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Flexible Polytetrafluoroethylene For Aerospace Market - Forecast(2023 - 2028)
Flexible Polytetrafluoroethylene For Aerospace Market Overview
The Flexible Polytetrafluoroethylene For Aerospace Market size is projected to reach US$900 million by 2027, after growing at a CAGR of 7.2% during the forecast period 2022-2027. Flexible Polytetrafluoroethylene, also known as flexible Teflon or Polytetrafluoroethylene, is a synthetic fluoropolymer of tetrafluoroethylene that has numerous applications. Increasing demand for various applications in the aerospace industry is driving the market growth of flexible Polytetrafluoroethylene. Increasing government investment in the military is further boosting the flexible Polytetrafluoroethylene for the Aerospace market. The COVID-19 pandemic majorly impacted the Flexible Polytetrafluoroethylene for Aerospace market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as the military and others, the Flexible Polytetrafluoroethylene for Aerospace industry is anticipated to grow rapidly during the forecast period.
Flexible Polytetrafluoroethylene For Aerospace Market Report Coverage
The “Flexible Polytetrafluoroethylene For Aerospace Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Flexible Polytetrafluoroethylene For Aerospace industry.
Key Takeaways
- Asia-Pacific dominates the Flexible Polytetrafluoroethylene for Aerospace market size. The increase in demand for applications such as sheets, coatings and others is the main factor driving the region's growth.
- One of the primary factors contributing to the favorable outlook of the Flexible Polytetrafluoroethylene for Aerospace market is the significant growth of the automotive industry around the world.
- The flourishing commercial aviation industry is boosting the demand for Flexible Polytetrafluoroethylene for Aerospace applications, thereby boosting the Flexible Polytetrafluoroethylene for Aerospace market size.
- However, Health Hazards related to Flexible Polytetrafluoroethylene for Aerospace are limiting the growth of the Flexible Polytetrafluoroethylene for Aerospace market.
The Granular segment held a significant share in the Flexible Polytetrafluoroethylene For Aerospace market in 2021 and is projected to grow at a CAGR of 9.1% during the forecast period 2022-2027. The growth is fueled by the extensive characteristics provided by granular form over other forms. The granular form is widely used for the manufacturing of seal rings, valve seats, bearing pads, fittings, electrical insulations and many other components. It has chemical inertness, high-temperature resistance and excellent chemical resistance, thereby driving the demand for flexible Polytetrafluoroethylene in the aerospace industry. These extensive properties, compiled with increasing applications of Flexible Polytetrafluoroethylene for Aerospace, are majorly driving its segmental growth. Thus, the use of pieces of Flexible Polytetrafluoroethylene in various applications would propel the Flexible Polytetrafluoroethylene for Aerospace industry.
Flexible Polytetrafluoroethylene For Aerospace Market – by End-use Industry
The Commercial Aviation segment held a significant share in the Flexible Polytetrafluoroethylene for Aerospace market in 2021 and is projected to grow at a CAGR of 9.5% during the forecast period 2022-2027. Flexible Polytetrafluoroethylene, also known as flexible Teflon or polytetrafluoroethylene, is used in a variety of aerospace applications, including sheets, coatings, pipes, air bearings and others. Growing developments and increasing consumer demand for commercial aerospace are boosting the flexible Polytetrafluoroethylene for aerospace market. According to the Federal Aviation Administration (FAA), the total commercial aircraft fleet is expected to grow from 7,397 units in 2018 to 8,270 by 2037. With the rise in commercial aviation production across the globe, the demand for flexible Polytetrafluoroethylene for aerospace is anticipated to rise for various applications, which is projected to boost the growth of the Flexible Polytetrafluoroethylene for Aerospace industry.
Flexible Polytetrafluoroethylene For Aerospace Market – by Geography
The Asia-Pacific segment held a significant share in the Flexible Polytetrafluoroethylene For Aerospace market in 2021 and is projected to grow at a CAGR of 10.1% during the forecast period 2022-2027. The flourishing growth of flexible Polytetrafluoroethylene is influenced by its applications across major industries, along with growing development in aerospace production and developing the base for flexible Polytetrafluoroethylene for aerospace in APAC. The aerospace sector in Asia-Pacific is rapidly growing due to a flourishing base for aerospace manufacturers, demand for aerospace compounds and a rise in production. According to India Brand Equity Foundation, the Indian aerospace industry is expanding at a rapid pace and is expected to reach US$70 billion by 2030. According to Boeing Airlines, in November 2020, Boeing estimated that China's airlines would spend US$1.4 trillion on 8,600 new planes and US$1.7 trillion on commercial aircraft services over the next 20 years. Thus, the growth of Flexible Polytetrafluoroethylene for Aerospace market in the region is being aided by the growing aerospace sector in APAC, thereby dominating the market in the Asia-Pacific region.
