Zion Market Research has published a new report entitled “Fluorochemicals Market by Product (Fluoropolymers, Specialty, Fluorocarbons, and Inorganics) and by End-User (Aluminum Production, Home & Industrial Appliances, Refrigeration, Pharmaceuticals, Electrical & Electronics and Other End Users) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024 ”. According to the report, global fluorochemicals market was valued at USD 17.63 billion in 2017 and is expected to reach USD 24.97 billion in 2024; it is anticipated to grow at a CAGR of 5.1% between 2018 and 2024.
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Fluorochemical offers versatile properties such as high durability, anti-corrosion, and UV resistance in various applications. Fluorine-based chemicals like AHF are prominently used for aluminum production. Due to the anti-corrosive feature, repellant nature to oil, high electrical insulation, resistance to heat, chemicals, and water stains fluorochemicals are widely used in industries such as electrical & electronics, industrial appliances, and others. Fluorochemicals are available in various types such as fluoropolymers, fluorocarbons, and others. These various types of fluorochemicals are widely used in various applications such as heating, air conditioning, ventilation, HVAC, and even in the food and beverage sector. The global fluorochemicals market is predicted to grow at the fastest pace during the forecast period, attributed to increasing demand for refrigeration.
The global fluorochemicals market can be segmented based on type, end user, and regions. On the basis of type, the global market is segregated into fluoropolymers, specialty, fluorocarbons, and inorganics. Fluorocarbons and fluoropolymers are the leading types of fluorochemicals that are used for numerous applications globally. Fluorocarbons are widely used in applications such as in the packaging industry such as refrigerants, blowing agents, and aerosol propellants. The fluorochemical products such as hydrochlorofluorocarbon (HCFC) and hydrofluorocarbon (HFC) are the main components needed to manufacture hydrocarbons. Hence, the rise in the use of these hydrocarbons is expected to spur the fluorochemical market. Furthermore, fluoropolymers are fluorocarbon-based polymers, consisting of multiple strong carbon-fluorine bonds and possessing high resistance to solvents, bases, and acids. These fluoropolymers are widely used in automotive, semiconductors, among other common household appliances. On the basis of end-user, the market is classified into aluminum production, home & industrial appliances, refrigeration, pharmaceuticals, electrical & electronics, and other end users. Refrigeration and aluminum production is anticipated to witness significant gains in the forecast period. In addition, different applications of fluoropolymers in lubrication and electrical and electronics are one of the driving factors for the growth of fluorochemical market.
In 2017, Asia Pacific accounted for the largest share of the global fluorochemicals market. The Asia Pacific is estimated to be the fastest growing market for fluorochemicals during the forecast period. This growth is seen due to the wide range of applications of fluorochemicals such as refrigerators, pharmaceuticals, aluminum production, and others. Additionally, the increasing demand for fluorocarbons in refrigeration is likely to propel the demand for fluorochemicals in the region. North America and Europe are estimated to grow considerably in the forecast period. The rising demand for home appliances and industrial appliances within the region is projected to drive the fluorochemicals market growth in the coming years. The countries such as the U.S., Canada, and Mexico are expected to boost the fluorochemicals demand in North America. The Middle East and Africa are anticipated to hold immense potential for fluorochemicals market. With the rising demand for home appliances with new constructions is estimated to increase the use of fluorochemicals in the region. Latin America is projected to show a decent growth in the forecast period owing to the increase in automotive industries. Moreover, growing demand for refrigeration with increasing industrialization is expected to increase demand for fluorochemicals.
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The fluorochemicals market consists of a large number of market players and is highly fragmented. Companies operating in this market include 3M Company, DuPont, Honeywell, Solvay SA, Pelchem, Mexichem, Arkema SA, Dongyue, Daikin Industries, and Asahi Glass Company, among others.
The report segments the global fluorochemicals market as:
Global Fluorochemicals Market: Product Analysis
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Global Fluorochemicals Market: End User Analysis
Home & Industrial Appliances
Electrical & Electronics
Other End Users