PTFE Gasket Market Witnessing High Growth By Key Players

Posted by Sakshi Mishra on March 14th, 2020

Transparency Market Research delivers key insights on the global PTFE gasket market. In terms of revenue, the global PTFE gasket market is anticipated to expand at a CAGR of ~3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in the PTFE gasket market report.

PTFE gasket also called polytetrafluoroethylene gasket is a mechanical seal, which fills the space between joining surfaces of pipelining systems. High melting temperature, high resilience, high corrosion resistance, longer product life, low co-efficient of friction, and significant insulation properties increases its value as a sealing material and makes it suitable in applications of various end-use industries such as energy, chemical & petrochemical, medical & pharmaceutical, and oil & gas. The growth of these industries is anticipated to fuel the PTFE gasket market in the near future.

In this market report, TMR estimates that based on type, virgin PTFE gaskets are likely to be the most widely used product by the end of 2027 in the PTFE gasket market. End-use industries are looking for customized filled PTFE gasket products with different filling substances, which supports the growth of the PTFE gasket market globally.

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PTFE gaskets help in carrying out operations smoothly by reducing vibration and providing a noise-free environment. They have low friction property and are highly resistive to acid, bases, and solvents. These factors are likely to drive the PTFE gasket market during the forecast period.

PTFE Gasket Market: Prominent Regions

Asia Pacific is projected to show prominent growth in the PTFE gasket market in the near future, due to rapid growth of the industrial sector. China and Japan are considered prominent markets for PTFE gasket manufacturers during the forecast timeline. North America is the biggest market for PTFE gaskets over the years. Asia Pacific, along with North America dominates the market. Higher number of manufacturing industries in different application areas such as oil & gas, chemicals, and medical & pharmaceuticals is one the major reasons for growth of this market in North America and Asia Pacific.

Major brands are likely to focus on research & development to strengthen their footprint in the global PTFE gasket market. Companies are engaged in advancements of products as well as expanding their product portfolio. Manufacturers are focusing on increasing their customer base by partnering with different manufacturing facilities in other regions.