The market for micronized PTFE (polytetrafluoroethylene) is expected to witness a CAGR of over 4% globally during the forecast period. The growing demand for thermoplastics and the increasing demand from the inks and coatings industries are driving the market. On the flip side, the rapidly growing digital media industry, coupled with unfavorable conditions arising due to the COVID-19 outbreak, are hindering the market growth.
- The micronized PTFE market is expected to grow during the forecast period due to the increasing demand from inks and coatings applications.
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period due to the increasing consumption from countries like China, India, and Japan.
Key Market Trends
Growing Demand from Inks and Coatings Application
- Micronized PTFE is widely used in inks and coatings, and it is expected to be the fastest-growing market during the forecast period.
- Polytetrafluoroethylene (PTFE) is a synthetic fluoropolymer of tetrafluoroethylene. Micronized PTFE powder is the most popular additives used in various industrial coatings. Micronized PTFE offers better wear, rub, and starch resistance. They provide matte surfaces and better abrasion. Additionally, PTFE is also used as nonstick coatings for cookware.
- Globally, the United States is the second-largest producer of paints and coatings. The growing demand for coatings from countries like the United States from sectors like household coatings and the construction sector is expected to drive the market.
- The growing infrastructure is expected to drive the market for paints & coatings. The Indian government has allocated USD 63 billion for the infrastructure sector in 2019-20 and is planning to spend USD 1.4 trillion over the next five years.
- Moreover, according to the National Development and Reform Commission of China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, expected to be completed by 2023.
- The growing demand from inks and coatings applications from various industries is expected to drive the market for the micronized PTFE during the forecast period.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for micronized polytetrafluoroethylene (PTFE) during the forecast period due to an increase in demand from countries like China and India.
- Micronized PTFE is also used as an additive in plastics, printing inks, and coatings to improve their starch, heat, wear, and abrasion resistance to the surfaces. They provide water resistance and guard the surfaces against various solvents and provide inertness to the surface.
- Printing inks are mainly used in the packaging industry. The growing e-commerce is expected to drive the market in India and China. India’s packaging industry is the fifth-largest in the world and is growing at about 22-25% per year as per the Plastics Industry Association of India.
- The growing demand for e-commerce in China and India is expected to drive the market for ink additives during the forecast period. China’s e-commerce market is dominated by Alibaba, whose market share is around 59%. The company’s annual revenue in FY 2019 has seen 51% Y-o-Y growth, and the growing e-commerce industry which relies on the packaging is expected to drive the market during the forecast period.
- Lubricants are used for various heavy construction equipment, industrial equipment, and automobiles. India and China, being global leaders in construction and leading producers in automobiles, are expected to drive the market.
- The factors mentioned above, coupled with government support, are expected to contribute to the increasing demand for the micronized PTFE market in the Asia-Pacific during the forecast period.
The micronized polytetrafluoroethylene (PTFE) market is partially fragmented, with players accounting for a marginal share of the market. Few companies include 3M, BYK-CHEMIE GMBH, Clariant, The Chemours Company, and Solvay.
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