DETROIT, Sept. 16, 2020
DETROIT, Sept. 16, 2020 /PRNewswire/ -- Stratview Research announces the launch of a new research report on Expanded PTFE Market by Form Type (Sheets, Tapes, Membranes, Fibers, and Others), by Application Type (Gaskets, Filtration & Separation, Dielectric Materials, and Others), by End-Use Industry Type (Chemical, Ground Transportation, Medical, Industrial, Aerospace & Defense, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2020-2025.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's expanded PTFE market realities and future possibilities for the forecast period 2020 to 2025. The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for ePTFE at the global-, regional-, as well as country-level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of low-hanging fruits available in the market as well as formulate growth strategies.
Expanded PTFE Market: Highlights from the Report
Polytetrafluoroethylene (PTFE) was inadvertently discovered by DuPont in 1938. It has become the most widely used fluoropolymer in the world with its usages in various industries, such as oil & gas, electronics & telecommunication, automotive, food & beverages, and pharmaceuticals; as it offers excellent properties such as dielectric, low friction, hydrophobic, non-wetting, high density, and high-temperature resistance. With regards to the growing needs of the industry, such as lightweight, cost-effective, pliable; W.L. Gore & Associates experimented with PTFE, to increase its applications by improving its properties with the help of the heating process. Gore has implemented heating the PTFE rods and then gradually pulling it from either end. After many iterations, Gore had finally discovered expanded PTFE in the year 1969.
The expanded PTFE exhibits several properties and benefits over PTFE such as excellent resistance to cold flow and creep, high compressibility, low dielectric constant, low coefficient of friction, non-flammability, and a wide service temperature range of -240°C to 250°C. Owing to such fruitful properties, expanded PTFE has witnessed a remarkable growth in the market with an incessant increase in its applications in different end-use industries, such as medical, textiles, aerospace & defense, automotive, industrial, and chemicals.
Impact of COVID-19 on the Expanded PTFE Market
To assess the real impact of the pandemic on the expanded PTFE market in short term as well as long term is extremely challenging at the present scenario as the pandemic is still spreading, taking the major economies in its grip and further deteriorating the market conditions. It is difficult to state when the impact of the pandemic starts to fade away. However, the industry is still an optimist about the quick recovery, and it is anticipated that the market will log a V-shaped curve similar to previous downturns, such as the Great Recession. But the curve of the V-shape would be deeper than the ones registered in the Great Recession with huge short-term repercussions and minimal long-term impact.
Strong fundamentals of the market, such as expected recovery in the global GDP by 2021, incessant adoption of EVs in the world, and expected recovery in airline passenger traffic coupled with market entries of new aircraft programs such as B777X, C919, MC-21, A321XLR, and expected approval of B737Max; is likely to drive a healthy recovery of the market once the headwinds of the pandemic turns into tailwinds. Thus, the expanded PTFE market is projected to recover at a healthy pace over the next five years to reach an estimated value of US$ 0.7 billion in 2025.
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Based on the form type, membranes are likely to remain the most dominant as well as the fastest-recovering form type in the post-pandemic market scenario, owing to its extensive usage in the medical industry for applications such as ostomy bags, hearing aids, IV infusion filters, and surgical suction filters.
Based on the application type, filtration & separation is likely to maintain its dominance in the market during the forecast period. The dominance is majorly due to wide usage of expanded PTFE for filtering air, water, and other particles in turbine engines, drug discovery, and bioprocessing; filtering fogs from headlights of a vehicle; and venting gas from compression packings and medical applications, such as IV filter vent and ventilation, coupled with increasing penetration of ePTFE for filtration application in various industries, such as food packaging, pharmaceuticals, and metals & mining.
Based on the end-use industry type, the market is segmented as chemical, ground transportation, medical, industrial, aerospace & defense, and others. Among them, aerospace & defense and automotive are the-worst affected industries due to the pandemic, whereas medical is the least-affected one. The medical industry is also likely to remain the most dominant as well as the fastest-growing end-use industry type in the expanded PTFE market over the next five years. Expandable PTFE is widely accepted by medical device manufacturers in offering tailor-made properties with better biocompatibility than metallic biomaterials. Biocompatibility, chemically inert, and sterilizable are the three key properties of ePTFE due to which it is highly preferred for various applications in the medical industry.
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In terms of region, North America is projected to remain the largest market for expanded PTFE during the forecast period. The USA is not only the largest market of North America but also in the world, owing to the presence of large number of medical device manufacturers, aircraft OEMs, tier players, raw material suppliers, and expanded PTFE manufacturers. The country is also one of the most affected nations by the COVID-19 with having the largest number of positive cases in the world. It is also expected that the country to recover at a healthy rate, backed by the organic growth of the medical industry, expected recovery in the automobile and aircraft production, and advancements in medical devices.
Asia-Pacific is expected to be the least-declined market in 2020, followed by fastest expected recovery over the next five years, propelled by an expected recovery in air passenger traffic with early recovery in domestic travel and expected recovery in automotive production with a higher focus on adopting HEVs. China and India to be the growth engines of Asia-Pacific's market as they are the largest markets for automotive, chemical, industrial, electrical & electronics as well as owning a considerable share in the other end-use industries.
Some of the key players in the expanded PTFE market are W.L. Gore & Associates, Inc., Lenzing Plastics GmbH & Co. KG, Compagnie de Saint-Gobain S.A., Nitto Denko Corporation, Rogers Corporation, Donaldson Company, Inc., Markel Corporation, Parker-Hannifin Corporation, Teadit Group, and Zeus Industrial Products, Inc. The key end-users of these markets include medical device manufacturers, aircraft OEMs, automotive manufacturers, chemical industry, oil & gas manufacturers.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the expanded PTFE market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:
Expanded PTFE Market, by Form Type
Expanded PTFE Market, by Application Type
Expanded PTFE Market, by End-Use Industry Type
Expanded PTFE Market, By Region
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