Press release
Global Fluorochemicals Market Size to Increase at a CAGR of 4% in the Forecast Period of 2024-2032
The key highlights of the report include:
Market Overview (2018-2032)
• Forecast CAGR (2024-2032): 4%
The growing demand for cooling systems and refrigerators in both domestic and industrial sector due to changing lifestyles and rising utilisation of refrigeration for convenient food storage is driving the growth of the fluorochemicals market. Manufacturing and automotive industries are also widely utilising fluorochemicals in HVAC systems which is expected to increase the refrigerant demand and usage, due to which the demand for fluorochemicals will also rise. With the growing construction of hypermarkets and supermarkets for customer convenience, the demand for HVAC refrigerators will also increase, resulting in rapid growth of the market for fluorochemicals.
Rising applications of fluorochemicals in the pharmaceutical industry due to its non-flammable properties are anticipated to drive the fluorochemicals market growth in the forecast period. Fluorochemicals are also commonly used in the form of anaesthesia in the dental industry, which is aiding to the growth of the market. Several healthcare centres are using fluorochemicals to increase the anti-inflammatory effects and impact of medications. A rise in investments towards research and development, especially in the pharmaceutical industry to develop new product ranges, will likely result in an increase in the market growth for fluorochemicals.
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Fluorochemicals Industry Definition and Major Segments
Fluorochemicals are chemical materials which contains fluorine and are widely used in several industrial applications like refrigeration, air conditioning, electrical and electronics, aluminium production, and personal care. A type of organic compound, in fluorochemicals, fluorine replaces a sizable portion of the hydrogen that is attached to carbon.
On the basis of product, the market is divided into:
• Fluorocarbons
• Fluoropolymers
• Inorganic Chemicals
• Speciality Organics
• Gases
Based on application, the market is classified into:
• Refrigerant
• Blowing Agent
• Aluminium Production
• Surfactants
• Others
On the basis of end use, the market is segmented into:
• Electricals and Electronics
• Petrochemicals
• Aerospace
Based on region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Fluorochemicals Market Trends
The growth in the construction and residential sector due to increased demand for infrastructure owing to rising urbanisation in developing countries is one of the key trends driving the growth of the fluorochemicals market. The increasing adoption and use of HVAC in stores, homes, malls, and other infrastructure is propelling the market growth.
Moreover, the demand for frozen food and products is also increasing the demand for fluorochemicals as they require refrigeration units to preserve the quality of the product. Due to changing lifestyles, consumers are rapidly preferring the use of HVAC systems in their homes which is significantly growing the market for fluorochemicals.
Stringent regulations of various governments are pushing the manufacturers of fluorochemicals to develop less harmful fluorochemicals to decrease the usage of toxic and harmful fluorine. Public health concerns are aiding the growth of the fluorochemicals market, as multiple key market players are incorporating, testing, and introducing improved versions of fluorochemicals. Fluorocarbons are widely used in blowing agents, solvents, and refrigerants which is boosting the growth of the market for fluorochemicals.
Key Market Players
The major players in the global fluorochemicals market report are Orbia Advance Corporation S.A.B. de CV, 3M Company, AGC Group, DuPont de Nemours, Inc., and Halocarbon, LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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