FluorochemicalsMarket: Introduction
TransparencyMarket Research delivers key insights on the global fluorochemicalsmarket. In terms of revenue, the global fluorochemicals marketis estimated to expand at a CAGR of ~6% during theforecast period, owing to numerous factors regarding which TMR offers thoroughinsights and forecasts in its report on the global fluorochemicals market.
The globalfluorochemicals market is broadly affected by several factors, including usageof fluorochemicals in various applications such as refrigerants, aluminumproduction, plastic foams, electrical & electronics, and others. Shrinkingsize of products is one of the latest trends in the consumer electronicsindustry. Reduction in size of products has resulted in manufacture of nanochipsand complex circuit boards. This is fueling the demand for high precisionfluorochemicals.
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Fluorochemicals Market: Dynamics
The growthof the automotive sector is an important factor driving the fluorochemicalsmarket. Fluoropolymers, a type of fluorochemicals, are used on a large scale inthe production of various automobile components such as air conditioners,chillers, fuel tanks, connectors, compressor hoses, and underfloor heatingcables. The global fluorochemicals market was valued at US$ 27.5 Bnin 2020 andis expected to surpass US$ 53.1 Bn by 2031.The expansion of the fluoropolymers industry is projected to propel the demandfor fluorochemicals over the next few years.
Theautomobile industry is considered one of the most important industries drivingthe global economy. It is experiencing a gradual recovery from the COVID-19impact. However, countries across the world, especially those in Asia Pacific,are witnessing significant increase in the demand for automobiles. This islikely to drive the fluorochemicals market at a significant pace during theforecast period.
Fluorochemicalsare also used to manufacture lighter alloys that are used in the automotivesector. Other forms of materials used in automotive industry include resins,solutions, compounds, and coatings. Newer uses of fluorochemicals in theconstruction industry are being developed. Thus, the construction industry is akey end user of fluorochemicals.
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FluorochemicalsMarket: Prominent Regions
AsiaPacific dominates the global fluorochemicals market. The market in the regionis anticipated to expand at a CAGR of 7.4% duringthe forecast period. Asia Pacific held the major share of the market in 2020,owing to the presence of a large population and high economic growth rate ofthe region. End-use industries of refrigerants, aluminum production, medical,agriculture, and apparel, are performing well in the region. This is expectedto boost the demand for fluorochemicals in Asia Pacific during the forecastperiod.
China is alarge producer of raw materials required for fluorochemicals. Hence, AsiaPacific is also an important source of comparatively lower-priced products.China held a major share of the fluorochemicals market in Asia Pacific in 2020.The country is estimated to maintain its dominant position in the region duringthe forecast period.
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Europe isalso a key region of the global fluorochemicals market. Germany led thefluorochemicals market in Europe in 2020. On the otherhand, presence of a large number of automotive manufacturing companies andincrease in the demand for refrigerants are estimated to drive thefluorochemicals market in the U.S. in North America.
Fluorochemicals Market: Key Players
The globalfluorochemicals products market was consolidated with the presence of keyplayers. Prominent players operating in the global fluorochemicals market areDuPont de Nemours, Inc., DAIKIN INDUSTRIES, Ltd., Solvay SA, Asahi GlassCompany, Arkema, Honeywell, Pelchem, Mitsui Chemicals Inc., The Chemours Company,and The 3M Company.
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