Flexible Polytetrafluoroethylene For Aerospace Market Drivers:
Increasing Government Investments:
Flexible Polytetrafluoroethylene, also known as flexible Teflon or Polytetrafluoroethylene, is widely used in the aerospace industry for various applications. Increasing government investment in the aerospace industry is boosting the growth of the flexible Polytetrafluoroethylene for aerospace market. According to India Brand Equity Foundation, the defense budget for 2020-21 in India was Rs.4,71,378 crore (US$67.4 billion), 9.37% higher than the budget for 2019-20. According to the U.S. Department of Defence, in the 2023 fiscal budget, the government would spend $56.5 billion on air power platforms and systems. With the rise in government spending, the demand for flexible Polytetrafluoroethylene for aerospace is anticipated to rise for various applications, which is projected to boost the Flexible Polytetrafluoroethylene for Aerospace industry growth.
Bolstering Growth of the Military Industry:
Flexible Polytetrafluoroethylene is a fluoropolymer that is commonly used in the military to coat vehicle components and equipment for corrosion resistance, smooth lubricity and a matte finish, thereby driving the flexible Polytetrafluoroethylene for the aerospace market in the defense industry. According to Delhi Policy Group, India, overall defense expenditure for FY 2021-2022 is Rs.3,62,345.62 Crore (US$49.6 billion), an increase of Rs.24,792.62 Crore (US$3.4 billion) over FY 2020-2021 budget estimates. According to the UK Military of Defence, in 2020/21, the government spent £42.4 billion on defense, a £2.5 billion increase over the previous year. With the increasing military and defense industry, the demand for flexible Polytetrafluoroethylene would also likely increase, as a result of which the Flexible Polytetrafluoroethylene for Aerospace industry would flourish over the forecast period.
Flexible Polytetrafluoroethylene For Aerospace Market Challenges
Health Hazards Related to Polytetrafluoroethylene:
The presence of health hazards is expected to hinder the growth of the Flexible Polytetrafluoroethylene for Aerospace industry over the forecast period. Thyroid disorders, chronic kidney disease, liver disease and testicular disease are all linked to Polytetrafluoroethylene. When Polytetrafluoroethylene and fluoropolymer are heated above their melting point, the toxic chemicals are released into the air, causing such diseases. According to Healthline, the condition usually resolves itself within 12-48 hours of exposure. A few case studies have also reported more serious side effects of overheated Polytetrafluoroethylene exposure, such as lung damage. Polytetrafluoroethylene coatings may begin to degrade above 570°F (300°C), releasing toxic fumes into the atmosphere. As a result, the negative health impact associated with the use of Polytetrafluoroethylene is impeding the Flexible Polytetrafluoroethylene for Aerospace market growth.
Flexible Polytetrafluoroethylene For Aerospace Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Flexible Polytetrafluoroethylene for Aerospace market. The top 10 companies in the Flexible Polytetrafluoroethylene for Aerospace market are:
- 3M Company
- Arkema
- AGC Inc.
- Gujarat Fluorochemicals Limited
- HaloPolymer
- Hindustan Fluorocarbons Ltd
- Jiangsu Meilan Chemical Co. Ltd
- Shanghai 3F New Materials Co. Ltd
- The Chemours Company
- Zhonghao Chenguang Research Institute of Chemical Industry
Recent Developments
- In April 2021, Dolphin Sutures, a global leader in surgical sutures, announced the addition of non-absorbable Polytetrafluoroethylene sutures to its Dental product portfolio for the first time in India. Dense Polytetrafluoroethylene is part of the new TEFLENE product family (Polytetrafluoroethylene).
- In January 2021, Tech Tubes & Fittings launched the Polytetrafluoroethylene/Teflon Tube Fittings, Instrumentation Pipe Fittings & Valves.
- In April 2020, JP Air Tech, a Danish air filter media manufacturer, launched the JX81-B-Polytetrafluoroethylene membrane, a synthetic lightweight filter media, as part of its ongoing investment in the development of innovative products for the filtration and separation sector.
Relevant Reports
Report Code: CMR 0655
Report Code: CMR 69442
Report Code: CMR 30328
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