PTFE Fabric Market was valued at USD 654.7 million in 2017 and is projected to reach USD 908.1 million by 2023, at a CAGR of 5.6% from 2018 to 2023.
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Browse 153 market data Tables and 32 Figures spread through 142 Pages and in-depth TOC on "PTFE Fabric Market”
Increasing investments in the food processing industry
in emerging countries
The food processing industry is amongst the largest users of PTFE coated fabrics in the form of conveyor belts. These belts are made of glass fibers and coated with PTFE to provide reliable performance under extreme heat, oil, and moisture permeation. These belts are used for various applications, such as vacuum drying, contact grilling, food packaging, and baking in the food processing industry.
The food processing industry is witnessing tremendous growth in emerging countries, such as India. The Indian government has implemented favorable policies to create a conducive investment eco-system. The government is also taking efforts to set up the required infrastructure, and providing skilled and unskilled workforce at competitive prices. The food processing segment received USD 6.21 billion in the form of foreign investments and is growing at about 8%, accounting for around 9% of the manufacturing GDP. This creates a huge opportunity for the food processing industry in India.
Similar investments have also poured into other emerging markets, such as Mexico, Indonesia, Brazil, and Russia. It is expected that by 2050, India, China, Indonesia, the Philippines, and Pakistan would represent over 50% of the world’s population. Among which 2/3rd of the population would be living in cities, which will increase the demand for processed foods substantially, in turn driving the PTFE fabric market.
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Price volatility of raw materials
PTFE fabric uses PTFE resin to achieve its superior performance properties. PTFE is made from the polymerization of R22 gas, unlike other polymers which result as a by-product of oil refining. PTFE is a niche industry, and hence there are very few suppliers of PTFE resins globally. Before June 2012, the prices of PTFE had shot up exponentially resulting in several players entering into PTFE market. However, the entry of new players created an oversupply, which caused a sharp correction in the prices of raw materials. The prices remained flat between July 2013 and October 2016, which caused consolidation in the industry. In early 2017, the prices started to surge again due to the shutting down of a few PTFE resins manufacturers in China. Thus, the price volatility of raw materials poses a challenge for the growth of the PTFE fabric market.
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