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Global Fluorochemicals Market to Reach US$ 29.61 Billion by 2027, Bolstered by Increasing Demand from Commercial Refrigeration Industry

Published on Sep 19, 2022

According to the latest report by IMARC Group, titled “Fluorochemicals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global fluorochemicals market reached a value of US$ 21.86 Billion in 2021. Fluorochemicals are synthetically produced, fluorine-containing chemical compounds with water and oil-repellent properties. Fluorocarbons, fluoropolymers, gases, inorganic chemicals, and specialty organics are some commonly used fluorochemicals. They are extensively utilized as refrigerants, propellants, solvents, and additives in lubricants, coatings, and papermaking. Fluorochemicals are also used to produce aluminum, foam, surfactant, insulation boards, and sandwich panels. They exhibit several properties, such as flame retardancy, low weatherability, high lubricity, and resistance to heat, chemicals, and ultraviolet (UV) rays. Fluorochemicals are also electrically stable and less susceptible to high frequencies due to the low dielectric constant.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Fluorochemicals Market Trends:

The increasing product demand from the commercial refrigeration industry is one of the key factors driving the market growth. Fluorochemicals are widely used to manufacture refrigerants, such as chlorofluorocarbons (CFCs), hydrofluorocarbons (HFCs), and hydrochlorofluorocarbons (HCFCs) for applications in refrigeration equipment, heat, ventilation, and air-conditioning (HVAC), and defrost systems. Furthermore, the widespread product utilization in the automotive industry to manufacture automobile sensors and components for internal combustion engines (ICE), such as turbocharger hose, crankshaft seal, and intake manifold gasket, is acting as another growth-inducing factor. Additionally, the increasing adoption of fluoropolymer to produce membranes for hydrogen fuel cells due to its high stability, durability, and heat resistance is providing an impetus to the market growth. Moreover, the rising product demand in the construction industry to provide anti-corrosion and UV resistance properties to architectural membranes and coatings, caulks, and wire and cable is creating a positive outlook for the market. Other factors, including the increasing employment of fluorochemicals in the healthcare industry for medical implants, extensive research and development (R&D) activities, widespread adoption in renewable energy applications, and increasing product incorporation in printed circuit boards, touch panels, and foldable displays, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 29.61 Billion by 2027, exhibiting a CAGR of 5.06% during 2022-2027.

Market Summary:

  • On the basis of the type, the market has been divided into fluorocarbons, fluoroelastomers, fluoropolymers, inorganics, and others.
  • Based on the application, the market has been categorized into surfactants, propellants, aluminum production, refrigerant, automobile, agrochemicals, and others.
  • On the basis of the end use, the market has been classified into electrical and electronics, petrochemicals, chemicals, aerospace, and others.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.?
  • The competitive landscape of the industry has also been examined, with some of the key players being 3M Company, AGC Inc., Arkema S.A., Daikin Industries Ltd., DIC Corporation, Dynax Corporation, Gujarat Fluorochemicals Limited, Halocarbon Products Corporation, Honeywell International Inc., Maflon S.p.a., Pelchem SOC Ltd (Necsa Soc Ltd), Solvay S.A., SRF Limited and The Chemours Company.
     

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