Global Hydrofluoroether Market Expected to Grow at a Steady CAGR of 14% through 2019-2027 | Key Players are SICONG Chemical, Juhua Group Corporation, China Fluoro Ltd., etc.
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Hydrofluoroether Market – Key Insights
Constant revisions in Montreal Protocol in addition to the passage of F-Gas Regulations by the European Union in 2014 fuelled the demand for hydrofluoroethers in an assortment of industries. The hydrofluoroether market registered a healthy CAGR of over 10% during the 2013-2018 period.
The hydrofluoroether market was estimated at over US$ 293 million in 2018, with Y-o-Y growth in 2019 estimated at 13%.
Asia Pacific Excluding Japan is expected to remain the leading market for hydrofluoroether on the back of the burgeoning industrial production across industries such as automobiles, electronics, and lithium-ion battery packs.
The APEJ region is expected to emerge as a high-growth market for hydrofluoroether, on account of the healthy gross domestic product rates of the countries in the region which are likely to surpass 5%, according to the International Monetary Fund in the foreseeable future.
What are the Vital Factors Propelling Hydrofluoroether Market Growth?
Intensifying international co-operation that demands a substantial reduction and eventual replacement of chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs), owing to their adverse impact on the ozone layer and significant contribution to global warming, is creating a surge in the demand for hydrofluoroether (HFE) in an assortment of industries. Hydrofluoroethers exhibit properties similar to that of CFCs and HCFCs while having zero ozone depletion potential and significantly lower global warming potential relative to other compounds which is a key factor estimated to drive hydrofluoroether market growth.
Burgeoning investments in research and development of efficient manufacturing processes to overcome the post-processing challenges faced by the current production methodologies is expected to fuel hydrofluoroether market growth. With administrative authorities around the world passing regulations on limiting the use of chlorofluorocarbons and hydrochlorofluorocarbons, demand for hydrofluoroether in aerosol formulation, lubricants, heat transfer solutions, and cleaning applications is on the rise which, in turn, is prompting manufacturers in the hydrofluoroether market to funnel investments into streamlining production processes to maximize profit generation.
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Some of the leading players operating in the hydrofluoroether market include Tianhe Chemicals Group Limited, SICONG Chemical, Juhua Group Corporation, China Fluoro Ltd., AGC Inc., and Shandong Huaxia Shenzhou New Material Co., Ltd.
Demand for Hydrofluoroethers in Cleaning Applications to Remain Robust
Companies are increasingly using hydrofluoroethers for cleaning semi-conductors and IC components owing to their chemical inertness, non-corrosiveness, high resistivity, good material compatibility, and low toxicity. The non-inflammability, lower toxicity, and non-irritability to human skin and eyes also make hydrofluoroether easier for workers to handle. Development of automatic precision cleaning machines for semi-conductors is also a vital cause fueling adoption of the compound in various cleaning applications.
With government regulations and international campaigns emphasizing on the complete replacement of hydrochlorofluorocarbons and chlorofluorocarbons with eco-friendly alternatives, demand for hydrofluoroether in aerosol formulations, electronic coating, heat transfer applications, and in dilution & deposition solvents is expected t0 surge with the compound exhibiting properties similar to CFCs and HCFCs.
The report on the hydrofluoroether market is a consequence of a robust and elaborate research methodology which was employed during its compilation. A two-step process involving primary and secondary researches was conducted to extract detailed and actionable insights into the hydrofluoroether market. Interviewing experts from the hydrofluoroether market formed the basis of the primary research while secondary research was conducted by thoroughly studying company press releases, trade journals, paid sources, and other publications related to the hydrofluoroether market. Results obtained from both steps of the research were cross-referenced to produce an accurate forecast of the hydrofluoroether market.
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