Luton, Bedfordshire, United Kingdom, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Fluorochemicals Market.
The global fluorochemicals market is expected to grow at 6% CAGR from 2023 to 2029. It is expected to reach above USD 51.82 billion by 2029 from USD 30.67 billion in 2021.
Hydrochemical with fluorine or other fluorinated substances are known as fluorochemicals. In the medical and dental fields, fluorochemicals are frequently used. These products are more expensive to produce. Semiconductor light bulbs are used in plasma etching, which calls for the use of this essential chemical. The consumption of fluorochemicals is anticipated to increase as the world's population expands. Fluorochemicals are also employed in the flat-panel displays seen in a variety of devices, including tablets, smartphones, and televisions. The fluorochemicals market is divided into several categories, including fluoropolymers, inorganics & specialty products, fluoropolymers, fluorocarbons, films & tubing, blowing agents, and others.
Due to changes in lifestyle and an increase in the need for refrigeration for convenience food product storage, the industrial and residential sectors will see an increase in demand for refrigerators and cooling systems, which will boost the demand for fluorochemicals. The expansion of department stores, hypermarkets, and supermarkets has spurred the rise in demand for appropriate storage facilities for perishable food products, which is anticipated to support the growth of the worldwide fluorochemicals market.
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Key Competitors:
Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are trying to penetrate the market which again can be disruptive in low-income economies.
Arkema S.A., Daikin Industries, Ltd., DuPont, Dongyue Group Co., Ltd., Halocarbon Products Corporation., Honeywell International, Inc., Kureha Corporation, Pelchem SOC Ltd., Solvay SA, 3M Company, Precision Polymer Engineering, James Walker & Co, Polycomp Bv, TRP Polymer Solutions Limited, Mexichem Fluor S.A. de C.V., Hubei Everflon Polymer, China Reform Culture Holdings Co., LTD.
Fluorochemicals Market Report Scope
| Report Attribute | Details |
| Market size value in 2021 | USD 30.67 billion in 2021 |
| Revenue forecast in 2029 | USD 51.82 billion by 2029 |
| Growth rate | CAGR of 6% from 2023 to 2029 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Arkema S.A., Daikin Industries, Ltd., DuPont, Dongyue Group Co., Ltd., Halocarbon Products Corporation., Honeywell International, Inc., Kureha Corporation, Pelchem SOC Ltd., Solvay SA, 3M Company, Precision Polymer Engineering, James Walker & Co, Polycomp Bv, TRP Polymer Solutions Limited, Mexichem Fluor S.A. de C.V., Hubei Everflon Polymer, China Reform Culture Holdings Co., LTD. |
| Key Market Opportunities | Hydrofluorides’ Rising Demand in Developing Regions to Offer Opportunities |
| Key Market Drivers | Refrigeration and Automobile Industries to Generate High Demand |
| Customization scope | Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Segmentation:
By Product, the Fluorochemicals are divided into Fluorocarbons, Fluoropolymers, and Fluoroelastomers.
The fluoropolymers segment is attributed to the highest growth owing to extensive usage in multiple industries such as automotive, aerospace, semiconductors, electronics, and common household appliances.
- Fluorocarbon: Fluorocarbons are fluorinated carbon chain polymers that are used in an assortment of household and commercial products as waterproofing agents, lubricants, sealants, and leather conditioners.
- Fluoropolymers: Fluoropolymer is a chemical compound that has carbon fluoride bonds in it. Among these are characteristics such as stress cracking resistance, electrical and mechanical insulation, heat resistance, and chemical resistance. These characteristics help fluoropolymers, from industrial films to coatings, in a variety of applications. Additionally, it is employed in electrical, electronic, and construction projects.
- Fluoroelastomers: A Fluoroelastomer is a fluorocarbon-based synthetic rubber that generally has wide chemical resistance. Fluoroelastomers are used mainly in seals and barrier layers subjected to environments too severe for other elastomers.
By Application, the Fluorochemicals are divided into Surfactants, Propellants, Aluminium production, Refrigerants, Automobiles, and Agrochemicals. The refrigerants Segment is anticipated to boost the market owing to the upsurging demand for clean air system which makes use of fluorochemicals.
By End-use Industry, Fluorochemicals are divided into Electricals and electronics, petrochemicals, Chemicals, and Aerospace.
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Regional Analysis:
The global fluorochemicals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific is the biggest market for fluorochemicals market, this region holds almost 47% of the regional market. Emerging economies like India and China are expected to provide a wide range of growth opportunities for players in the market which is driven by their large and growing populations as well as the increasing number of industries in these countries. Asia-Pacific consists of huge electronics manufacturing base. In addition, an increase in disposable income is creating lucrative growth opportunities for the commercial refrigeration market in Asia-Pacific, which correspondingly surges the demand for fluorochemicals. Fluorochemicals are used as refrigerants. Countries contributing majorly to the market in Asia-Pacific are China, Japan, and India.
High demand for fluorochemicals from North America for the production of aluminum is expected to grow the fluorochemicals market.
Europe has the second-highest market share in terms of application. This is attributed to the presence of a huge automotive manufacturing market in the region. The increasing expenditure on healthcare and research on the usage of fluorochemicals in medical implants is anticipated to grow in the market in Europe.
The growing requirement for effective commercial cooling systems to store perishable goods will show significant development of the market in Latin America.
In the Middle East & Africa, the rising need for effective goods transportation and distribution services will boost the demand for fluoropolymers in this region.
Drivers:
- The demand for aluminum is expected to rise steadily, with a bulk of the consumption coming from the automobile and construction industry. Fluorochemicals are widely used in the manufacture of metal, thus presenting a vast avenue for firms in the fluorochemicals market.
- Rapid growth of the refrigerants industry has filliped the sales of fluorochemicals. Indeed, a constantly expanding HVAC industry is driving the growth of the fluorochemicals market. A key focus of producers of fluorochemicals for HVAC applications is on improving the environmental profile of the products, which has nudged them to adopt next-gen manufacturing technologies.
- Strides in the construction industry in the developing world is another driver for the consumption of fluorochemicals. The rapid pace of industrialization is driving the evolution of the market.
Restraints:
- Less availability of raw materials as well as fluctuating prices have a negative impact on the growth of the global fluorochemicals market over the coming years.
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Key Questions answered:
The research report has been written keeping in mind the following stakeholders: the current companies in the market, the new startups, the local players, Chemical & Materials manufacturers, fluorochemical suppliers, Chemical companies, Investors, Manufacturing companies, Government organizations, Investment, and research personnel.
The key questions answered in the report are:
- What is the market size and forecast of the Global fluorochemicals market?
- Who are the key competitors/Players in this market?
- What are the key segments of the fluorochemicals?
- Which segment dominates the market?
- What are the products of fluorochemicals?
- What factors are driving the global market?
- Which is the dominating region in this market?
- What are the major applications for Thermochromic materials?
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