“Market Research Reports, Business Consulting Services & Analytics”The growing demand for the HVAC systems, such as ventilation, refrigerator, and air conditioning is likely to aid in the market growth of the Fluorochemicals Market.IndustryARC, in its latest report, predicts that The Fluorochemicals Market size is projected to reach $25.1 billion by 2026, after growing at a CAGR of 5.2% over the forecast period 2021-2026. The Fluorochemicals is an organic compound that contains fluorine and is widely used in electronics, refrigerators, and the automotive industry. Fluorochemicals provide UV resistance and high durability in various applications such as air conditioners, and refrigeration with excellent properties like high tensile strength and electrical insulation. Fluorocarbons are used as fluoropolymers and refrigerants, which have very low solubility features and due to this, they are not miscible in organic solvents like acetone and ethanol. The Fluorochemicals Market report by IndustryARC covers complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Competitive Landscape:
The top 5 players in the Fluorochemicals industry are –
1. 3M Company,
2. Solvay SA,
3. Mitsui Chemicals Inc.,
4. DuPont,
5. DAIKIN INDUSTRIES Ltd.,
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Segmental Analysis :
1. Fluorocarbons dominated with the highest share in the fluorochemicals market in 2020. Fluorocarb for HFC and HCFC is anticipated to grow at a higher rate due to their extensive application as refrigerants. Fluorocarbons like fluoropolymers are colorless and they are not miscible with most organic solvents but are miscible with some hydrocarbons.
2. The global market of fluorochemicals market size is anticipated to be dominated by the Asia-Pacific region with 47% shares in 2020. Rising demand for HVAC systems in the automotive and construction industry creating growth opportunities for the commercial and industrial refrigeration market.
3. Refrigeration has been the primary application for fluorochemicals market in 2020 and is growing at a CAGR of 7% during this forecast period. The demand for refrigerants is high particularly from developing countries such as India and China.
4. Automotive industry held the largest segment in the market of fluorochemicals. The rising demand for aluminum, refrigerant, and air conditioner is the major driver for the growth of fluorochemicals market. According to OICA, the production of light commercial vehicles has increased from 326,647 units in 2017 to 358,981 units in 2018, an increase of 10.2% in Brazil.
Report Coverage | |
Report Attributes | Details |
By Product | Inorganic Fluorochemicals, Organic Fluorochemicals . |
By Application | Refrigeration,Metal Manufacturing,Blowing agents, Paints & Coatings, Fluid & Lubricants, Solvents & Cleaners, Surfactants, Propellants, Wire Insulation |
By Use Industry | Pharmaceutical, Chemical Industry, Semiconductor Industry, Oil and Gas Industry, Power Industry,Building & construction,Transportation,Electrical & Electronics, Textile Industry, Agriculture, Wire & Cables |
By Geography | North America, Europe, Asia-Pacific, South America and Rest of World |
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Market Drivers and Challenges :
1. Growing Demand in Food Industry for Refrigerant : Changing lifestyle and increasing demand for convenience food products is driving the market of fluorochemicals. The rising demand for refrigerators is necessary for the industrial areas as well as the domestic sector.
2. Rising Application as Blowing Agent : Rising application as a blowing agent is spread in the consumer electronics industry. The consumer electronics industry is the fastest growing in the world, due to its use in various applications such as ovens, ACs, and freezers fueling growth in the form blowing agents in the market growth.
3. Lack of Availability : Rising demand for home appliances with new technologies are estimated to increase the product value but also create unavailability of fluorochemicals in the market. The demand of refrigeration and air-conditioner also show unavailability of fluorochemicals like fluoropolymers and fluorocarbons.
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