Fluorochemicals Market to Exceed USD 53.1 Billion by 2031, Registering at a CAGR of 6% – Exclusive Report by Transparency Market Research
FEP resins are progressively substituting perfluoroalkoxy alkanes (PFA) owing to their moderate melting points. Such benefits are assisting companies in expanding their operations using FEP resins in wire insulation, tube extrusion, and molding for lining element usage.
Wilmington, Delaware, United States, Oct. 16, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc.- The global fluorochemicals market is expected to exceed US$ 53.1 billion by the end of 2031. The market is anticipated to expand at a 6% CAGR during the forecast period. The global fluorochemicals market is a dynamic and diverse sector encompassing a range of compounds containing fluorine, known for their versatile applications.
These chemicals are used in various industries, including automotive, electronics, construction, and more. Fluorochemicals include fluorocarbons, fluoropolymers, and inorganic fluorides. Fluorocarbons, such as hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs), have historically been used as refrigerants and propellants.
The industry has been transitioning toward more environmentally friendly alternatives due to their negative impact on the ozone layer and the environment. Hydrofluoroolefins (HFOs) and other low global warming potential (GWP) compounds are emerging as substitutes.
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Fluoropolymers, like polytetrafluoroethylene (PTFE), are well-known for their nonstick and heat-resistant properties, making them essential in the manufacturing of cookware and industrial applications. Inorganic fluorides, such as hydrogen fluoride and aluminum fluoride, have applications in aluminum smelting and the pharmaceutical industry.
The fluorochemicals market is influenced by environmental regulations, technological advancements, and the increasing demand for energy-efficient and sustainable products. As the world transitions toward more eco-friendly alternatives, the fluorochemicals market continues to evolve, reflecting changing industry dynamics and consumer preferences.
The fluorochemicals market is highly competitive, featuring major players such as:
- DuPont de Nemours, Inc.
- DAIKIN INDUSTRIES, Ltd.
- Solvay SA
- Asahi Glass Company
- Mitsui Chemicals Inc.
- The Chemours Company
- The 3M Company
These industry leaders invest significantly in research and development, focusing on sustainable alternatives and innovative applications. With a growing emphasis on green technologies, companies are striving to develop fluorinated products, meet regulatory standards, and intensify competition in the Fluorochemicals industry.
- Gujarat Fluorochemicals Ltd revealed goals to increase its AHF capacity from 120 tpd to 220 tpd in November 2022, which will enable it to deliver important starting ingredient supplies for fluoropolymer, cooling gas, and battery compounds.
- Gujarat Fluorochemicals Ltd. recently contacted ICICI Securities in September 2022. GFL is bullish on the future of fluoropolymers and battery chemistry over the following 5-10 years.
Key Takeaways from the Market Study
- The global industry was expected to value at US$ 4.69 billion in 2021.
- The fluoropolymers segment is assumed to expand at a CAGR of 7.2% during the forecast period.
- The market in North America is estimated to expand at a CAGR of 6.8% until 2031.
- The market in Asia Pacific is expected to expand at a CAGR of 6.2% until 2031.
- North America accounted for the highest share of 40% of the global fluorochemicals market in 2021.
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Global Fluorochemicals Market- Key Drivers and Trends
- Fluorochemicals find applications in diverse industries, including automotive, electronics, and pharmaceuticals. The expansion of these sectors, especially in emerging economies, fuels the demand for fluorochemical products driven by their unique properties.
- Ongoing research and technological advancements are leading to the development of innovative fluorochemical products with improved efficiency and reduced environmental impact. Advancements in production processes, materials, and applications are significant trends shaping the market.
- Fluorocarbon refrigerants are crucial components in air conditioning and refrigeration systems. The increasing demand for cooling systems, driven by global urbanization and climate change-related temperature fluctuations, boosts the market.
- Fluorochemicals are used in various medical devices and pharmaceutical applications due to their inert and biocompatible properties. The expanding healthcare sector, coupled with advancements in medical technologies, drives the demand for fluorochemicals in medical applications.
- Due to concerns about environmental impact and regulations like the Montreal Protocol. There is a shift toward developing and adopting alternative technologies and products that do not rely heavily on fluorochemicals which is impacting market dynamics.
Regional Landscape of the Fluorochemicals Market
- North America, particularly the United States, is a significant market for fluorochemicals. The region is driven by robust demand from industries like HVAC (heating, ventilation, and air conditioning), automotive, and electronics. Stringent environmental regulations and a focus on sustainable products shape the fluorochemicals market landscape in this region.
- Countries in Europe, including Germany, France, and the United Kingdom, have well-established industries utilizing fluorochemicals. The market here is influenced by stringent environmental regulations, emphasizing the need for eco-friendly alternatives. Research and development initiatives are prevalent, focusing on sustainable fluorochemical products and applications.
- Asia-Pacific, particularly China, Japan, and South Korea is a rapidly growing market for fluorochemicals. The region’s industrial expansion, coupled with a booming automotive sector and increasing demand for consumer electronics, drives market growth. The rise in disposable income contributes to the growing demand for products containing fluorochemicals.
Key Segments Covered
- Others (including Teflon)
- Others (including Inorganics)
- Aluminum Production
- Plastic Foams
- Electricals & Electronics
- Others (including Paper & Pulp and Water Filtration)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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