PTFE Membrane Market Size to Grow at 9% CAGR over the Forecast Period 2018-2023 | Oil and Gas Industries Touted to be Major End-Users in the PTFE Membrane Industry
PTFE Membrane Market Report Insights and Industry Analysis by Type (Hydrophobic PTFE Membrane), Application (Industrial Filtration, Textiles, Medical & Pharmaceutical, Architecture, Others) - Competitive Market Size, Share, Trends, and Forecast, 2018 - 2023
Pune, India, July 26, 2019 (GLOBE NEWSWIRE) -- Market Overview:
Market Research Future (MRFR) expects the Global Polytetrafluoroethylene (PTFE) Membrane Market to reach a CAGR of 9% during the forecast period (2018-2023).
Prominent Companies:
Some of the leading companies shaping the worldwide PTFE Membrane Market include Donaldson Company, Inc. (U.S.), Hyundai Micro Co., (South Korea), General Electric (U.S.), Sartorius AG (Germany), Markel Corporation (U.S.), Layne Christensen Company (U.S.), Pall Corporation (U.S.), Merck KGaA. (U.S.), Corning Incorporate. (U.S.), W. L. Gore & Associates, Inc. (U.S.), Zeus Incorporation (U.S.), among others.
PTFE is a type of thermoplastic polymer which is known for having exceptional properties including enhanced flexibility, self-lubricating properties as well as high tensile strength, among others. Polytetrafluoroethylene (PTFE) Membrane refers to a filter media that finds widespread applications in a variety of end-user industries. The rising demand from numerous application sectors is touted to be the driving factor behind the market growth in the ensuing years.
Some of the primary applications of PTFE Membranes are oil & gas refineries, industrial filtration, pharmaceuticals and wastewater treatment, among others. Apart from this, surge in demand for clean and safe water elevates the investment in water treatment facilities around the world, benefitting the PTFE Membrane Market in the process. Superior filtration, extreme temperature resistance and tear resistance are some excellent properties of PTTE that makes them ideal for municipal and industrial wastewater treatments.
Besides, the accelerated application of PTTE in oil & gas refineries and pharmaceuticals adds to the market growth as well. PTFE Membranes find common use in oil and gas refineries for carbon dioxide recovery, gas dehydration, hydrogen sulfide separation, and air separation, among others. Having said that, the steep price of raw materials like PTFE resin could slow down the market growth in the subsequent years.
The Global PTFE Membrane Market has been segmented on the basis of type and application.
Type-Wise, the segments in the market are hydrophobic PTFE membrane, hydrophilic PTFE membrane.
Application-Based Segments are industrial filtration, textiles, medical & pharmaceuticals, water treatment industry, architecture, and others.
Regional Insight:
The Key Markets for PTFE Membrane are Latin America, Asia Pacific, Europe, Middle East & Africa and North America.
Asia Pacific is identified as the most significant PTFE Membrane Market, with North America and Europe coming in second and third, respectively. Rapidly expanding industries along with rising urbanization in the region uplifts the demand for PTFE Membrane based on its extensive use in industrial filtration applications. Other than that, increasing population, mostly in India and China accelerates the need for safe and clean water, which drives the demand for PTFE Membrane within the water treatment facilities. Also, the surge in oil and gas activities, as well as the presence of the world’s largest refinery, could favor the growth of the PTFE Membrane Market in the region.
North America stands as the second most profitable PTFE Membrane Market in the world. Highly developed manufacturing units, pharmaceutical, and oil & gas industries contribute massively to the market growth. After the Shale gas revolution in the United States (U.S), investment within the oil and gas industry has almost doubled. This is indicative of the positive outlook that the market could expect in the near future. Further, presence of strict regulation pertaining to the treatment of industrial and municipal water will further boost the regional market. Citing a reference, Surface Water Treatment Rules (SWTRs) as well as Safe Drinking Water Act (SDWA) by the Environmental Protection Agency (EPA).
Europe is one of the strong contenders in the worldwide PTFE Membrane Market. The primary nations responsible for the lucrative market in the region are Italy, the United Kingdom (U.K) and Germany among others. Spike in demand for PTFE Membrane within the medical & pharmaceutical and water & wastewater treatment applications could quite possibly lead to further market expansion in the following years.
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Source: GlobeNewswire PR
(July 26, 2019 - 10:28 AM EDT)
