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The global fluorochemicals market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 7.6% within the forecast period (2022-2029).
Fluorochemicals are hydro chemicals that include fluorine and other compounds. The chemical element fluorine, which is present in the Earth's crust, is the source of fluorochemicals. The consumption of fluorochemicals is anticipated to increase as the world's population expands. Fluorochemicals are also employed in flat-panel displays on various devices, including tablets, smartphones and televisions.
Electronics, pharmaceuticals, automotive and chemical industries are just a few diverse areas where the compounds are used. Industries use these chemical fluorine derivatives as blowing agents, air conditioners, refrigerators, fire extinguishers, etc. Fluorochemical use is higher in the medical and dental industries. These items are produced at a higher rate. The semiconductor light bulbs used in plasma etching require this essential ingredient. The increasing demand for fluorochemicals is largely due to the expanding global population. Growing acceptance of clean air systems in residential, commercial and industrial installations, as well as rising installation of HVAC systems in automobiles, are key factors propelling the growth of the fluorochemicals market.
Source: DataM Intelligence Analysis (2022)
Rising demand from the industrial and domestic sectors has escalated the fluorochemicals market share.
Rising demand from the industrial and domestic sectors has escalated the fluorochemicals market share
The demand for fluorochemicals will be driven by the demand for refrigerators and cooling systems in the home and commercial sectors due to changes in lifestyle and expansion in the refrigeration need for convenience food product storage.
The demand for fluorochemicals is expected to rise due to the expanding use of HVAC systems in the manufacturing and automotive sectors.
Over the projected period, demand for fluorochemicals will be driven by automotive, electronics and construction applications because of their strong resistance to organic solvents, bases and acids.
Due to its non-flammable qualities, application potential in the pharmaceutical business will probably play a significant role in the industry's growth. In dental care, it is frequently used as an anesthetic.
Industry growth will be accelerated by an increase in research and development spending, particularly in the pharmaceutical sector, to create new product lines.
The demand for appropriate storage facilities for perishable food goods has increased due to the expansion of department stores, hypermarkets and supermarkets, which is projected to boost market growth.
Growing stringent regulations and lesser penetration of fluorochemicals restrict the growth of the fluorochemicals market
The market is constrained by the strict regulations governing the use of fluorochemicals. The production of these substances is subject to many rules. The government has several compliance rules for fluoropolymers. The varied compliance strategies cause a delay in the production process.
Fluorochemical acids are utilized in a variety of non-stick containers. Some dangerous fluorochemical compounds are present in these materials. All of these elements can slow down production.
The supply chain may also be affected by the lower manufacturing rate. Many locations' delayed delivery may hamper the growing pace. Additionally, in the upcoming years, decreased adoption rates are anticipated in the industry.
Another barrier is the lower penetration of fluorochemicals in poorer countries. Developing countries have a significant need for fluorochemicals. There is a wide variety of products and uses. The need for this market is growing along with population and output. The chemical's penetration is, however, less.
Another market restriction is the absence of awareness in specific markets. High levels of product knowledge and penetration are necessary.
Key actors are emerging and using innovation to raise awareness in the future years. Even so, the market demand may be negatively impacted by these circumstances.
COVID-19 Impact Analysis
The global fluorochemicals market experienced a decline in 2020 owing to COVID-19's impact. The governments took serious measures to curb the spread of the emerging COVID-19 pandemic. The sudden imposition of strict lockdowns and movement restrictions across the globe of varying durations has hampered the growth of various industries. Operations across various industries, including electrical and electronics, aluminum production and medical applications, have been drastically and quickly reduced due to the COVID-19 pandemic's effects and measures taken by corporations and governments to stop the virus' spread.
All new applications are expected to redeem the cuts for fluorochemicals made by a decrease in global aluminum production during COVID, which could have otherwise had important consequences on the cryogenic market. In addition, The cryogenic industry, which has a bright future, must offer clients safe and effective solutions supported by ever-more-accurate technologies and knowledge.
The global fluorochemicals market is segmented by type, application and region.
Electrical properties make fluoropolymers highly valuable in electronic and electrical applications leading to escalating the market growth for the segment
The global fluorochemicals market, based on type, is segmented into fluorocarbons, fluoropolymers, fluoroelastomers, aluminum fluoride, inorganic & specialties and others. The Fluoropolymers segment is a major type of fluorochemicals market. A fluoropolymer is a fluorocarbon polymer having multiple carbon-fluorine bonds. The polymer offers high resistance to different solvents, acids and bases, making it grow in various end-user industries.
