The global Fluorochemicals Market is expected to reach USD 31.23 Billion by 2028, according to a new report by Reports and Data. The significant factor fueling the growth of fluorochemicals market is the increase in requirement for refrigeration across numerous end-user industries. Rising temperatures along with demand for cold storage systems across the globe and climate control systems have stimulated the demand for HVAC and refrigeration systems, which in turn would have a positive impact on the fluorochemicals market growth.
Increase in number of applications for organic fluorochemicals in healthcare, pharmaceuticals, and automobile industries support market growth. Application of these chemicals in the pharmaceutical industry due to its incombustible nature is likely to push the market demand in the upcoming years. It is highly used as an anesthetic agent in dental care. Increased RD expenditure especially in the pharmaceutical sector to develop novel product range is anticipated to drive market growth. Increase in automobile production owing to rising consumer economic standards will support demand for aluminum production, which is one of the major applications of fluorochemicals.
Additionally, growing demand for blowing agents which use fluorochemicals in manufacturing foamed plastics is expected to a open window of opportunities in the market during the forecast period.
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Top Companies Profiled in the Report: 3M, DuPont, Honeywell, Solvay SA, Pelchem, Mexichem, Archema SA, Dongyue, Halocarbon Products Corp., and Daikin Industries among others.
Organic products contributed to the largest market share in 2020 with a growth rate of 5.0% in the forecast period. Fluorocarbons held a market size of around 50% in 2020. It is likely to lose share to inorganic and polymer counterparts in light owing to strict regulatory norms in the U.S. and Canada to phase out CFC and HCFC compounds.
Refrigerant applications held the largest market share of around 45% in 2020. The increasing prominence of clean air systems in manufacturing industry coupled with rising installation of HVAC systems in automobiles is anticipated to support market growth in the forecast period.
The market in the APAC region contributed around 40% of the market share in 2020. Growth of the automotive industry in China, India, Indonesia, and Malaysia is projected to increase the application of refrigerants in HVAC systems for automobiles and as a result, contribute to market growth.
The large quantity of aluminum reserves in countries like China, India, and Australia together with the regulatory inclination to promote FDI in the domestic metal sector is anticipated to increase its application in the upcoming year. The Asia Pacific region is forecasted to experience significant gains in the period 2019-2028.
Regional Outlook
The key regions covered in the report are as follows:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Market Segmentation:
Product Type Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Organic
- Inorganic
Application Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Refrigerant
- Blowing Agent
- Aluminum Production
- Agrochemicals
- Lubricants
- Propellants
- Components
- Surfactants
- Specialty Chemicals
- Others
End-user Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
- Chemical
- Petrochemicals
- Food Beverages
- Pharmaceuticals
- Automotive
- Aerospace
- Electrical Electronics
- Textile
- Paints Coatings
- Architectural
- Others
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Table of Contents:
Report Overview
1.1 Research Scope
1.2 Key Fluorochemical market segments
1.3 Major players
1.4 Market analysis by product type
1.5 Market analysis by application
1.6 Report timeline
Global Growth Trends
2.1 Global Fluorochemical market size
2.2 Latest regional market trends
2.3 Emerging growth trends
Competitive Outlook
3.1 Global Fluorochemical market key players
3.2 Global Fluorochemical size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Fluorochemical market
3.5 Mergers, acquisitions, joint ventures, and other strategic alliances
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