New York, NY, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Fluorochemicals Market by Product (Fluoropolymers, Specialty, Fluorocarbons, and Inorganics) and by End-user (Aluminum Production, Home & Industrial Appliances, Refrigeration, Pharmaceuticals, Electrical & Electronics and Other End Users) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global fluorochemicals market was valued at USD 17.63 billion in 2017 and is expected to reach USD 24.97 billion in 2024; it is anticipated to grow at a CAGR of 5.1% between 2018 and 2024.
Fluorochemical offers versatile properties such as high durability, anti-corrosion, and UV resistance in various applications. Fluorine-based chemicals like AHF are prominently used for aluminum production owing to its cost-effectiveness. Due to the anti-corrosive feature, repellant nature to oil, high electrical insulation, resistance to heat, chemicals, and water stains fluorochemicals are widely used in industries such as electrical & electronics, industrial appliances, and others. Fluorochemicals are available in various types such as fluoropolymers, fluorocarbons, and others. These various types of fluorochemicals are widely used in several applications such as heating, air conditioning, ventilation, HVAC, and even in the food and beverage sector. The global fluorochemicals market is predicted to grow at the fastest pace during the forecast period, attributed to increasing demand for refrigeration.
Browse through 71 Tables & 39 Figures spread over 110 Pages and in-depth TOC on “Global Fluorochemicals Market Size 2018: Industry Type, Share, Demand, Applications, Analysis and Forecast, 2024”.
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The global fluorochemicals market can be segmented based on type, end user, and regions. On the basis of type, the global market is segregated into fluoropolymers, specialty, fluorocarbons, and inorganics. Fluorocarbons and fluoropolymers are the leading types of fluorochemicals that are used for numerous applications globally. Fluorocarbons are widely used in applications such as in the packaging industry as refrigerants, blowing agents, and aerosol propellants. The fluorochemical products such as hydrochlorofluorocarbon (HCFC) and hydrofluorocarbon (HFC) are the main components needed to manufacture hydrocarbons. Hence, the rise in the use of these hydrocarbons is expected to spur the fluorochemical market. Furthermore, fluoropolymers are fluorocarbon-based polymers, consisting of multiple strong carbon-fluorine bonds and possess high resistance to solvents, bases, and acids. These fluoropolymers are widely used in automotive, semiconductors, among other common household appliances. On the basis of end-user, the market is classified into aluminum production, home & industrial appliances, refrigeration, pharmaceuticals, electrical & electronics, and other end users. Refrigeration and aluminum production is anticipated to witness significant gains in the forecast period. In addition, different applications of fluoropolymers in lubrication and electrical & electronics is one of the driving factors for the growth of fluorochemical market.
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The Asia Pacific is anticipated to observe rising demand for fluorochemicals owing to a varied range of applications in various industries such as refrigerators, pharmaceuticals, aluminum production, and others. Therefore, the growing demand for fluorocarbons in refrigerators is projected to boost the demand for fluorochemicals. Emerging countries such as China and India, have a huge demand for fluorochemicals. Furthermore, increasing construction sites in countries such as India, China, and Japan is enhancing the demand for electrical & electronics. Therefore this, in turn, is expected to propel the demand for fluorochemicals in the region.
Europe and North America are the other regional markets having an increased demand for fluorochemicals and is expected to witness significant growth within the forecast period. Europe automotive industry is estimated to grow at the fastest pace, thereby, increasing the demand for fluorochemical industrial appliance. Thus, it is expected to spur the fluorochemical market in the region. Regulations from the different industries and applications such as aluminum production, plastic foams, food and beverages, refrigerants, etc. have resulted in the growth of the market.
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In Latin America, the demand for fluorochemicals is expected to show decent market growth in the forecast period. The increasing demand for aluminum production is projected to drive the market growth for fluorochemicals in the region. Moreover, one of the chief driving factors for the global and the regional fluorochemicals market is the rising demand for refrigerants. These fluorochemicals are mainly used for heating, air conditioning, ventilation, HVAC, and even in the food and beverages sectors.
The Middle East and Africa are expected to grow moderately in the upcoming years due to rising industrialization. This, in turn, is increasing the demand for fluorochemicals for various applications. In addition, increasing demand for fluorochemicals from the pharmaceutical industry in the region is anticipated to spur the fluorochemicals market. In addition, with the rising construction activities along with strong demand for home appliances is expected to increase the demand for fluorochemicals in the region.
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The fluorochemicals market consists of a large number of market players and is highly fragmented. Companies operating in this market include 3M Company, DuPont, Honeywell, Solvay SA, Pelchem, Mexichem, Arkema SA, Dongyue, Daikin Industries, and Asahi Glass Company, among others.
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The report segments the global fluorochemicals market as:
Global Fluorochemicals Market: Product Analysis
Global Fluorochemicals Market: End User Analysis
Global Fluorochemicals Market: Regional Analysis
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