The players operating in the global fluorochemicals market, majority of them based out in Europe and North America are changing their focus to the developing nations of the Middle East and Africa, Latin America, and Asia Pacific that are presenting several lucrative opportunities. This is also due to the market in North America and Europe have now become saturated and offer limited opportunities for any growth. Such manufacturers are also striving hard to better their overall product portfolio to match up with the demands from the commercial and domestic sectors. Some of the prominent players in the global market for fluorochemicals include names such as DuPont Inc, Daikin, Solvay SA, Asahi Glass, Arkema, Honeywell, Dongyue, Pelchem, Mitsui Chemicals Inc., and Air Products and Chemicals Inc.
The global market for fluorochemicals stood at an overall valuation of US$16.88 bn in the year 2016. This valuations is estimated to increase and reach a figure worth US$26.71 bn by the fall of 2025. This overall growth of the global market for fluorochemicals is expected to be achieved with the help of an impressive CAGR of 5.3% over the course of the given forecast period of 2017 to 2025.
Of the wide range of products available in the global market for fluorochemicals, the segment of fluorocarbons is expected to dominate the market in the coming years of the forecast period. In terms of geography, the Asia Pacific region is projected to show most promising growth rate in coming years with an estimated valuation of US$15.21 bn by the fall of 2025. The other regional markets such as Latin America and the Middle East and Africa are also projected to show positive rate of growth.
Ever Increasing Demand for Refrigerants to Drive Market Growth
One of the key driving factors for the growth of the global market for fluorochemicals is the ever increasing demand for refrigerants. These refrigerants usually required in heating, ventilation, and air conditioning (HVAC) sector and the food and beverages sector. Fluorochemical products such as hydrochlorofluorocarbon (HCFC) and hydrofluorocarbon (HFC) play a significant role in the production of these refrigerants and thus, help in driving the overall development of the market.
The increasing demand from the heating, ventilation, and air conditioning (HVAC) sector products such as chillers, pumps, air conditioners, refrigerators, and de-humidifiers among others are also expected to play an important role in augmenting the growth of the global market for fluorochemicals over the course of the given forecast period of 2017 to 2025.
Fluorochemicals have several unique perceived advantages as well. Some of those include electrical insulation, high tensile strength, anti corrosive properties, resistance to chemicals and heat, and repellency to oil, soil, stain, and water among others. These advantages of the fluorochemicals also help in driving the growth of the market.
Issues Related to Smooth Availability of Raw Materials to Impede Growth of Market
However, there are some factors which might negatively affect the growth of the market in the years to come and stop it from reaching its full potential. One of the key issue faced by the global market for fluorochemicals is the dearth of uniform availability of raw materials such as fluorspar. This has had a direct impact on the prices and thus also on the overall demand for the fluorochemicals products.
This review is based on the findings of a TMR report, titled, “Fluorochemicals Market (Product - Fluorocarbons (HCFC and HFC), Fluoropolymers, and Fluoroelastomers; Application – Refrigerants, Aluminum Production, Aluminum Foams, and Electricals and Electronics) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025.”
Fluorochemicals Market: Product Type Analysis
- AIF3 and Others
Fluorochemicals Market: Application Analysis
- Aluminium Production
- Plastic Foams
- Electricals & Electronics
Acoustic Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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