The market for fluorochemicals is expected to grow at a CAGR of more than 4.4% globally during the forecast period. Fluorochemicals are any organic or inorganic compounds containing one or more fluorine atoms. Fluorochemicals repel water & oil and exhibit great resistance towards aggressive physical & chemical conditions in industrial processing. The growing demand from HVAC systems has been driving the market growth.
– However, the environmental problems associated with fluorochemical and outbreak of coronavirus across the globe are likely to hinder the growth of the studied market.
– The research and development in rain-repelling fluorochemicals used in waterproof clothing are likely to provide opportunities for the Fluorochemical market over the next five years.
– Fluorocarbon is the most dominating product segment of the market studied.
– Asia Pacific region dominated across the world with increasing consumption from countries like China and India.
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Key Market Trends
Fluorocarbon to Dominate the Market
– The fluorocarbon segment stands to be the dominating segment owing to evolving regulations aimed at protecting the ozone layer and reducing global warming.
– Fluorocarbons are used in propellants, blowing agents, refrigerants, solvent, and major manufacturers are formulating less harmful fluorochemical substitutes which are anticipated to surge demand of fluorochemical.
– The growing concern about ozone depletion may have a detrimental impact on fluorocarbon demand over the forecast period.
– Fluorocarbons serve as a refrigerant and the growing importance of clean air systems in the manufacturing sector and the growing installation of HVAC systems in automobiles are expected to increase the growth of the market.
– All the aforementioned factors are expected to drive the fluorochemical market during the forecast period.
Asia-Pacific Region to Dominate the Market
– Asia Pacific market is expected to be the largest and fastest-growing market over the forecast period owing to the increasing application of refrigerants in HVAC systems for the automotive and infrastructure sector.
– Fluor Technology products are commonly used in construction & building industries to include materials such as architectural membranes and coatings, caulks, and wire and cable with anti-corrosion, high toughness, and UV resistance properties.
– An increase in consumption of packaged and frozen food has led to a rise in market demand for commercial cooling systems which is likely to drive the fluorochemical industry growth.
– Fluorine based chemicals such as AHF are prominently used for aluminum production owing to its cost-effectiveness. Lightweight and low-maintenance characters also promoted the use of aluminum in electronic and automotive applications that is likely to propel the demand for fluorochemical.
– The abundance of aluminum reserves in China and India along with the regulatory inclination to promote FDI in the domestic metal sector is expected to increase its application in the region.
– Hence, all such market trends are expected to drive the demand for the fluorochemical market in the region during the forecast period.