Fluorochemical Market Affected by Stringent Government Regulations
Introduction
Fluorochemicals are the derivatives of
fluorine and are majorly used in industries as blowing agents, refrigerators,
air-conditioners, fire extinguishers, and other electronic products, hence
hosting a large number of industrial applications in electronics, pharmaceuticals,
automotive, and chemicals due to their versatile properties. Their applications
include aluminum, blowing agents, refrigerants, components, and others.
Fluorocarbons, inorganics, and fluoropolymers are the products of
fluorochemicals.
Drivers of Fluorochemical Market
The market is accelerated by the drivers
such as global growth in the aluminum demand due to the increasing use of
aluminum in motor vehicles, burgeoning demand for high-performance
fluorochemicals and adoption of these in advanced manufacturing of motor
vehicles. Developing nations are playing a major role in market growth due to
the increasing penetration of fluorochemical based consumer goods. The demand
for fluorochemicals is increasing in automotive, electronics, and construction
applications owing to the high resistance offered by them to organic solvents,
acids, and bases. The increasing need for refrigeration across various
end-users and rising demand for cold storage systems across the globe have
uplifted the demand for refrigeration systems which in turn is boosting the fluorochemicals market growth. Growing
demand for clean air in residential, commercial and industrial applications
will further boost the growth of the market.
Restraints and Opportunities
Growing environmental concerns coupled with
stringent regulations for emissions of greenhouse gases may restrain the growth
of the market. The availability of low-cost substitute as ammonia may also
hamper the growth of the market. However, increasing R&D activities to make
less harmful fluorocarbons will open growth opportunities for the market.
Moreover, lesser penetration of fluoropolymers in several countries across the
globe will increase the fluorochemical market size. Growth in the production of electronic components such as aluminum,
semiconductors, batteries, and others will also uplift the market in the coming
years.
Market Segmentation
Geographically, the Asia Pacific region is
expected to have a significant market share of the global fluorochemical market
share. The market share is projected on account of growth in the automobile
sector and the increased adoption of refrigerants in HVAC systems. By product,
the market is segmented as fluorocarbons, inorganics, and fluoropolymers.
Fluorocarbon is expected to have a significant market share. However, inorganic
and fluoropolymers are capturing the market of fluorocarbons owing to stringent
regulations for emissions of greenhouse gases. Fluoropolymers are expected to
witness a substantial gain in the market share on account of increasing demand
from electronics, construction, and automotive industries due to its high
tensile strength and electrical insulation properties. The inorganic segment
will also grow owing to increasing applications in manufacturing cleaning
agents and aluminum. By application, the market is segmented as aluminum,
blowing agents, refrigerants, components, and others. The refrigerant segment
is expected to have a significant market share due to the increasing demand for
HVAC systems.
According to industry research conducted by Knowledge Sourcing Intelligence, major
industry players profiled as part of the report are 3M, DuPont, Daikan, Solvay,
Asahi Glass, Arkema, Honeywell, Shandong Dongyue, Pelchem, Halocarbon among
others.
Key
Questions Answered in This Report:
·
What are the key regions having
a significant market share of the market?
·
What is the market segmentation
of the fluorochemicals market?
·
What are the drivers of the
market?
·
What are the restraining
factors and growth opportunities of the market?
·
Who are the key market players
in the market?
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