(MENAFN- GetNews) Fluorochemicals Market Global Information: By Product (Fluorocarbons, Fluoropolymers, Inorganics & Specialties), Application (Refrigeration, Aluminum, Automobile, Films,Tubings, Blowing Agents and Others) and Forecast Till 2023
Global Fluorochemicals Market is growing at a rapid pace, witnessing the rising demand. Besides, the growing consumption of fluorochemicals across end-use industries boosts the growth of the market. The spurting growth in various sectors, including electrical & electronics, building & construction, automotive & transportation, chemical processing, pharmaceuticals, and industrial equipment, influences the market growth.
Moreover, the rapid adoption of Fluorochemicals in various industrial uses escalates the market growth to furthered height. According to Market Research Future (MRFR), Global Fluorochemicals Market is expected to garner a valuation of USD 36,755.7 MN by 2023, growing at 6.10% CAGR over the assessment period (2017-2023). In 2017, the Fluorochemicals Market reached USD 25,902.7 MN. The electronics, automotive, piping, and chemical processing industries are key end user industries.
On the other hand, the construction industry represents attractive market opportunities. Additionally, the growing demand for superior architectural coatings and lightweight components in the automobile industry drives the market growth. In the aerospace industry, fluorochemicals are extensively used in igniters. In the semiconductor industry, it is used for fittings and wafer handling. These two industries substantiate the growth of the market, creating tremendous market demand.
On the other hand, fluctuating prices and the demand-supply gap in raw materials required for the production of fluorochemicals are major factors expected to hamper the market growth. Nevertheless, substantial investments to expand production capacities would support market growth throughout the assessment period.
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Global Fluorochemicals Market Segments
The report is segmented into four dynamics;
By Type : Fluorocarbons (HFC, HCFC, HFO, others), Fluoropolymers (PTFE, PVDE, PCTFE, FEP, others), and Fluoroelastomers (Inorganics & Specialties, Elemental Fluorine, Fluoropolymer Additives, others).
By Application: Refrigeration, Blowing Agent, Tubing, Films, Aluminum Production, Paint Strippers, and others.
End-Use Industry: Electrical & Electronics, Automotive & Transportation, Construction, Consumer Goods, Industrial Equipment, Pharmaceuticals, Chemical Processing, and others.
By Regions: Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Global Fluorochemicals Market Competitive Landscape
The Fluorochemicals Market is fragmented and competitive due to the presence of several big and small players. Manufacturers rely on large scale raw material purchase and manufacturing capacity to generate the economies of scale necessary to achieve the minimum economies of scale. Vendors are developing a global sourcing network to gain cheaper stock material and lower manufacturing costs. Close association with end users to develop custom products to develop a relationship with preferred clients is another strategy adopted.
Major Players:
Players Leading the Global Fluorochemicals Market include Gujarat Fluorochemicals Ltd, SRF Limited, Alufluor AB, The Chemours Company, Halocarbon Products Corporation, Daikin Industries Ltd, Kureha Corporation, Fluorsid SpA, DowDuPont, Arkema SA, Solvay, and 3M, among others.
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Industry/ Innovation/ Related News:
July 13, 2020—- Gujarat Fluorochemicals Ltd. (India), a leading global fluorochemicals producer, announced the volumes jump of 5.01 lakh shares. This is a 249.87 fold spurt over two-week average daily volume of 2005 shares. Future Consumer Ltd., KSB Ltd., Biocon Ltd., Avenue Supermarts Ltd. are among the other stocks to see a surge in volumes on the same day.
Global Fluorochemicals Market Regional Analysis
Asia Pacific dominates the Global Fluorochemicals Market. The largest market share attributes to the surging production demand and production of electric and lightweight vehicles. Besides, factors such as the growing per capita income, spurting rise in end-use industries, and expanding demand for housing boost the market demand. The adoption of specialty Fluoropolymers in medical devices industries worldwide fosters the growth of the market. The APAC Fluorochemicals Market is anticipated to reach over USD 15 MN by 2023 from USD 11,187.7 MN in 2017.
North America stands second in the Global Fluorochemicals Market. The market is driven by the surging demand for fluorocarbons across end-user industries. Moreover, the increasing consumption of Fluorochemicals in the automotive & transportation, construction, and pharmaceutical sectors propel market growth. The US Fluorochemicals Market holds the largest share in the region. The North American Fluorochemicals Market is estimated to grow at 6.21% CAGR during the review period.
Europe is an important market for Fluorochemicals Globally. Factors such as the rising economy and penetration of the healthcare sector in the region boost market growth. Additionally, the burgeoning electrical & electronics and automotive industry in the region positively impacts the growth of the market. Germany, Italy, and France are the primary revenue generators in the region. The European Fluorochemicals Market is estimated to exhibit phenomenal growth prospects during the forecast period.
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