Fluorochemicals Market: Global Market Potential and Market Forecast 2023-2029

Global Fluorochemicals Market is expected to reach US $ 47.53 billion by 2029, thanks to growth in the fluoropolymer segment. The report analyzes Fluorochemicals market dynamics by region and applications.
Global Fluorochemicals Market Overview:
The global fluorochemicals market was valued at US $ 35.21 Bn. in 2022, and it is expected to reach US $ 47.53 Bn. by 2029 with a CAGR of 4.38% during the forecast period.

A fluorochemical is a fluorine-containing chemical compound. These are predominantly hydrocarbons in which at least one hydrogen atom has been replaced by fluorine. Environmental standards are expected to remain the most powerful driver in the sector, influencing demand both positively and negatively.

While consumer concerns and restrictions have limited demand for some fluorine-based compounds, particularly ozone-depleting fluorocarbons, they have also created opportunities for innovative fluorocarbons with the minimal greenhouse effect. Inorganic and specialty fluorochemicals (e.g., lithium hexafluorophosphate and aluminium fluoride), as well as fluoropolymers, are expected to profit indirectly from improved fuel economy and decreased emissions in the automobile industry. To know about the Research Methodology :- Request Free Sample Report

2022 is considered a base year however 2022's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Global Fluorochemicals Market Dynamics:
Fluoropolymers Are Likely To Be Driven Forward By Advanced Materials:

Because of their higher average pricing, lower-volume fluoropolymers account for a disproportionate amount of market value. Growing potential for high-performance materials in a range of industries, including motor vehicles, coatings, and electronics, is likely to drive fluoropolymer demand, particularly in emerging countries where their intensity of application is still low.

The flat panel display market is likely to continue to drive demand for polymers and specialized chemicals in the electronics sector, but sustainable growth may be driven by a sharp rise in the manufacturing of lithium-ion batteries for automotive applications.

Fluorocarbons Likely To Continue To Be The Most Dynamic Sector:

Because of two factors: first, changing guidelines aimed at protecting the ozone layer and decreasing global warming, and second, a stark difference in the perspective between advanced and emerging economies, the fluorocarbons market remains the most dynamic area of the fluorochemical economy. The phaseout of HCFCs (Hydrochlorofluorocarbons) in developed countries is practically complete, with most end users converting to HFCs (Hydrofluorocarbons). However, because of their global warming potential, even HFCs are now subject to limits, with new rules in advanced economies likely to regulate future use.

While non-fluorine gases are becoming more competitive, HFC cutbacks are creating growth prospects for newer fluorocarbons like HFOs (Hydrofluoroolefin), which have strong performance and an excellent ecological profile. Nonetheless, in terms of volume, the consumption of fluorocarbons in the developed world is expected to continue to fall. Fluorocarbon consumption is expected to grow rapidly in the developing world, thanks to a combination of increased industry, rising personal incomes, and a lack of environmental control.

Refrigerant Demand Is Increasing In The Food Industry:

Fluorochemicals are being driven by changing lifestyles and the rising demand for convenience foods. Refrigerator demand is increasing and fluorochemicals play a vital role as refrigerants, which is beneficial to both the industrial and home sectors. The refrigerator provides suitable storage facilities for food products, resulting in an increase in refrigerator demand day by day. Refrigerators keep food and other requirements fresh for a long time.

The Indian food business is expected to receive US $33 billion in investments by 2024, according to ASSOCHAM. As a result, the growing demand for freezers in the food industry will help to drive the fluorochemicals market forward.

Actions to Reduce PFAS Pollution by European Union:

Perfluorooctanoic acid (PFOA) and perfluorooctane sulfonic acid (PFOS) are two of the most well-known of the more than 4700 man-made compounds known as PFAS. Because of its distinctive chemical and physical qualities, such as oil and water repellence, temperature and chemical resistance, and surfactant capabilities, PFAS is engaged in a wide range of consumer and commercial products.

The EU POPs Regulation places restrictions on PFOS at the EU level (EU, 2019). The presence of PFOA and its intermediates in products generated or imported into the EU is restricted under the Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) regulation (EU, 2006). Agreeing with the decision made at the Stockholm Convention, this is expected to be replaced by a new restriction under the POPs Regulation, which is likely to have more limited derogations.

Several countries in Europe have been actively monitoring PFAS in the environment, as well as in individuals and products. Some nations have established national limit levels for water and soil (Denmark, Germany, the Netherlands, and Sweden), textiles (Norway), and food contact materials (Denmark, Germany, the Netherlands, and Sweden) (Denmark). Several EU Member Governments have set drinking water limitations for individual PFAS and PFAS groupings (Dauchy, 2019). Denmark announced a ban on PFAS-treated food contact materials in June 2019, which took effect in 2020.
Global Fluorochemicals Market Segment Analysis:
Based on Product, the fluorochemicals market is segmented as, fluorocarbon, fluoropolymer, specialty & inorganic, and others. In 2022, the fluorocarbon segment was dominant and held almost 65% of the overall market share in terms of revenue. Owing to strict laws in the United States and Canada to fade out CFC and HCFC compounds, fluorocarbon is likely to lose market share to inorganic and polymer alternatives.

