Press release
Fluorochemicals Market on Track for Strong Growth, Estimated to Grow at 6.5% CAGR Through 2029
Fluorochemicals
What Is the Expected CAGR for the Fluorochemicals Market Through 2025?
There has been substantial growth in the fluorochemicals market size lately. It is projected to rise from $26.86 billion in 2024 to reach $28.7 billion in 2025, showing a compound annual growth rate (CAGR) of 6.8%. The historical growth is attributed to several factors such as efforts to mitigate climate change, industrial coatings and surface treatments, advancements in medical and pharmaceutical sectors, development of fluoropolymers, and increased demand for refrigeration and air conditioning.
What's the Projected Size of the Global Fluorochemicals Market by 2029?
In the coming years, the fluorochemicals market is predicted to experience robust expansion, with its value reaching $36.93 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. This anticipated growth within the forecast period could be a result of several key factors such as the transition in customer preferences towards more environmentally-friendly substitutes, volatility in energy rates influencing production expenditure, regulatory measures from the government regarding environmental norms and emission limits, geopolitical elements impacting trade mechanisms and the stability of supply chains, as well as global demand in principal sectors. Foreseeable trends of the forecasted period incorporate the application of fluorochemicals in industrial coatings along with surface treatments, progress in chemical fusion, increased investment in R&D for sophisticated fluorochemical solutions, technological evolution spurring innovation in fluorinated compounds, and advancements in the air conditioning and refrigeration sectors.
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Top Growth Drivers in the Fluorochemicals Industry: What's Accelerating the Market?
The surge in refrigerant need is anticipated to fuel the expansion of the fluorochemical market in the future. Refrigerants, which are used to transfer heat in cooling systems and chill areas by absorbing and releasing heat as they transition between liquid and gas states, have seen a rise in demand. This is credited to the increasing necessity for air conditioning and refrigeration systems across diverse sectors, stimulated by urbanization, industrialization, and shifting weather patterns. Fluorochemicals serve as refrigerants due to their exceptional heat transfer capabilities, stability, and safety aspects. They are crucial components in contemporary cooling and refrigeration systems for various uses, with continuous progress being made to minimize their ecological footprint. As per a report published by the United States Environmental Protection Agency, a US government entity, in November 2023, the total hydrofluorocarbon refrigerants quantity augmented by over 40% compared to 2021. Consequently, the surging refrigerant demand is propelling fluorochemical market growth.
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What Trends Will Shape the Fluorochemicals Market Through 2029 and Beyond?
Leading firms in the fluorochemicals market are concentrating on the innovation of new products like fluorinated synthetic rubbers to improve performance attributes and cater to a wide range of industrial needs. Fluorinated synthetic rubbers are a type of elastomers that have been chemically altered with fluorine atoms to enhance their resistance to heat, chemicals, and solvents, thereby making them ideal for use in extreme conditions requiring impressive durability and performance. For example, in April 2023, Solvay S.A., a chemical firm based in Belgium, introduced Tecnoflon SHP, a fully fluorinated synthetic rubber developed to offer top-notch performance in rugged industrial conditions. This new product range includes rubbers that provide the best chemical resistance and the highest heat resistance of any elastomer, offering unmatched resistance to fluids and chemicals used in the oil and gas sector and chemical processing. Moreover, they also offer heat stability reaching 315 °C and cold flexibility as low as -30 °C. Tecnoflon SHP has been created to suit the demands of industrial procedures where there is limited maintenance and safety is improved, finding use in O-rings, gaskets, and flanges designed for extreme operating situations.
What Are the Main Segments in the Fluorochemicals Market?
The fluorochemicals market covered in this report is segmented -
1) By Type: Fluorocarbons, Fluoroelastomers, Fluoropolymers, Inorganics, Other Types
2) By Application: Surfactants, Propellants, Aluminum Production, Refrigerant, Automobile, Agrochemicals, Other Applications
3) By End Use: Electrical And Electronics, Petrochemicals, Chemicals, Aerospace, Other End Uses
Subsegments:
1) By Fluorocarbons: Hydrofluorocarbons (HFCs), Perfluorocarbons (PFCs), Chlorofluorocarbons (CFCs)
2) By Fluoroelastomers: Fluoroelastomer O-Rings, Fluoroelastomer Gaskets, Other Fluoroelastomer Products
3) By Fluoropolymers: Polytetrafluoroethylene (PTFE), Fluorinated Ethylene Propylene (FEP), Perfluoroalkoxy (PFA), Polyvinylidene Fluoride (PVDF), Ethylene Tetrafluoroethylene (ETFE)
4) By Inorganics: Hydrogen Fluoride (HF), Calcium Fluoride (CaF2), Sodium Fluoride (NaF), Aluminium Fluoride (AlF3)
5) By Other Types: Fluorosilicones, Fluorinated Specialties, Other Specialized Fluorochemicals
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Which Top Companies are Driving Growth in the Fluorochemicals Market?
Major companies operating in the fluorochemicals market are Mitsui Chemicals Inc., 3M Company, Daikin Industries Ltd., Solvay SA, Asahi Glass Co. Ltd., AGC Inc., E.I. du Pont de Nemours and Company, Air Products and Chemicals Inc., Arkema SA, Mexichem S.A.B. de C.V., DIC Corporation, The Chemours Company, Dongyue Group Limited, SRF Limited, Central Glass Co. Ltd., Gujarat Fluorochemicals Limited, Navin Fluorine International Limited, James Walker Group Ltd., Dynax Corporation, Precision Polymer Engineering Ltd., Halocarbon Products Corporation, Pelchem SOC Ltd., Shanghai 3F New Materials Company Limited, Shandong Dongyue Chemical Co. Ltd., Sinochem Lantian Co. Ltd., Zhejiang Juhua Co. Ltd.
Which Regions Will Dominate the Fluorochemicals Market Through 2029?
North America was the largest region in the fluorochemicals market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fluorochemicals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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