Features

3M is one of the influential players present in the global fluorochemicals market

3M is one of the influential players present in the global fluorochemicals market



Fluorochemicals to record 6pc CAGR

The Middle East and Africa are estimated to showcase sizeable growth opportunities and are expected to grow by $1050 million between 2017 and 2023, says a report

July 2019

Global fluorochemicals market is projected to expand at 6.10 per cent CAGR through the forecast period of 2017 to 2023, as per the report by Market Research Future (MRFR).

Fluorochemicals are an essential chemical agent used in different manufacturing sub-sectors. It is one of the most dominant ingredients having a wide industrial application, and which will continue to find different application opportunities in the foreseeable future. This broad scope of use is bound to push the global fluorochemicals market to a great extent during the forecast period.

A concentrated demand for fluorochemicals in various end-use industries such as electrical and electronics, building and construction, automotive and transportation, pharmaceuticals and industrial equipment, and chemical processing are estimated to drive the global fluorochemicals market to a great extent. Further, a higher inclination towards the adoption of fluoropolymers for applications in water filtration, solar, and photovoltaic is assessed to push the fluorochemicals market to a great extent. Also, rising support for renewable energy, supportive government initiatives are estimated to promote sizeable growth in the global fluorochemicals market through the review period.

Moreover, fluorochemicals such as hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs) have been used extensively in the manufacture of polyurethane foam. The demand for polyurethane foam is skyrocketing in the construction sector, directly impacting the need for fluorochemicals during the assessment period. Additionally, rising investments in the construction sector are likely to impact market growth positively. In contrast, strict regulations introduced by international organisations such as the Montreal Protocol and Kyoto Protocol are likely to hinder this market growth to some extent.

The global fluorochemicals market boasts the presence of many influential market giants including Gujarat Fluorochemicals, Daikin Industries, SRF, Kureha, Arkema, Halocarbon Products, Alufluor, The Chemours Company, Fluorsid, DowDuPont, Solvay, and 3M.

Various factors influencing positive ascent in the global fluorochemicals market include a wide scope of application in various end-use industries, a noticeable shift towards the adoption of Fluoropolymers, and rising awareness towards the positive effects of renewable energy. Further, supportive government policies are also expected to push sizeable growth in the global fluorochemicals market during the conjectured time period.

 Based on type, the global fluorochemicals market is segmented into fluoroelastomers, fluoropolymers, fluorocarbons, elemental fluorine, fluoropolymer additives, and inorganic and specialties. Among these segments, the fluorocarbons segment holds a principal share in the market and is likely to retain its supremacy through the forecast period. Such market dominance is accredited to the rising demand for refrigerants in HVAC systems, automobile air conditioning, and refrigerators.

Based on application, the global fluorochemicals market is segmented into refrigeration, blowing agents, aluminum production, films, tubing, and paint strippers. The refrigeration segment is estimated to dominate the sector, just like it did at the beginning of the forecast period. The segment is anticipated to expand at 6.61 per cent CAGR over the review period owing to the rising demand for refrigerants in HVAC systems, air conditioning, and refrigerators.

Based on end-use industry, global fluorochemicals market is segmented into electrical and electronics, construction, industrial equipment, automotive and transportation, pharmaceuticals, chemical processing, and consumer goods. Within these, the electrical and electronics segment accounts for the highest share of this market.

 

APAC GRABS LARGEST SHARE

The global fluorochemicals market is segmented by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regional segments, the APAC region accounted for the largest market share and is also anticipated to remain in dominance during the assessment period. It is expected to reach a market valuation of $15 million by the end of 2023, from $11,187.7 million at the beginning of the forecast period. An upsurge in the production of electric and lightweight vehicles is likely to push this market in the coming years.

Similarly, the Middle East and Africa are also estimated to showcase sizeable growth opportunities and are expected to grow by $1050 million between 2017-2023.




More Stories



Tags