Expanded PTFE (ePTFE) Market Worth $1,105 Million by 2024 - Exclusive Report by MarketsandMarkets™
Among these, the sheets segment accounted for the largest share of the market in 2018.
CHICAGO, Nov. 4, 2019 /PRNewswire/ -- According to the new market research report "Expanded PTFE (ePTFE) Market by Form (Sheets, Tapes, Membranes, Fibers), Application (Gaskets, Filtration & Sepration, Dielectric Constant), End-Use Industry (Oil & Gas, Chemical, Medical, and Transportation), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the ePTFE market is expected to grow from USD 816 million in 2019 to USD 1,105 million by 2024, at a CAGR of 6.2% during the forecast period. The major factors driving the ePTFE market include increasing demand from various end-use industries such as oil & gas, chemical, medical, and transportation among others.
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Sheets to dominate the global ePTFE market during the forecast period
The ePTFE market has been segmented based on form into sheets, tapes, membranes, fiber, and others. Among these, the sheets segment accounted for the largest share of the market in 2018. The growth in this segment is attributed to its increasing usage of sheets because it possesses excellent chemical and UV resistance, which makes it a popular sealing material in the food & beverage, aerospace, and pharmaceutical industries. These factors are expected to drive demand during the forecast period.
Gaskets to dominate the global ePTFE market during the forecast period
The ePTFE market has been segmented based on application into gaskets, filtration & separation, dielectric constant, and others. Among these applications, the gaskets segment accounted for the largest share of the market in 2018 and is likely to witness significant growth over the forecast period. The increase in this segment is attributed to its increasing usage in various end-use industries due to its excellent mechanical & physical properties and the flexible nature of ePTFE, which makes it an excellent choice for gasket application as it can be easily molded into various gasket shapes and sizes. These factors are expected to drive demand during the forecast period.
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APAC is expected to hold the largest market size in the global ePTFE market during the forecast period
APAC is estimated to be the leading ePTFE market during the forecast period. The growth in the APAC region can be attributed to the rising demand for ePTFE from various end-use industries such as oil & gas, chemical, medical, and transportation, among others. The presence of a robust industrial base, favorable government policies, and low labor costs are further strengthening the ePTFE market and attracting major players to invest in APAC.
W.L. Gore & Associates, Inc. (US), Donaldson Company, Inc. (US), Teadit (Austria) Zeus Industrial Products, Inc. (US), Dexmet Corporation (US), Phillips Scientific, Inc. (US), Rogers Corporation (US), Poly Fluoro Ltd (India), Markel Corporation (US), Shanghai Lanle Plastics Co., Ltd (China), are the key players operating in the Expanded PTFE (ePTFE) Market.
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