iCrowdNewswire Jan 15, 2021 12:00 PM ET
Market Research Future (MRFR)’s latest study reveals that the global fluorochemicals market is set to expand at a CAGR of 6.10% during the forecast period 2018 to 2023. The value of the market is expected to grow from USD 25,902.7 Mn in 2017 to USD 36,755.7 Mn by the end of 2023. The development of hydrofluorocarbon (HFC) in compliance with F-gas regulations for minimum carbon emission is the key area of focus for the market players. It has opened new avenues of growth and is likely to catalyze the fluorochemicals market expansion in the forthcoming years.
Fluorochemicals have developed applications across different industry verticals such as pharmaceuticals, automotive, food & beverage, electronics, and marine among others. This is estimated to increase the demand for fluorochemicals over the next few years. The rapid industrialization witnessed globally is increasing demand for fluorochemicals in the end-use industries passively.
The shift towards the adoption of fluoropolymers for applications in water filtration, and, solar and photovoltaic is prognosticated to augment the market through the review period. Additionally, rising support in favor of renewable energy, forwarded by organizations and governments, is estimated to catalyze the adoption of renewable energy. An increase in the generation of renewable energy is expected to influence the expansion of the fluorochemicals market by creating demand for fluoropolymers.
Fluorochemicals such as HCFCs and HFCs are extensively used in the manufacturing of polyurethane foam which is in extreme demand in the construction sector. Rising investments in the construction sector are poised to catapult the fluorochemicals market on an upward trajectory over the next couple of years. However, stringent regulations enforced by international organizations such as Montreal Protocol and Kyoto Protocol remain an impediment to the market proliferation.
Global Market for Fluorochemicals-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis of the market based on type, application, and end-use industry. By type, the market has been segmented into fluoroelastomers, fluoropolymers, elemental fluorine, fluorocarbons, fluoropolymer additives, and inorganic and specialties. Among these, the fluorocarbons segment currently holds the largest share of the market. It is likely to retain its pole position towards the end of the forecast period. The growth is attributable to the increasing demand for refrigerants in HVAC systems, automobile air conditioning, refrigerators, etc.
By application, the market is segmented into refrigeration, aluminum production, blowing agents, tubing, films, paint strippers, and others. The refrigeration segment currently dominates the fluorochemicals market. It is projected to continue exercising its dominance striking a CAGR of 6.61% over the assessment period. The extensive use of fluorocarbons in HVAC systems, air conditioning and refrigerators is the hey driver of growth of the segment.
By end-use industry, the market has been segmented into electrical and electronics, automotive and transportation, construction, industrial equipment, pharmaceuticals, consumer goods, chemical processing, and others. Among these, the electrical and electronics segment accounts for the maximum share of the market. It was valued at USD 8,372.4 Mn in 2017 and is expected to witness an increase of USD 3884 Mn by the end of 2023. The strong value maintained by the electrical and electronics industry coupled with the increasing demand for consumer electronics is prognosticated to accelerate revenue creation for market participants.
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By region, the global fluorochemicals market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is the largest market for fluorochemicals currently and is anticipated to remain highly lucrative market in the foreseeable future. It is estimated to reach a valuation over USD 15 Mn by 2023-end from USD 11,187.7 Mn in 2017. The upsurge witnessed in the production of electric and lightweight vehicles is favoring the expansion of the regional market. The trend is prognosticated to continue over the next few years.
North America is the second largest market globally. It is forecasted to retain a substantial share of the market over the assessment period. Led by the U.S., the surge in demand for fluorocarbons is one of the key drivers of the market proliferation in the region. Meanwhile, Latin America holds the least share of the market. It is estimated to register a CAGR of 6.21% across the review period.
Europe is an important growth pocket and is expected to witness positive growth over the next couple of years. Germany, Italy, and France are the primary revenue generators in the region. The Middle East & Africa resonates strong growth opportunities and is estimated to exhibit an increase of USD 1050 Mn in terms of market value from 2017 to 2023.
Global Market for Fluorochemicals-Competitive Dashboard:
Some of the key players profiled in the report include SRF Limited, Gujarat Fluorochemicals Ltd, Alufluor AB, Halocarbon Products Corporation, The Chemours Company, Daikin Industries Ltd, Fluorsid SpA, KUREHA CORPORATION, DowDuPont, Solvay, Arkema SA, and 3M
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