Market Trends of Polytetrafluoroethylene (PTFE) Coatings Industry
This section covers the major market trends shaping the Polytetrafluoroethylene Coatings Market according to our research experts:
Oil and Gas Segment to Dominate to Market
- The combination of extremely low- and high-temperature stability favors the use of PTFE over a wider temperature range than any other coating material.
- PTFE coatings for the oil and gas sector provide reduced torque and galling levels, even after long-term exposure to corrosion.
- PTFE coatings are the materials of choice for the oil and gas industry, serving as linings for downhole tools, vessels, piping, pumps, valves, columns, column internals, hoses, expansion joints, seals and gaskets, sight glasses, venturi, vessels, tanks, mixers, stirrers, baffles, manhole covers, and product handling equipment, such as chutes.
- In OPEC Countries, a significant number of new investments have been planned, which are expected to be set in place by 2021. Almost eight million barrels per day (Mb/d) of potential refining projects in OPEC Member Countries have been planned and also implemented, with a relatively new surge in capacity additions from Iran alone.
- The market for PTFE coatings has significantly benefitted from the increasing investments in oil refineries. Additionally, with the expansion plans of current refineries, the demand for PTFE coatings is expected to increase during the forecast period, hence, benefitting the market to a great extent.
- For instance, Indian Oil has set a budget of INR 1.8 trillion, in order to expand its refineries and businesses over the next 5-7 years. This shall also be covering the expansion of its Panipat and Paradip refineries.
- Recently, Saudi Aramco took 100% control of Port Arthur Refinery, which processes nearly 600,000 barrels of oil per day, and is the largest refinery in North America.
- Additionally, Saudi Aramco held talks with Indian Oil to discuss its participation in a refinery in Maharashtra, with a capacity of 60 million metric tons a year.
- Petrol Corp., one of the leading Asian oil companies, invested USD 3.5 billion, in order to expand its refinery in Malaysia by 2020.
- This expansion is estimated to add 90,000 barrels per day, in its operations in Malaysia.
- All the aforementioned factors are likely to increase the demand for the market over the forecast period.
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United States to Dominate the North America Region
- Development of shale gas has created a definitive advantage for US chemical manufacturing. Looking ahead over the next five years, production from the unprecedented investment in the US chemical manufacturing is expected to continue to come online, with the largest gains expected in 2018 and into 2019.
- With new capacity coming on stream, the production volumes is expected to increase by 5.2% in 2019 and 4.2% in 2020, followed by smaller gains in 2021 and 2022. Basic chemical exports, led by bulk petrochemicals and organics, as well as plastic resins, are likely to play a large role in expanding the production market of PTFE coatings.
- The United States is, both the world's largest oil-consuming nation and the largest natural gas consuming nation.
- Surging shale production is poised to push the United States oil output to more than 10 million barrels per day. The US government predicts that the nation’s production is expected to reach 11 million barrels a day, by late 2019, a level that would rival Russia, the world’s top producer, which provides a huge platform for the growth of the market studied.
- In addition, the non-stick cookware and food processing industries are further instrumental in creating an immense demand for PTFE coating market in the country.
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