Fluorochemical Market Affected by Stringent Government Regulations
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.
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?