Global Fluorochemicals Market Analysis and Forecasts 2023
Posted by Bharat Book on October 15th, 2018
Bharat Book Bureau Provides the Trending Market Research Report on “Global Fluorochemicals Market Research Report - Forecast to 2023” under Chemical & Materials category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.
Global Fluorochemicals Market is expected to exhibit significant growth during the forecast period, 2018-2023, due to the rising demand for refrigerants in numerous end-use industries, such as automotive, electronics, building & construction, pharmaceuticals, and food & beverage. Asia-Pacific accounted for a 43% share of the global fluorochemicals market in 2017 and is expected to show remarkable growth during the forecast period owing to the fast economic growth and less regualatory pressure in the region. North America and Europe are other major markets for fluorochemicals.
Global fluorochemicals market was valued at USD 25,902.7 million in 2017 and is projected to reach USD 36,755.7 million by the end of 2023. The global market is estimated to grow at a CAGR of 6.10% in terms of value and 5.60% in terms of volume.
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Rapid industrialization in developing economies, especially India, China, and South-East Asian countries, is likely to propel the demand for refrigerants during the review period. Infrastructure development, with rising residential and commercial construction such as warehouses, departmental stores, and malls, has fueled the demand for HVAC systems, which, in turn, is likely to stimulate the demand for fluorochemicals. Additionally, the increasing use of fluoropolymers in emerging applications such as water filtration and solar and photovoltaic is expected to drive market growth. Furthermore, fluorochemicals are being increasingly used in various automotive parts such as fuel hose insulations, tubing, and engines due to their thermal stability, high tensile strength, lightweight, and strong dielectric properties. The expanding automotive industry with the growing demand for hydrogen fuel cell, electric, and lightweight vehicles is likely to drive the fluorochemicals market during the review period. However, the use of refrigerants, such as CFC, HFC, and hydrochlorofluorocarbons HCFC, is subject to regulations under international treaties, such as the Montreal Protocol and the Kyoto Protocol, due to their hazardous impact on the environment and human health, which may restrain the growth of the market to some extent during the forecast period.
Based on type, fluorocarbons dominated the global market by acquiring almost 37.08% share at a dynamic CAGR of 5.90% in 2017. The HFC sub-segment held a major market share of 47.15% in 2017, among other fluorocarbons, and is projected to grow at the highest CAGR of 6.24% during the review period.
Based on application, the refrigeration segment accounted for the largest market share of 37.18% in 2017 and is projected to reach USD 14,065.0 million by the end of 2023, at the highest CAGR of 6.61%. This is mainly attributed to the growing demand from the major end-use industries such as automotive, construction, and consumer goods.
Based on end-use industry, the electrical & electronics segment held the largest market share of 32.32% in 2017 and is projected to grow at the highest CAGR of 6.65% to reach USD 12,256.40 million by 2023. This is mainly attributed to surging demand for the consumer electronics during the forecast period.
Global Fluorochemicals Market Share, by Application, 2017 (%)
The global fluorochemicals market has been analyzed with respect to five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific held the largest market share of 43% in 2017. The regional market was valued at USD 11,187.7 million in 2017 and is expected to grow at a CAGR of 6.57% to reach USD 16,298.5 million during the review period. The region is expected to show the fastest growth during the review period. China and India were the major growth-centric countries of the region in 2017. Rapid industrialization & urbanization and the growing automotive industry is contributing to the growth of the product market.
North America held the second largest market share. The US dominated the North American market in 2017 is projected to grow at a CAGR of 5.35% whereas the Canadian market is projected to exhibit a CAGR of 5.04%.
The global fluorochemicals markets have been segmented by type, application, end-use industry, and region.
On the basis of type, the market has been segmented into fluorocarbons, fluoropolymers, fluoroelastomers, inorganics & specialties, elemental fluorine, and fluoropolymer additives.
Based on application, the market has been segmented into refrigeration, blowing agents, tubing, films, aluminum production, paint strippers, and others.
On the basis of end-use industry, the market has been segmented into electrical & electronics, automotive & transportation, construction, consumer goods, industrial equipment, pharmaceuticals chemical processing, and others.
On the basis of the region, the global market has been spanned across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Some of the key players operating in the global fluorochemicals market are Gujarat Fluorochemicals Ltd (India), SRF Limited (India), Daikin Industries Ltd (Japan), Alufluor AB (Sweden), Fluorsid SpA (Italy), Halocarbon Products Corporation (US), Kureha Corporation (Japan), Arkema SA (France), DowDuPont (US), 3M (US), Solvay (Belgium), and The Chemours Company (US).
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