ReportBazzar has released its latest
research-based report entitled ‘Fluorochemicals’
market.
The 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.
As per
analysis, the 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.
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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 (%)
Regional Analysis
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%.
Segmentation
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.
Key Players
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).
Key Findings
·
The
global fluorochemicals market was valued at USD 25,902.7 million in 2017 and is
estimated to reach USD 36,755.7 million at a CAGR of 6.10% during the review
period from 2017 to 2023.
·
The
fluorocarbons type segment emerged as the most promising, accounting for 37.15%
of the global market share in 2017; it is estimated to grow at the higher CAGR
of 5.90% during the review period.
·
On the basis of application, the refrigeration segment accounted for a
37% share of the global market in 2017 and is projected to be the major
revenue-generating segment, registering a CAGR of 6.61% during the forecast
period.
·
On the basis of end-use industry, the electrical and electronics segment
accounted for a 32.15% share of the global market in 2017 and is projected to
register a CAGR of 6.65% during the review period.
·
Asia-Pacific has consistently been the largest market for the past
seven years, and it accounted for a 43% share of the global market in 2017.
·
The
demand for refrigerants in various applications such as HVAC systems,
refrigerators, and freezers are increasing on account of their superior
properties such as thermal stability, chemical inertness, and resistance to
oxidation.
·
With
the increasing stringency of F-regulations, the demand for refrigerants with
low global warming potential is rising in major end-use industries such as
automotive, building and construction, and food & beverage.
·
Geographic
Analysis
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