Fluorochemicals Market Estimated to Reach US$ 26,7
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Albany - NY, Sept. 28, 2017 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market report titled “ Fluorochemicals Market (Product Type, Application, and Region) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast -– 2017–2025 .” According to this report, the fluorochemicals market was valued at US$ 16,887.72 Mn in 2016 and is projected to reach US$ 26,709.4 Mn by 2025, at a CAGR of 5.3% from 2017 to 2025.
Fluorochemicals can be defined as chemical compounds primarily containing fluorine, which is a highly reactive pale yellow gas and derived mainly from fluorite, cryolite, and fluorapatite. Some of the most important properties of fluorochemicals include heat- and chemical-resistance, oil-, water-, soil-, and stain-repellency, as well as high tensile strength and electrical insulation. These properties have lend it to be used in a wide range of industries from oil & gas, automotive, medical, and agriculture, to electricals & electronics, and for other manufacturing products like plastic foams.
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The global fluorochemicals market is primarily driven by the increased demand for refrigerants, which are mainly required in the HVAC industry and the food & beverages industry. The increased demand for HVAC industry products like air-conditioners, refrigerators, chillers, pumps, and de-humidifiers etc. has driven the demand for refrigerants. Also, the commercial-level use of HVAC products has witnessed an increase, for example, in the form of the rapidly expanding food & beverages industry. As such, the demand for refrigerants has received a considerable boost. On the other hand, a major obstacle in the growth of the fluorochemicals market is the lack of uniform availability of raw materials like fluorspar. This has a direct effect on the price and thereby demand of the fluorochemical products.
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The global fluorochemicals market can be primarily segmented into two categories; by product type and application, apart from region. In terms of product types, the fluorochemicals market can be classified into fluorocarbons, fluoropolymers, fluoroelastomers, aluminium fluoride (AIF3) and others. In fact, fluorocarbons can be further sub-segmented into hydrofluorocarbon (HFC), hydrochlorofluorocarbon (HCFC), and others. In this case, fluorocarbons held the largest share of the market in 2016, and within fluorocarbons, HFCs held the maximum share.
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In terms of the application of fluorochemicals, the market has been classified into refrigerants, aluminium production, plastic foams, electricals & electronics, and others. In 2016, the refrigerants application held the largest share of the market, followed by aluminium production.
In terms of regions, the market can be classified into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. In 2016, the Asia Pacific region held the largest share of the market, with the trend expected to continue during the forecast period.
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Key players in the global fluorochemicals market are expected to benefit from the development of new applications as well as the expansion of markets in the emerging regions of Asia Pacific, Middle East & Africa, and Latin America. Prominent players in the fluorochemicals market include DuPont Inc, Daikin, Solvay SA, Asahi Glass, Arkema, Honeywell, Dongyue, Pelchem, Mitsui Chemicals Inc., and Air Products and Chemicals Inc., among others.
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