Fluorochemicals Market Trends and Industry Forecast 2023
Fluorochemicals Market Synopsis:
According to the analysis offered by Market Research Future (MRFR), the valuation of the global fluorochemicals market has been estimated to touch USD 36,755.7 Mn by the end of 2023 up from USD 25,902.7 Mn in 2017. The market is expected to thrive at a CAGR of 6.10% during the forecast period 2018 to 2023. Compliance with F-gas regulation for the development of hydrofluorocarbon (HFC) in order to minimize carbon reductions is the driving force of market growth. In addition, the accelerated adoption of fluoropolymers for different applications in, solar and photovoltaic, water filtration, etc. are likely to propel the expansion of the fluorochemicals market in the forthcoming years.
An upsurge in demand for fluorochemicals is predicted across verticals such as pharmaceuticals, automotive, electronics, food & beverage, and marine. This, in turn, is prognosticated to augment the global fluorochemicals market through the assessment period. Furthermore, the increasing shift towards renewable energy is likely to boost the growth trajectory of the fluorochemicals market.
Extensive demand from the construction sector for the manufacturing of polyurethane foam, which uses fluorochemicals such as HCFCs and HFCs, are anticipated to favor the expansion of the global market. On the flip side, stringent regulations enforced such as the Montreal Protocol and Kyoto Protocol are predicted to hinder the growth of the market through the projection period.
Fluorochemicals Market Segmentation:
By type, the global fluorochemicals industry has been segmented into fluoroelastomers, fluoropolymers, elemental fluorine, fluorocarbons, fluoropolymer additives, and inorganic and specialties.
By application, the fluorochemicals market analysis has been segmented into refrigeration, aluminum production, blowing agents, tubing, films, paint strippers, and others.
By end-use industry, the global fluorochemicals market has been segmented into electrical and electronics, automotive and transportation, construction, industrial equipment, pharmaceuticals, consumer goods, chemical processing, and others.
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Fluorochemicals Market Regional Analysis:
The global fluorochemicals market, by region, has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is, at present, dominating the global market and is projected to exhibit substantial growth over the next couple of years. Its valuation is presumed to touch USD 15 Mn towards the end of 2023. The increased production of electric and lightweight vehicles in the region is likely to favor the expansion of the fluorochemicals market.
North Americas has been prognosticated to maintain its position at the second spot during the assessment period. The rising demand for fluorocarbons in the region is predicted to emerge as the driving force of market growth in the foreseeable future. The U.S. is forecasted to emerge as the most significant country-level fluorochemicals market in the region.
Europe is expected to grow substantially in the upcoming years. The presence of developed economies such as Germany, Italy, and France is anticipated to accelerate the revenue creation for the participants of the fluorochemicals market.
The Middle East & Africa and Latin America resonate tremendous potential and are expected to exhibit considerable growth in the forthcoming years. However, Latin America is presumed to account for the least share of the global fluorochemicals market across the review period.
Competitive Dashboard:
Gujarat Fluorochemicals Ltd, SRF Limited, Alufluor AB, The Chemours Company, Daikin Industries Ltd, Fluorsid SpA, Halocarbon Products Corporation, KUREHA CORPORATION, Solvay, Arkema SA, DowDuPont, and 3M are some of the key players profiled in the report.
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