Fluorochemicals Market Is Projected To Be Around $26.45 Billion By 2022
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A research study titled, “Fluorochemicals Market by product Type - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the fluorochemicals market is projected to be around $26.45 billion by 2022.
The global fluorochemicals market was evaluated around USD 16.75 billion in the 2012 and is expected to reach approximately USD 26.45 billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 4.20% over the forecast period. The properties like chemical resistance, heat resistance, and oil and water repellency observed in fluorochemical products which are vital materials for utilizing in the fields of semiconductors and automotive. Also, applications are speedily escalating to fields like telecommunications, health care, and energy. The global fluorochemicals market caters products such as fluoropolymers, fluorocarbons, aluminum fluoride (AIF3), fluoroelastomers, etc. The fluorocarbons are produced when fluorine is molecularly bonded to carbon molecules in diverse configurations and number, report for an utmost share in the global market. The stability and strength of these bonds convey distinctive characteristics to fluorocarbons that permit them to work as solvents, refrigerants, stain-repellent, lubricants, and propellants products.
The global fluorochemicals market is expected to witness significant growth with a decent compound annual growth rate over the forecast years from 2012 to 2022. The rising requirement for refrigerants is likely to be a key driving factor for the fluorochemicals market over the forecast years. The expansion in the cold storage industries, mostly in the emerging economies, has augmented the fluorocarbons demand utilized as refrigerants. The refrigerants demand, particularly for air-conditioning systems and ventilation, is also escalating from other end-users like automobile, oil and gas, construction, and pharmaceuticals. The increasing installations of HVAC (heating, ventilation, and air-conditioning) systems in the automotive and manufacturing segments will further augment the refrigerants application, contributing to the extra expansion of the fluorochemicals industry in the approaching years. Moreover, the declining costs of raw materials such as fluorspar involving metspar and acidspar will also bestow to the expansion of the global fluorochemicals market over the forecast years.
The key industry participants for the fluorochemicals market are; Arkema SA, E. I. du Pont de Nemours and Company, 3M, Daikin Industries, Ltd., Solvay SA, Honeywell International, Inc., Dongyue Group Ltd. and Asahi Glass. According to the product type, the global market is split into; Fluoropolymers, Inorganics and Specialties, and Fluorocarbons: HFC and others, and HCFC. On the basis of application, the global market is divided into; Refrigeration, Blowing Agents, Aluminum Production, and Components and others. Geographically, the global fluorochemicals market is segmented into regions which are; Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), North America (the United States, Mexico and Canada) and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the fluorochemicals market
- In 2013, fluorocarbons ruled the global market reporting for around 52% of market share. Growing refrigerants application in HVAC industry is anticipated to fuel the fluorocarbons industry growth in the future.
- Fluoropolymers market is anticipated to experience significant growth over the projected period, with an anticipated compound annual growth rate of around 10.2% over forecast period owing to its growing demand in construction, electronic and automotive applications.
- In 2013, European fluorochemicals market reported for over 12% of market share. Escalating demand for specialty and inorganic fluorochemicals, fluoropolymers, in various applications is anticipated to boost the demand.
- Key players in the market are; Arkema SA, E. I. du Pont de Nemours and Company, 3M, Daikin Industries, Ltd., Solvay SA, Honeywell International, Inc., Dongyue Group Ltd. and Asahi Glass.