PTFE Membranes Market worth $2.4 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 6, 2020 /PRNewswire/ -- According to the new market research report "PTFE Membrane Market by Type (Hydrophobic and Hydrophilic), Application (Industrial Filtration, Medical & Pharmaceutical, Textiles, Water & Wastewater Treatment, Architecture), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global PTFE Membranes Market size is estimated at USD 1.8 billion in 2020 and is projected to reach USD 2.4 billion by 2025, at a CAGR of 6.0%.
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The demand for PTFE membranes in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in the oil & gas, water treatment, and chemicalindustry. The fluctuation in oil & gas prices is challenging the PTFE membranes market. The demand for PTFE membranes is rising, owing to the good physical properties and stringent regulations for emission and industrial waste treatment. Furthermore, the increasing demand for treated water in emerging provide growth opportunities to the market. On the other hand, the high production cost of PTFE membrane is restraining the growth of the market.
Based on the type, the Hydrophobic membranes segment is estimated to lead the overall PTFE membranes market in 2020.
PTFE membrane is a high-performance thermoplastic with good chemical resistance, high heat resistance, low coefficient of friction, and good fatigue resistance. These membranes which are naturally hydrophobic, with excellent chemical resistance and have a natural tendency to repel water due to low surface tension. Hydrophobic PTFE membranes can sustain a high temperature range between 49°F (120°C) to 127°F (260°C). Due to these properties, they are mainly used in applications such as industrial filtration, medical & pharmaceutical, architecture, textile, water & wastewater treatment, and others.
Based on application, the industrial filtration to be the largest consumer of PTFE membranes.
The industrial filtration segment is the largest application of PTFE membranes. Stringent laws related to air and water for controlling pollution across the globe have increased the use of filters in industries. This has resulted in the increased use of PTFE membranes for liquid and gas filtration in industries. Environmental regulations in countries such as the US, Germany, India, and China are contributing to the growth of this market.
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Based on region, APAC is estimated to lead the PTFE membranes market in 2020.
APAC is estimated to be the largest and the fastest-growing PTFE membrane market during the forecast period. The growth of the market in this region is primarily attributed to the rapidly growing population, urbanization, and industrialization. The growing demand from the food & beverage processing, medical & pharmaceuticals, and water & wastewater treatment is playing a crucial role in fueling the market for PTFE membrane in APAC. Implementation of strict regulations regarding water treatment & industrial wastewater discharge is also expected to drive the PTFE Membrane Market in the region.
The recent COVID-19 pandemic is expected to impact the various industries globally. Due to lockdown, many food & beverage processing industries, textile, and water & wastewater treatment industries activities are halted. For instance; Tyson Foods (US), a leading meat processing company, restricted its pork processing by nearly 50% and beef production by about 25% by May 2020. The companies are taking precautions to avoid the spread of the virus. Governments of different countries are keeping a close watch on the disruption and taking every necessary step to mitigate the impact of COVID-19 by promoting food processing. Even after the lifting of lockdown, it will be challenging for PTFE membrane manufacturers to get back to normal working situations. Similarly, economies such as China, India, and others are also facing the brunt of the Covid-19 pandemic.
The key players in the PTFE Membranes Market include as Pall (US), Cytiva (US), W.L. Gore (US), Merck Millipore (US), Corning (US), Donaldson (US), Saint Gobain (France), Markel (US), Sartorius (Germany), and Hyundai Micro (South Korea). These players have established a strong foothold in the market by adopting strategies, such as expansions, mergers & acquisitions, and new product launches.
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