The global fluorochemicals market size 2020 is poised to mature at a CAGR of 6.10% over the forecast period 2020-2030.
Market growth is led by increased demand for consumer electronics and air conditioning in automotive cars, food & beverage storage, building and construction, pharmaceuticals, and others. Due to the rising population, increasing disposable incomes and rapid urbanization around the globe, with a focus on developing areas, many of these industries are growing at a rapid rate, propelling demand for refrigerants throughout the projected timeframe. Infrastructure growth has expanded industrial and residential development, resulting in increased demand for factories, restaurants, malls, homes, and others for HVAC systems. In addition, the market for frozen food and fresh produce requiring temperature-controlled storage for maximum quality has risen dramatically, thus raising the market for fluorochemicals. In addition, it is expected that the establishment of strict emission standards, demand for fuel-efficient vehicles and rising demand for electric vehicles would contribute to substantial growth in the global fluorochemicals market size.
Due to the harmful effects on the environment, stringent environmental restrictions with respect to the use of CFC, HFC, and HCFC are likely to curtail market expansion. In addition, global environmental issues are likely to promote the phasing-out of fluorochemicals in the coming years, thereby hindering development.
On the basis of form, use, end-use industry, and area, the global fluorochemicals market size is segmented.
Fluoroelastomers, elemental fluorine, fluorocarbons, fluoropolymers, inorganics & specialties, and fluoropolymer additives are segmented on the market by form. The fluorocarbon segment currently accounts for the largest market share and is set to rise during the evaluation period at a CAGR of 5.90 percent.
Fluorochemical uses can mainly be used in films, refrigeration, blowing agents, the manufacture of aluminium, tubing, paint strippers, and others. The refrigeration business accounts for 37 percent of the majority share and has a market cap of USD 9.63 billion.
Pharmaceutical, electrical & electronics, automobile & transport, manufacturing, chemical processing, consumer products, and industrial machinery are end-use sectors where fluorochemicals are used widely. The electrical and electronics industry accounts for the largest share of 32.15% and a market value of USD 8.37 billion.
Over 43% of the global market share is accounted for by the Asia Pacific region, rendering it the most important geographic segment in the global market for fluorochemicals. A significant factor driving the growth of the region's economy has been found to be the expansion of the automotive industry and the role of APACs as an automotive manufacturing centre. In addition , rising demand for water filtration and green energy sources is projected to increase use of fluoropolymers in highly populated APAC emerging economies such as China and India, thereby directly having a positive effect on the fluorochemical industry. Demand for refrigeration and coolants is projected to be powered by rising disposable incomes in rapidly urban APAC markets. The APAC region has high potential for the global demand for fluorochemicals to expand.
North America and Europe are also significant regional markets for fluorochemicals, owing to the presence of leading players in the field and Growing vehicle demand, along with the rapid growth of commercial infrastructure. The United States is the most important nation in North America, while Germany is the pioneer in development in Europe. Such regions are relatively well developed. They are, however, increasingly implementing rigid environmental regulations that are expected to have a negative impact on the fluorochemical industry as a whole.
The Chemours Company, 3M, Solvay, KUREHA Corporation, Arkema, DowDuPont, Halocarbon Products Corporation, Fluorsid SpA, Gujarat Fluorochemicals Ltd., SRF limited, Daikin Industries Ltd., and Alufluor AB are among the notable market players operating in the competitive landscape of the global fluorochemicals market size.
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