(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Aug 30, 2021, 05:10 /Comserve / -- Polytetrafluoroethylene (PTFE) Coatings Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The market for polytetrafluoroethylene (PTFE) coatings is expected to grow at a CAGR of less than 6% during the forecast period. Major factors driving the market studied are enormous demand for non-stick applications in the food industry, an increase in demand for the manufacture of printed circuit boards and electrical cables
- Increasing the aerospace and defense industry is likely to act as an opportunity for the market.
- North America dominated the market across the globe with the largest consumption in a country such as the United States, Canada, etc.
Key Market Trends
Oil and Gas Segment to Dominate to Market
- The combination of extremely low- and high-temperature stability favors the use of PTFE over a wider temperature range than any other coating material.
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- PTFE coatings for the oil and gas sector provide reduced torque and galling levels, even after long-term exposure to corrosion.
- PTFE coatings are the materials of choice for the oil and gas industry, serving as linings for downhole tools, vessels, piping, pumps, valves, columns, column internals, hoses, expansion joints, seals and gaskets, sight glasses, venturi, vessels, tanks, mixers, stirrers, baffles, manhole covers, and product handling equipment, such as chutes.
- In OPEC Countries, a significant number of new investments have been planned, which are expected to be set in place by 2021. Almost eight million barrels per day (Mb/d) of potential refining projects in OPEC Member Countries have been planned and also implemented, with a relatively new surge in capacity additions from Iran alone.
- The market for PTFE coatings has significantly benefitted from the increasing investments in oil refineries. Additionally, with the expansion plans of current refineries, the demand for PTFE coatings is expected to increase during the forecast period, hence, benefitting the market to a great extent.
- For instance, Indian Oil has set a budget of INR 1.8 trillion, in order to expand its refineries and businesses over the next 5-7 years. This shall also be covering the expansion of its Panipat and Paradip refineries.
- Recently, Saudi Aramco took 100% control of Port Arthur Refinery, which processes nearly 600,000 barrels of oil per day, and is the largest refinery in North America.
- Additionally, Saudi Aramco held talks with Indian Oil to discuss its participation in a refinery in Maharashtra, with a capacity of 60 million metric tons a year.
- Petrol Corp., one of the leading Asian oil companies, invested USD 3.5 billion, in order to expand its refinery in Malaysia by 2020.
- This expansion is estimated to add 90,000 barrels per day, in its operations in Malaysia.
- All the aforementioned factors are likely to increase the demand for the market over the forecast period.
United States to Dominate the North America Region
- Development of shale gas has created a definitive advantage for US chemical manufacturing. Looking ahead over the next five years, production from the unprecedented investment in the US chemical manufacturing is expected to continue to come online, with the largest gains expected in 2018 and into 2019.
- With new capacity coming on stream, the production volumes is expected to increase by 5.2% in 2019 and 4.2% in 2020, followed by smaller gains in 2021 and 2022. Basic chemical exports, led by bulk petrochemicals and organics, as well as plastic resins, are likely to play a large role in expanding the production market of PTFE coatings.
- The United States is, both the world's largest oil-consuming nation and the largest natural gas consuming nation.
- Surging shale production is poised to push the United States oil output to more than 10 million barrels per day. The US government predicts that the nation's production is expected to reach 11 million barrels a day, by late 2019, a level that would rival Russia, the world's top producer, which provides a huge platform for the growth of the market studied.
- In addition, the non-stick cookware and food processing industries are further instrumental in creating an immense demand for PTFE coating market in the country.
The polytetrafluoroethylene (PTFE) coatings market is partially consolidated. Some of the major players include 3M, Arkema Group, AGC Chemicals, Solvey, The Chemours Company, amongst others.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Enormous Demand for Non-stick Applications in the Food Industry
4.1.2 Increase in Demand for the Manufacture of Printed Circuit Boards (PCB) and Electrical Cables
4.2.1 Rising Environmental Concerns and Stringent EPA Regulations
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Powder Coating
5.1.2 Liquid Coating
5.2.1 Food Processing
5.2.2 Chemical Processing
5.2.3 Oil and Gas
5.2.4 Electrical and Electronics
5.2.5 Building and Construction
5.2.7 Aerospace and Defense
5.2.8 Other Applications
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle East & Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
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