fuel additives, wires & cables, and tapes. Among these, coatings remain the largest application area of this material, as PTFE coating is widely applied on cookware (Teflon-coated pans and woks) as well as seals, valves, and rings in the automotive and electrical and electronics sector. Teflon-coated cookware is used in almost every household, as the coating prevents with food from sticking to the walls of the cooking vessel.
Around the world, Asia-Pacific (APAC) is the most significant polytetrafluoroethylene market, owing to the high requirement for this material from the vastly productive electrical and electronics and automotive industries of the region, especially that of China, Japan, South Korea, and India. For instance, as per the Consumer Electronics Association (CEA), the revenue generated by the sale of electronics in the region rose by 3.9% from 2017, to reach $351.0 billion in 2018.
Therefore, with the expansion of end-use sectors and growing R&D to look for novel applications of PTFE, the demand for it is set to mushroom in the coming years.
Get a sample copy of this report: https://www.psmarketresearch.com/market-analysis/ptfe-market/report-sample
Therefore, with the rising demand for this plastic by the expanding electrical and electronics industry, the PTFE market is projected to grow to $2,953.6 million by 2024, from $2,197.8 million in 2018, at a 5.0% during 2019–2024 (forecast period). Apart from the electrical and electronics sector, the material is also heavily consumed in the construction, automotive, medical, and industrial processing sectors. Among these, the industrial processing industry is the largest consumer of PTFE, owing to the ability of the plastic to make the base material more resistant to heat and chemicals. Additionally, a coating of the plastic decreases sticking and friction and makes the material, on which it is applied, stronger.
Another sector where the usage of polytetrafluoroethylene is rising is the medical sector, where PTFE is rapidly replacing traditional plastics. With the surging incidence of chronic diseases and population of the elderly, the footfall at hospitals, clinics, ambulatory departments, and diagnostic laboratories is increasing. This is resulting in a growing demand for various medical devices, which are now being made of PTFE, especially with the high number of research and development (R&D) activities being initiated in this regard. For instance, Bal Seal Engineering Inc. achieved compliance with USP Class VI standards for its PTFE-based SP-191 (filled PTFE) and SP-23 seal materials, in May 2019.
Similarly, the use of the plastic is also rising in the production of cosmetics! This is because recent research has established that using the polymer of tetrafluoroethylene in pressed powders, anti-aging creams and lotions, bronzers, and blushes can give a smoother appearance to the skin. With the rising disposable income of people, particularly in emerging economies, as well as their increasing consciousness about appearance, the demand for premium cosmetic products is escalating. Moreover, with the rising influence of social media and strong marketing activities by major cosmetics firms, the awareness of people on the various beauty products available is surging, thus pushing up the consumption of PTFE.
In all the above-mentioned industries, the plastic finds wide-ranging application, from films & sheets, tubes, coatings, and fabrics to fuel additives, wires & cables, and tapes. Among these, coatings remain the largest application area of this material, as PTFE coating is widely applied on cookware (Teflon-coated pans and woks) as well as seals, valves, and rings in the automotive and electrical and electronics sector. Teflon-coated cookware is used in almost every household, as the coating prevents with food from sticking to the walls of the cooking vessel.
Around the world, Asia-Pacific (APAC) is the most significant polytetrafluoroethylene market, owing to the high requirement for this material from the vastly productive electrical and electronics and automotive industries of the region, especially that of China, Japan, South Korea, and India. For instance, as per the Consumer Electronics Association (CEA), the revenue generated by the sale of electronics in the region rose by 3.9% from 2017, to reach $351.0 billion in 2018.
Therefore, with the expansion of end-use sectors and growing R&D to look for novel applications of PTFE, the demand for it is set to mushroom in the coming years.