Fluorochemicals market size is anticipated to be valued at USD 31.28 billion by 2024
Fluorochemicals market size is anticipated to be valued at USD 31.28 billion by 2024, as per a new research report by Global Market Insights, Inc. Growth in automotive and industrial sector positively influence refrigerants demand. This factor is likely to drive fluorochemicals market growth. Excessive usage of hydrofluorines in aluminum refining coupled with favorable FDI inflow policies to boost aluminum production in China and India is likely to drive demand.
Refrigerant applications were dominant and accounted for 42.5% of the total fluorochemicals market share in 2014. Increasing HVAC system installations in automobiles coupled with importance of clean air management systems in industries is likely to drive demand for these applications. Aluminum industry applications are likely to witness an estimated growth rate of 3.9% from 2015 to 2024.
Fluorocarbons market dominated the product segment and accounted for over 50% of the total volume in 2014. HFCs, HCFCs and CFCs are fluorocarbons types widely preferred in refrigerators, air conditioners, solvents, blowing agents and fire extinguishers. Fluoropolymers market size is likely to witness highest gains, at over 10% up to 2024.
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Key insights from the report include:
- Global fluorochemicals market size was estimated 3.52 million tons in 2014 and may register 5.49 million tons by 2024 growing, at an estimated CAGR of 4.6% from 2015 to 2024.
- Innovation by participants such as 3M, in water treated fluorochemicals technology is anticipated to reduce environmental impact thereby influencing growth. High HCFC prices and incompatibility with some lubricants for refrigeration is likely to hamper growth. Adoption of Montreal & Kyoto Protocols by European Union and North America is likely to restrict limit its usage in the region.
- Asia Pacific dominated the regional market and accounted for 47.1% of the total volume in 2014 with fastest growth rates of over 5% CAGR expected up to 2024. Countries such as China, Japan and India have large scale industries thereby increasing refrigerant demand in Asia Pacific. North America is likely to grow at sluggish growth rates at an estimated CAGR of 3.1% up to 2024.
- The global fluorochemicals market share is fragmented, as top four companies cater to more than 40% of the overall demand. Key companies include Daikin, Asahi Glass, DuPont, Honeywell, Dongyue and Arkema. Other prominent companies include Halocarbon Products, Mitsui Chemicals, Pelchem, Mexichem Products and Air Products & Chemicals Inc.