Increasing demand for refrigerants is a significant factor estimated to stimulate market demand.
Market Size – USD 18.89 billion in 2018, Market Growth - CAGR of 5.1%, Market Trends – Increase in aluminum production
NEW YORK, April 25, 2019 (GLOBE NEWSWIRE) -- The global Fluorochemicals Market is expected to reach USD 28.12 Billion by 2026, according to a new report by Reports and Data. The significant factor fueling the growth of fluorochemicals market is the increase in requirement for refrigeration across numerous end-user industries. Rising temperatures along with demand for cold storage systems across the globe and climate control systems have stimulated the demand for HVAC and refrigeration systems, which in turn would have a positive impact on the fluorochemicals market growth.
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Increase in number of applications for organic fluorochemicals in healthcare, pharmaceuticals, and automobile industries support market growth. Application of these chemicals in the pharmaceutical industry due to its incombustible nature is likely to push the market demand in the upcoming years. It is highly used as an anesthetic agent in dental care. Increased R&D expenditure especially in the pharmaceutical sector to develop novel product range is anticipated to drive market growth. Increase in automobile production owing to rising consumer economic standards will support demand for aluminum production, which is one of the major applications of fluorochemicals.
Additionally, growing demand for blowing agents which use fluorochemicals in manufacturing foamed plastics is expected to open a window of opportunities in the market during the forecast period.
A major restraining factor in the market growth is the rising environmental concerns pertaining to the use of these chemicals, which has leading governments worldwide, to frame regulations to phase out their utilization gradually. Another hindrance comprises non-uniform availability of the fluorspar mineral, raw material in the production of fluorochemicals. Nevertheless, novel products and less harmful fluorocarbons are currently in the R&D phase.
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Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented global fluorochemicals market on the basis of product type, application, end-user, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
End-user Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
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