According to a new report published by Allied Market Research titled, "Fluorochemicals Market by Type, Application, and End-Use: Global Opportunity Analysis and Industry Forecast, 2019–2026," the fluorochemicals market accounted for revenue of $21.4 billion in 2018 and is anticipated to generate $29.8 billion by 2026. The market is projected to experience growth at a CAGR of 4.2% from 2019 to 2026.
Fluorochemicals are the chemicals compounds consisting fluorine as the main compound. The fluorochemicals market is driven by factors such as a rise in demand from countries such as China and Japan, where there is a large manufacturing base of electronic products. In addition, there is a surge in demand for refrigeration and air conditioning equipment from developing economies such as India, China, Brazil, and others, which propels the demand for fluorochemicals. However, rise in the environment concerns is one of the factors that hinder the market growth.
The global fluorochemicals market is analyzed on the basis of type, end use, application, and region. Depending on type, the market is categorized into fluorocarbons, fluoroelastomers, fluoropolymers, inorganics, and others. By end use, the fluorochemicals market is classified into electrical & electronics, petrochemicals, chemicals, aerospace, and others. Various applications of fluorochemicals studied in the market are surfactants, propellants, aluminum production, refrigerant, automobile, agrochemicals, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Fluorochemicals market share is analyzed across the four main regions.
By type, the fluorocarbons segment dominated the global fluorochemicals market, in 2018. The refrigeration and air-conditioning market are shifting toward the utilization of fluorocarbons (HFC) products, specifically those with low global warming potentials such as fluorocarbon blends.
On the basis of end use, the electrical & electronics segment is the fastest growing sector. It is highly adopted owing to its favorable characteristics such as high temperature resistance, superior flexibility, resistance to electrical arc, UV protection, and enhanced resistance against water & chemical.
By application, the refrigerant segment has garnered dominant share in the fluorochemicals market. This is owing to rise in demand for refrigeration equipment in developing regions such as Asia-Pacific and LAMEA. This is attributed to increase in disposable income in aforementioned regions.
By region, Asia-Pacific has gained a dominant market share in the market. This is attributed to the presence of large consumer base—electronics manufacturing in countries such as China, Japan, and South Korea.
The key player operating and profiled in the fluorochemicals market includes Arkema S.A., Daikin Industries, Ltd., DuPont, Dongyue Group Co., Ltd., Halocarbon Products Corporation., Honeywell International, Inc., Kureha Corporation, Pelchem SOC Ltd., Solvay SA, and The 3M Company.
Other players in the value chain of the market include Precision Polymer Engineering, James Walker & Co, Polycomp Bv, TRP Polymer Solutions Limited, Mexichem Fluor S.A. de C.V., Solexis, and others
Key Findings of the Study:
- The fluorochemicals market is analyzed from 2018 to 2026
- The Europe is projected to grow at the highest CAGR of nearly 5.4%, in terms during the forecast period
- The fluorochemicals market analysis covers in-depth information of the major industry participants
- Based on the end-use, the chemicals segment is anticipated to garner highest market share of 31.8% during the forecast period
- Asia-Pacific dominated the market with a share of over 45.0% in 2018
- A comprehensive analysis of the factors that drive and restrain the market growth is provided
- The qualitative data in this report aims at the market dynamics, trends, and developments in the fluorochemicals industry
- The fluorochemicals market size in provided in terms of revenue