Fluorochemicals Market Size – $ 20.97 Billion in 2020, Growth – 5.1% CAGR, Trends – Aluminum Production Increase
NEW YORK CITY, NY, UNITED STATES, October 1, 2021 /EINPresswire.com/ – The Global Fluorinated Products Market is expected to reach $ 31.23 billion by 2028, according to a new report from Reports and Data. The major factor fueling the growth of the fluorochemicals market is the increasing refrigeration requirements in many end user industries. Rising temperatures along with the demand for worldwide cold storage systems and air conditioning systems have boosted the demand for HVAC and refrigeration systems, which in turn would positively impact the growth of the air conditioning market. fluorinated chemicals.
The increase in the number of applications for organic fluorochemicals in the healthcare, pharmaceutical and automotive industries is supporting the growth of the market. The application of these chemicals in the pharmaceutical industry due to their non-combustible nature is likely to drive market demand in the years to come. It is widely used as an anesthetic agent in dental care. Increased R&D spending, especially in the pharmaceutical sector, to develop a new product line is expected to drive market growth. The increase in automobile production due to the increase in consumer economic standards will support the demand for aluminum production, which is one of the main applications of fluorochemicals.
In addition, the increasing demand for blowing agents which use fluorochemicals in the manufacturing of plastic foams is expected to open a window of opportunity in the market during the forecast period.
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One of the main hindrances to market growth is rising environmental concerns related to the use of these chemicals, forcing major governments around the world to develop regulations to phase out their use. Another obstacle includes the non-uniform availability of fluorspar ore, a raw material in the production of fluorochemicals. However, new products and less harmful fluorocarbons are currently in the R&D phase.
The main participants include:
3M, DuPont, Honeywell, Solvay SA, Pelchem, Mexichem, Archema SA, Dongyue, Halocarbon Products Corp. and Daikin Industries, among others.
Other key findings from the report suggest
Biologics contributed the largest market share in 2020 with a growth rate of 5.0% during the forecast period. Fluorocarbons held a market size of around 50% in 2020. It is likely to lose share to their inorganic and polymer counterparts due to strict regulatory standards in the United States and Canada to phase out CFC compounds. and HCFCs.
Refrigeration applications held the largest market share of around 45% in 2020. The growing importance of clean air systems in the manufacturing industry, coupled with the increasing installation of HVAC systems in automobiles, is expected to support market growth during the forecast period.
The APAC region market accounted for around 40% of the market share in 2020. The growth of the automotive industry in China, India, Indonesia and Malaysia is expected to increase the application of refrigerants in HVAC systems for automobiles. and, therefore, contribute to the growth of the market.
The large amount of aluminum reserves in countries like China, India and Australia, as well as the regulatory tendency to promote FDI in the domestic metals sector are expected to increase its application during the year to to come. The Asia-Pacific region is expected to register significant gains in the period 2019-2028.
In March 2016, Honeywell, a key market player, partnered with Indian manufacturer Navin Fluorine International Limited to increase the supply of low global warming potential automotive refrigerant.
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For the purpose of this report, reports and data have segmented the global fluorochemicals market on the basis of product type, application, end-user, and region:
Product Type Outlook (Volume, Kilotons; 2020-2028 and Revenue, USD Million; 2020-2028)
Application Outlook (Volume, Kilotons; 2020-2028 and Revenue, USD Million; 2020-2028)
End User Outlook (Volume, Kilotons; 2020-2028 and Revenue, USD Million; 2020-2028)
Food and drinks
Electricity and electronics
Paints and coatings
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Regional Outlook (Volume, Kilotonnes; 2020-2028 and Revenue, USD Million; 2020-2028)
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