Fluorochemicals are used in the production of plastics. Other applications include aluminum production, blowing agents, refrigeration, and others. The global fluorochemicals market report by Market Research Future (MRFR) presents a comprehensive outlook of the industry replete with trends, drivers, challenges, and threats for the period of 2017 to 2023 (forecast period). The impact of the COVID-19 pandemic has been included in the report.
The global fluorochemicals market is set to exhibit a CAGR of 6.10% over the forecast period. The large demand for refrigerants is likely to drive the need for HVAC systems in commercial and industrial settings and fuel the demand for fluorochemicals. Its application in automotive, construction, and electronic sectors is expected to drive market demand over the forecast period. The outbreak of the COVID-19 pandemic has triggered the need for medical equipment. Medical equipment requires fluorpolymers derived from fluorochemicals and thus will fuel the market growth during the forecast period.
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The global fluorochemicals market is segmented on the basis of type, application, and end-use industry.
By type, the market is segmented into fluoropolymers, fluoroelastomers, fluorocarbons, elemental fluorine, inorganics & specialties, and fluoropolymer additives. The fluorocarbons segment accounted for the largest market share and is set to grow at a CAGR of 5.90% during the assessment period. Increasing demand for refrigerants in airconditioning for warehouses, automotive vehicles, and households among others is responsible for the significant size of the fluorocarbons segment. The fluorocarbons segment is sub-segmented into hydrofluoroolefins, hydrofluorocarbons (HFC), and hydrochlorofluorocarbons (HCFC). On the other hand, the fluoropolymer segment is expected to witness a CAGR of 6.70% over the forecast period. Fluorocarbons account for the second largest segment and are sub-segmented into polychlorotrifluoroethylene, polytetrafluoroethylene, polyvinylidene fluoride, fluorinated ethylene-propylene, and others.
Applications for fluorochemicals can primarily be found in paint strippers, films, tubing, refrigeration, blowing agents, aluminum production, and others. The refrigeration segment accounted for the majority share of 37% and has a market value of USD 9,631.5 Mn, and is likely to reach an approximate value of USD 14,065 Mn by 2023. The increasing demand for refrigeration due to climate change and the benefits of temperature control can drive its use in the segment. In addition, lax regulations in APAC as well as the need for cold storage solutions can drive the demand for fluorochemicals.
End-uses of fluorochemicals include chemical processing, consumer goods, pharmaceutical, electrical & electronics, automotive & transportation, construction, and industrial equipment. The electrical and electronics industry accounted for the share of 32.15% and accompanied by a market value of USD 8,372.4 Mn. It is anticipated to grow at a CAGR of 6.65% during the forecast period due to the increasing demand for consumer electronics and appliances.
The APAC region accounted for over 43% of the global market share, making it the most valuable in the global fluorochemicals market. It has the potential to reach a value of USD 16,298.5 Mn by the end of the review period. The expansion of the automotive industry and the establishment of automotive premiers making the region their base of operations can bode well for the market. Moreover, the increasing demand for water filtration and inclination towards renewable sources of energy in China and India are expected to increase the consumption of fluoropolymers.
KUREHA CORPORATION, Gujarat Fluorochemicals Ltd, DowDuPont, Halocarbon Products Corporation, SRF Limited, Arkema SA, Fluorsid SpA, Solvay, Alufluor AB, Daikin Industries Ltd, The Chemours Company, and 3M are noteworthy players of the global fluorochemicals market.
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