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Fluorochemicals Market Size Projected to Reach $25.1 Billion by 2026

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Fluorochemicals Market Size Projected to Reach $25.1 Billion by 2026

May 28
20:46 2021
Fluorochemicals Market Size Projected to Reach $25.1 Billion by 2026

Fluorochemicals Market
The Growing Demand for the Hvac Systems, Such as Ventilation, Refrigerator, and Air Conditioning Is Likely to Aid in the Market Growth of the Fluorochemicals Market.

The Fluorochemicals Market size is projected to reach $25.1 billion by 2026, after growing at a CAGR of 5.2% over the forecast period 2021-2026. The Fluorochemicals is an organic compound that contains fluorine and is widely used in electronics, refrigerators, and the automotive industry. Fluorochemicals provide UV resistance and high durability in various applications such as air conditioners, and refrigeration with excellent properties like high tensile strength and electrical insulation. Fluorocarbons are used as fluoropolymers and refrigerants, which have very low solubility features and due to this, they are not miscible in organic solvents like acetone and ethanol. COVID-19 pandemic has a profound impact on the demand and supply of fluorochemicals. The outbreak of COVID-19 has had a considerable impact on the overall development of the global HVAC (heating ventilation and air condition) system. In addition, the infrastructure and construction activities had been totally shut down from the first quarter of 2020, due to which new buildings, offices could not be commissioned. The aforementioned factors have highly affected the demand of HVAC system, which restrained the growth of the market.

Fluorochemicals Market Segment Analysis – By Product

Fluorocarbons dominated with the highest share in the fluorochemicals market in 2020. Fluorocarb for HFC and HCFC is anticipated to grow at a higher rate due to their extensive application as refrigerants. Fluorocarbons like fluoropolymers are colorless and they are not miscible with most organic solvents but are miscible with some hydrocarbons. The consumption of fluorocarbons is increasing in the electronics, construction, and automotive industries on account of properties like high tensile strength and electrical insulation. Inorganic fluorochemicals are expected to witness growth in the coming years on account of the growing application of cryolite, silicofluoride, fluorosilicate, and aluminum fluoride in manufacturing cleaning agents and aluminum.

Fluorochemicals Market Segment Analysis – By Application

Refrigeration has been the primary application for fluorochemicals market in 2020 and is growing at a CAGR of 7% during this forecast period. The demand for refrigerants is high particularly from developing countries such as India and China. Developing countries have been demanding HVAC (Heating Ventilation and Air Conditioning) system to run many industries such as automotive, healthcare, pharmaceuticals, construction and oil and gas and food industry which is influencing the growth of fluorochemical market.

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Fluorochemicals Market Segment Analysis – By End-use

Automotive industry held the largest segment in the market of fluorochemicals. The rising demand for aluminum, refrigerant, and air conditioner is the major driver for the growth of fluorochemicals market. According to OICA, the production of light commercial vehicles has increased from 326,647 units in 2017 to 358,981 units in 2018, an increase of 10.2% in Brazil. Thus, the increasing light commercial vehicles industry is anticipated to boost the demand for fluorochemicals during the forecast period.

Fluorochemicals Market Segment Analysis – By Geography

The global market of fluorochemicals market size is anticipated to be dominated by the Asia-Pacific region with 47% shares in 2020. Rising demand for HVAC systems in the automotive and construction industry creating growth opportunities for the commercial and industrial refrigeration market. China is the world’s largest vehicle market, according to the International Trade Administration (ITA), the Chinese government expects automobile production to reach 35 million by 2025. In 2019, according to OICA, the automotive production in Malaysia and Vietnam has increased up to 571632, and 250000, i.e., 1.2%, and 5.5%, higher than the previous year due to the rising per capita income of the individuals which further led to the massive demand for HVAC in APAC region. Thus, driving the fluorochemicals market.

Fluorochemicals Market Drivers

Growing Demand in Food Industry for Refrigerant

Changing lifestyle and increasing demand for convenience food products is driving the market of fluorochemicals. The rising demand for refrigerators is necessary for the industrial areas as well as the domestic sector. The refrigerator gives proper storage facilities for food products, due to which the demand for refrigerators is increasing day by day. Refrigerator stores food products and daily needs for a long time. According to ASSOCHAM, the Indian food industry will potentially attract $33 billion investments by 2024. Thus, the rising demand for refrigerators from the food industry will contribute to the growth of the fluorochemicals market.

Rising Application as Blowing Agent

Rising application as a blowing agent is spread in the consumer electronics industry. The consumer electronics industry is the fastest growing in the world, due to its use in various applications such as ovens, ACs, and freezers fueling growth in the form blowing agents in the market growth. According to the U.S. Department of Energy, air conditioners use about 6% of all the electricity produced in the United States, at an annual cost of about $29 billion to homeowners. The applications are also reducing greenhouse gas and moving towards environmental sustainability. The demand for thermal installation with new technology is also contributing to the growth of the market.

Fluorochemicals Market Challenges

Lack of Availability

Rising demand for home appliances with new technologies are estimated to increase the product value but also create unavailability of fluorochemicals in the market. The demand of refrigeration and air-conditioner also show unavailability of fluorochemicals like fluoropolymers and fluorocarbons. HFC & HCFC of production of fluorochemicals are acted to trap heat in the lower atmosphere, causing the earth to warm climate and weather to change. Also, increase the formation of ground-level ozone (smog) but due to restriction, the market of fluorochemicals key sources are lacking behind.

Fluorochemicals Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the fluorochemicals market. Major players in the fluorochemicals Market top 10 companies are 3M Company, Solvay SA, Mitsui Chemicals Inc., DuPont, DAIKIN INDUSTRIES Ltd., ASAHI GLASS CO. LTD., Mexichem S.A.B. de C.V., Arkema Group, Air Products and Chemicals Inc., and among others.

Acquisitions/Technology Launches

In October 2019, Solvay SA announced to expand its Tecnoflon® FKM peroxide curable fluoroelastomer production capacity by nearly a third at its plant in Spinetta Marengo, Italy. This extra capacity is due to come on stream by May 2021 and follows recent increases at the same site as well as at Solvay’s state of the art Tecnoflon® FKM plant in Changshu, China. Solvay, with its unmatched portfolio of Specialty Polymers, also produces Tecnoflon® FKM in the United States.

In April 2019, UET and Chemours entered into a joint venture for addressing the challenge of renewable energy storage. The need for energy storage increases as the smart grid develops and this ultimately surges the need for generating renewable energy and storing applications.

In July 2019, Arkema planned acquisition of ArrMaz, a global leader in specialty surfactants for crop nutrition, mining, and infrastructure.

Key Takeaways

Asia-Pacific dominates the fluorochemicals market owing to increasing demand from applications such as automotive, oil and gas, pharmaceutical and transportation industries.

The growing demand for the HVAC systems, such as ventilation, refrigerator, and air conditioning is likely to aid in the market growth of the fluorochemicals market.

Organic based chemicals such as HFC & HCFC and fluorocarbons are used for refrigerant production owing to its cost-effectiveness. It promotes a clean air system in the industrial sector.

Related Reports :

A. High Performance Fluoropolymers Market

https://www.industryarc.com/Research/High-Performance-Fluoropolymers-Market-Research-500240

B. Fluoropolymers Market

https://www.industryarc.com/Research/Fluoropolymers-Market-Research-503095

For more Chemicals and Materials Market reports, Please click here

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