The global fluorochemicals market is expected to exhibit a strong 6.10% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global fluorochemicals market was responsible for more than USD 25,900 million worth of shipments in 2017, with further growth expected in the coming years due to the growing demand in industries such as refrigeration, films, automotive, and aluminum. The growing demand for refrigeration products in developing countries is likely to be a major driver for the global fluorochemicals market over the forecast period. The demand for consumer electronics such as refrigerators has grown in emerging countries in Southeast Asia and Latin America due to the growing disposable income of consumers and the growing presence of global electronics giants in these countries. This is likely to be a major driver for the fluorochemicals market over the forecast period.
The growing demand for aluminum in construction and automotive applications is also likely to be a major driver for the fluorochemicals market over the forecast period. The demand for aluminum has grown in automotive applications in recent years due to the growing demand for lightweight vehicles. This has led to a growing demand from the fluorochemicals market, as fluorochemicals are used in the production of aluminum and processing. Growing government support to lightweight vehicles is likely to be a major driver for the fluorochemicals market over the forecast period.
The MRFR report presents a comprehensive picture of the global fluorochemicals market, providing information on the historical growth trajectory of the market in all dimensions. The major players in the global fluorochemicals market are profiled in the report, including detailed information on their plans for growing in the market in the coming years. Merger and acquisition activities are listed in the report as well, to provide the reader a comprehensive view of the competitive makeup of the market. Major drivers and restraints of the fluorochemicals market are also profiled in the report to understand their impact on the market.
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The environmental viability of the fluorochemicals business is likely to be the key feature of the market in the coming years. Due to the presence of toxins in its effluents, the fluorochemicals industry has been in the eye of the storm in certain communities. In Michigan, 60 daycares and schools reported the presence of fluorochemicals in the water supply in September 2019. This could represent legal trouble for fluorochemical manufacturers and consumers in the coming years.
Leading players in the global fluorochemicals industry include 3M, Arkema SA, Solvay, DowDuPont, Kureha Corporation, Fluorsid SpA, Daikin Industries Ltd., The Chemours Company, Halocarbon Products Corporation, Alufluor AB, Gujarat Fluorochemicals Ltd., and SRF Limited.
The global fluorochemicals market is segmented on the basis of product type, application, end use, and region.
By product type, the global fluorochemicals market is segmented into fluorocarbons (HFC, HCFC, and HFO), fluoropolymers (PTFE, PVDE, PCTFE, and FEP), fluoroelastomers (inorganics and specialties, elemental fluorine, and fluoropolymer additives).
By application, the market is segmented into refrigeration, blowing agent, tubing, films, aluminum production, and paint strippers.
By end use, the fluorochemicals market is segmented into electrical and electronics, automotive and transportation, construction, consumer goods, industrial equipment, pharmaceuticals, and chemicals processing.
Asia Pacific is likely to be a major regional hub for the fluorochemicals market over the forecast period due to the growing automotive production and electricals industry. The demand for aluminum is likely to grow in Asia Pacific, where the automotive industry has become a major job provider in recent years and is likely to account for significant volumes of aluminum in the coming years. However, the recent slowdown in automotive production in India has the potential to become a significant factor in the development of the fluorochemicals market in the coming years, as the demand for aluminum in the region has slowed down. The development of the automotive industry in the region in the coming months and years could become a major factor for the fluorochemicals market.
North America and Europe are also leading markets for fluorochemicals due to the growing demand for electronics, aluminum, and various types of film.
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