Fluoropolymers are expected to grow at a significant rate, with a volume CAGR of 10.2% over the forecast period. Increased demand for fluoropolymers in the construction, electronics, and automotive industries, owing to features such as high tensile strength and electrical insulation, is likely to drive segment growth throughout the forecast period. Detailed information about each segment is also covered in the MMR’s report.

Based on Application, the fluorochemicals market is segmented as, refrigerant, aluminium production, blowing agent, surfactant, and others. In 2022, the refrigerant segment was dominant and held almost 55% of the overall market in terms of revenue. The growing importance of clean air systems in manufacturing, as well as the growing installation of HVAC systems in automotive, is anticipated to drive market growth.HFCs, CFCs, and HCFCs, which are marketed as refrigerants, are made with fluorochemicals. Also, they have a wide range of applications in the refrigeration industry, including refrigerated equipment, HVAC, defrost systems, and self-chilling beverage cans. Detailed information about each segment is also covered in the MMR’s report.
Global Fluorochemicals Market Regional Insights:
The Asia Pacific is the fastest-growing production region on the globe. China, in particular, has undergone rapid expansion as a fluorochemical market and also producing them. In 2022, Asia Pacific accounted for over 49% of the market share in terms of value. Over the forecast period, it is expected to have considerable growth and grow at a solid CAGR of xx% in terms of value. The positive attitude for the automobile industry in China, India, Indonesia, and Malaysia is anticipated to rise the use of refrigerants in vehicle HVAC systems, resulting in industry growth.

The abundance of aluminium reserves in India, China, and Australia, as well as regulatory incentives to encourage foreign direct investment in the domestic metal sector, are likely to enhance the consumption of fluorochemicals in the region. The United States government has decided that certain fluorochemicals, such as HCFC-22 (also known as R-22) and HCFC-142b, to be phased out, which is likely to have a negative influence on market growth over the forecast period.

Europe accounted for a considerable portion of xx% of the market in 2022, and it is anticipated to grow at a sluggish rate of xx% because of stringent rules and regulations regarding the consumption and production of fluorochemicals in the European Union. Thus, the slow growth rate of the European Union is likely to have an adverse effect on the global market growth for fluorochemicals.

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
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Global Fluorochemicals Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 35.21 Bn.


Forecast Period 2023 to 2029 CAGR:
4.38%
Market Size in 2029:
US $ 47.53 Bn.


 Segments Covered:
by Product
Fluorocarbon
Fluoropolymer
Specialty & Inorganic
Others


by Application
Refrigerant
Aluminium Production
Blowing Agent
Surfactant
Others



Global Fluorochemicals Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Global Fluorochemicals Market Key Players
1. Daikin Chemicals
2. SRF Limited
3. 3M
4. Gujarat Fluorochemicals Limited
5. The Chemours Company
6. Solvay
7. Arkema SA
8. DIC Corporation
9. Alufluor AB
10.Halocarbon Products Corporation
11.DuPont
12.Kureha Corporation
13.Air Products & Chemicals Inc.
14.Mitsui Chemicals Inc.
15.Dongyue Group
16.Navin Fluorine International Limited
17.Others

Frequently Asked Questions:

1. What is the forecast period considered for the Fluorochemicals market report?
Ans. The forecast period for the global fluorochemicals market is 2023-2029.

2. Which key factors are hindering the growth of the Fluorochemicals market?
Ans. The stringent rules and regulation regarding the protection of the ozone layer which, are also applied for the production and consumption of fluorochemicals, particularly in the European Union are expected to hinder the market growth during the forecast period.

3. What is the compound annual growth rate (CAGR) of the Fluorochemicals market for the next 6 years?
Ans. The global fluorochemicals market is expected to grow at a CAGR of 4.38% during the forecast period (2023-2029).

4. What are the key factors driving the growth of the Fluorochemicals market?
Ans. The emergence of advanced materials and growing consumption of refrigerants in the advanced food industries across the globe are the key factors expected to drive the growth of the market during the forecast period.

5. Which are the worldwide major key players covered for the Fluorochemicals market report?
Ans. Daikin Chemicals, SRF Limited, 3M, Gujarat Fluorochemicals Limited, The Chemours Company, Solvay, Arkema SA, DIC Corporation, Alufluor AB, Halocarbon Products Corporation, DuPont, Kureha Corporation, Air Products & Chemicals Inc., Mitsui Chemicals Inc., Dongyue Group, Navin Fluorine, and Others.