04-May-2022 | Zion Market Research
The Fluorochemicals Market was worth around USD 22,381.5 million in 2021 and is estimated to grow to about USD 28,156.7 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.9 percent over the forecast period. The report analyzes the Fluorochemicals Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Fluorochemicals Market.
Fluorochemicals are chemical substances that contain a high concentration of fluorine. Fluorochemicals have good thermal stability, high resistance, and chemical reactivity, which makes them useful in a variety of industrial applications such as air conditioning and refrigeration, aluminium production, electrical & electronics, personal care industries, and a variety of other applications as fluorocarbons, fluoropolymers, and inorganic fluorochemicals. The Fluorochemicals market is being driven by rising demand for refrigerant applications in various cooling systems. Increased installation of HVAC systems in the manufacturing and automotive sectors is predicted to increase the use of refrigerants, fuelling demand for fluorochemicals. The rising demand for fluorochemicals from the automotive and pharmaceutical industries is also a driving force in the fluorochemicals market. Fluorochemicals' high resistance to organic solvents, acids, and bases is a crucial element projected to boost product demand in automotive, electronics, and construction applications over the projection period. Hydrofluorides are predicted to benefit due to an increase in aluminium output, which is primarily driven by its rising use in the automotive and construction sectors. Strict rules imposed by various governments and authorities concerning the use of fluorochemicals and their effects on the environment pose a challenge to the fluorochemicals market. However, a shortage or unavailability of fluorspar mineral, a source of fluorochemical manufacturing, is a limitation on the growth of the fluorochemicals market during the forecast period.
The Fluorochemicals Market is segregated based on Type, Application, and End-Use. Based on Type, the global market is distinguished into Fluorocarbons, Fluoroelastomers, Fluoropolymers, Inorganics, and Others. Based on Application, the global market is distinguished into Surfactants, Propellants, Aluminum Production, Refrigerant, Automobile, Agrochemicals, and Others. Based on End Use, the global market is distinguished into Electrical & Electronics, Petrochemicals, Chemicals, Aerospace, and Others.
Asia-Pacific has captured the largest market share and is expected to maintain its dominance during the analysis period. This is due to the region's growing consumer base. Asia-Pacific has a substantial electronics manufacturing base. Furthermore, rising disposable income creates lucrative growth potential for the Asia-Pacific commercial refrigeration industry, driving up demand for fluorochemicals. As refrigerants, fluorochemicals are utilized. China, Japan, and India are the largest contributors to the Asia-Pacific market. North America will gain a significant share in the coming years. Growing healthcare spending, aided by R&D on the use of fluoropolymers in medical implants, may favor product demand. The presence of key businesses engaged in product innovation for a broad range of applications will drive regional industry growth. The expansion of restaurants and distribution services, as well as the increased need for efficient transportation, will drive up regional demand.
Key players functioning in the Fluorochemicals Market include Arkema S.A, Daikin Industries, Ltd, DuPont, Dongyue Group Co., Ltd, Halocarbon Products Corporation, Honywell International, Inc, Pelchem SOC Ltd, Solvay SA, and The 3M Company.
Browse the full “Fluorochemicals Market By Type (Fluorocarbons, Fluoroelastomers, Fluoropolymers, Inorganics, and Others). By Application (Surfactants, Propellants, Aluminum Production, Refrigerant, Automobile, Agrochemicals, and Others). By End Use (Electrical & Electronics, Petrochemicals, Chemicals, Aerospace, and Others)..” Report at https://www.zionmarketresearch.com/report/fluorochemicals-market
Fluorochemicals Market is segmented as follows:
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