The Expanded PTFE (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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According to the form, the sheets segment is expected to be the most significant contributor in the ePTFE market during the forecast period.
Based on form, the sheets segment is likely to account for the largest share of the market in 2019. The growth in this segment is attributed to its increasing usage of sheets from various end-use industries such as the medical , oil & gas, and automotive end-use industry is owing to their extraordinary characteristics such as UV, Chemical, temperature resistance, and flexible nature. These factors are expected to drive demand during the forecast period.
By application, the gaskets segment is expected to be the most significant contributor in the ePTFE market during the forecast period.
Based on the application, the gaskets segment is likely to account for the largest share of the market in 2019. The growth in this segment is attributed to its increasing usage in various end-use industries as these gaskets are easy to cut, can seal irregular and rough surface reduces cold flow, and possess high temperature and chemical resistance. These factors are expected to drive demand during the forecast period.
APAC is expected to account for the largest market size during the forecast period
APAC is the largest and fastest-growing ePTFE market, owing to its increasing usage in various end-use industries such as chemical, medical, transportation, among others. Furthermore, increasing investments in the automotive and growing oil & gas industries will also drive the market in this region during the forecast period. Moreover, countries such as China and India have been scaling up the size of their manufacturing sector. These factors are expected to fuel the demand for ePTFE in the region during the forecast period.
Key Market Players:
The major vendors in the ePTFE has been dominated by players such as 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).
W.L. Gore & Associates, Inc. (US) and Zeus Industrial Products, Inc. (US) are the Key Players in the Expanded PTFE (ePTFE) Market
W.L. Gore & Associates, Inc. (US), is one of the leading players in the ePTFE market. The company has been focusing on both organic and inorganic strategies to maintain its leading position in the market. For example, in April 2016, the company launched low drag filter bags. This innovative product is used in fume and excellent powder applications. This has benefitted the company by increasing airflow, fan efficiency, flow capacity, and durability of the product. This new product development is expected to strengthen the companys product portfolio and will help in strengthening its position in the global market.
Zeus Industrial Products, Inc. (US) is another major player in the ePTFE market. In February 2018, the company expanded its manufacturing facility in Aiken County. The expansion will help the company in offering advanced ePTFE products to its consumer and is also expected to create an additional 51 new jobs in Aiken, S.C. The new manufacturing facility will help the company to meet the growing demand in Europe and expand its footprint globally and tap the untapped market.
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