For instance, due to its thermal, mechanical, chemical and friction properties, the polymer is used in the automotive industry for O-rings, valve stem seals, gaskets, shaft seals, linings for fuel hoses, power steering and transmission applications.
Fluoropolymers' dielectric constant, flame resistance and thermal stability property have raised their demand in the Electrical/electronic industry for flexible printed circuits, electrical insulation and ultrapure components for semiconductor manufacturing.
Furthermore, Electrical properties make fluoropolymers highly valuable in electronic and electrical applications as insulation, for instance, FEP in data communications wire and cable. In the medical industry, the polymer is used for Cardiovascular grafts, ligament replacement and heart patches application due to its mechanical property, chemical resistance, surface energy and biological stability.
Source: DataM Intelligence Analysis (2022)
The rising population with greater purchasing power, fast urbanization, infrastructural development and global warming are the main factors driving the increase in demand for air conditioners in the Asia-Pacific
The fastest-growing economic superpower in the world is still Asia-Pacific. Due to this significant economic growth since the turn of the century, about 1 billion people have escaped the most extreme types of poverty. Asia-Pacific is also home to 60% of the world's population and is where 70% of the world's most populous cities are found.
Due to expanding markets like China, India, Japan and South Korea, which have grown desirable due to the growth of domestic industries, high standards of goods and subsequent acceleration in exports, Asia-Pacific is predicted to keep a sizeable market share in the global fluorochemicals market.
One of the primary uses of fluorochemicals such as hydrofluorocarbons and hydrochlorofluorocarbons is as refrigerants. Demand for refrigerators and air conditioners is rising in Asia-Pacific, where a change in general diet brought on by increased income and a surge in meat consumption is driving up demand. Additionally, there are ever more air conditioners in both buildings and vehicles in the region.
The rising population with greater purchasing power, fast urbanization, infrastructural development and global warming are the main factors driving the increase in demand for air conditioners in the Asia-Pacific region. For decades, China has been the world's top manufacturer and exporter of air conditioners, maintaining its position as the world's largest air conditioner market and top provider. It is anticipated that China will maintain its dominance in the global market for air conditioners. Therefore, the high demand for refrigeration and air conditioning will propel the Asia-Pacific fluorochemicals market.
Source: DataM Intelligence Analysis (2022)
The global fluorochemicals market is highly competitive with local and global key players. The key players contributing to the market's growth are 3M, DuPont, Solvay SA, Arkema, Asahi Glass Corporation, Daikin Industries, Honeywell International Inc., Dongyue Group, Gujarat Fluorochemicals Limited, The Chemours Company, among others.
The major companies are adopting several growth strategies, such as product launches, acquisitions and collaborations, contributing to the global growth of the fluorochemicals market.
Overview: Solvay is a Belgian- based multinational chemical company. The company primarily operates in three segments: materials, chemicals and solutions. It manufactures and distributes specialty polymers, essential chemicals and chemical materials. Solvay serves customers operating in aeronautics & automotive, natural resources and environment, building and construction, electrical and electronics, agrochemical, food, consumer goods, healthcare, industrial applications and other sectors. The company teams form an ecosystem of more than 12 customer-driven Research & Innovation centers and a global presence in more than 63 countries. The company has research & innovation centers and industrial sites in Europe, North America, Latin America and Asia.
Product Portfolio: Elemental Fluorine (F2): The fuel tank's fluorination and the polishing of plastic surfaces are two principal applications for elemental fluorine (F2) and its mixture with nitrogen (N2). The drawback of polyethylene (PE), the material used to make fuel tanks and containers for various chemicals, is that it is frequently relatively permeable to the stored vapor.
Why Purchase the Report?
The global fluorochemicals market report would provide approximately 53 market data tables, 48 figures and 211 pages.
Target Audience 2022
What is the Fluorochemicals market growth?
The market is growing at a CAGR of 5.31%.
What is the Fluorochemicals market size in 2021?
The Market size was valued at USD YY million in 2021.
Who are the key players in the Fluorochemicals market?
Major Players are Daikin Industries, Solvay SA, Asahi Glass Corporation, E. I. du Pont de Nemours and Company, Arkema, Honeywell International Inc., The Chemours Company, and 3M among others.
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