North American PTFE Market To Prosper in Coming Years

Valued at $2,197.8 million in 2018, the global polytetrafluoroethylene market is expected to generate a revenue of $2,953.6 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 5.0% from 2019 to 2024 (forecast period). The market is being propelled by the burgeoning requirement for PTFE in the electrical and electronics industry and cosmetic products, such as anti-aging creams, blushes, and pressed powders.

PTFE is being increasingly used in barb insulators, brush holders, circuit breakers, cable ties, connectors, battery binders, and fabrication of various semiconductor devices. According to the Semiconductor Industry Association (SIA), more than one trillion units of semiconductors were shipped across the globe in 2018. In addition, in China, the sales value of semiconductors grew by more than 20.5% from 2017 to 2018. Besides, the mushrooming use of PTFE in cosmetics is also predicted to create lucrative growth opportunities for the players operating in the PTFE market.

Geographically, the Asia-Pacific (APAC) region dominated the PTFE market in the past, and the region is also predicted to be the fastest-growing region in the coming years. Europe is predicted to be the second-largest market, while North America will witness the second-fastest rise in the sales of PTFE over the next few years. This is ascribed to the surging industrial processing activities in North American countries and the expansion of the automotive industry in Europe, on account of the large-scale manufacturing of automobiles in France, the U.K., and Germany. 

China is predicted to be the largest APAC market in the forthcoming years. This will be because of the increasing number of electronics manufacturers in the country, who use these chemical coatings for semiconductors and wiring applications. Some of the major electronics manufacturers in the country are Huawei Technologies Co. Ltd., Lenovo Group Limited, Xiaomi Corporation, and Haier Group Corporation. In Rest of the World (ROW), Brazil contributed the highest revenue to the PTFE market in the past.

Hence, the sales of PTFE will surge sharply across the world in the coming years, primarily because of their growing requirement in cosmetics and electrical and electronics industries. 

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