New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global octofluoropropane market size is predicted to expand at ~6% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 672 million by the end of 2035, up from a revenue of ~USD 380 million in the year 2022.The rising demand for self-driving cars has created an increased demand for semiconductors, which in turn has increased demand for octofluoropropane as a plasma etching material. It is estimated that the self-driving vehicle industry is growing by 17% every year. According to estimates, more than 1,420 self-driving cars, trucks, and other vehicles are currently being tested in the US. It is expected that by 2040, 64% of all passenger kilometers will be driven by automated vehicles. Octofluoropropane is a type of gas that is highly effective at etching semiconductors, making it an ideal material for the production of self-driving cars.
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Moreover, the growing demand for advanced technologies, such as artificial intelligence and robotic automation, has also contributed to the market growth. Octofluoropropane is used as a coolant in the production of advanced technologies such as AI and robotics. It is used as it has a high thermal conductivity and a low boiling point, which makes it ideal for these types of applications.
Octofluoropropane Market: Key Takeaways
- Market in Asia Pacific to have the highest growth rate
- Semiconductor segment is expected to grow at the fastest rate
- Market in North America to propel at a highest growth
Increased Demand for Octofluoropropane in the Electrical Industry to Boost Market Growth
The increasing population and the growth of cities, as well as the rapid advancement of technology and the need for electricity for a variety of appliances, have contributed to the production and consumption of electricity worldwide. Despite a global pandemic, global energy consumption increased by 5% in 2021 after declining by 4.4% in 2020. There was an increase in energy consumption in most countries, including +5.3% in China, +4.6% in India, +4.5% in the United States, +9% in Russia, and +4.7% in the European Union. Also, a total of 757,800 GWh of electricity was produced in China in December 2022, up from 666,670 GWh in November 2022. Octofluoropropane is a non-toxic, non-flammable, and non-explosive gas, which makes it a preferred choice for many applications in the electrical industry. Its low boiling point and high dielectric strength make it suitable for use in insulation materials and for soldering and welding operations. Additionally, the rise of renewable energy sources has made electricity more accessible and affordable for many people, leading to an increase in consumption and thereby driving market growth.
Octofluoropropane Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing demand in Automotive and Electronics Sector to Boost the Market Growth in the Asia Pacific Region
The octofluoropropane market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035, backed by the growing demand for octofluoropropane from the consumer electronics sector in the region, driven by the rising disposable income of the middle-class population in countries such as China and India, which is leading to an increase in the purchasing power of consumers. China is the largest consumer electronics producer in the world, specializing in smartphones, laptops, and tablets. China produced approximately 290 million notebook computers in 2021. It is estimated that smartphone penetration in China reached almost 73% by 2022. Octofluoropropane is a non-flammable, non-toxic gas that can be used as a coolant in consumer electronics products. It is much more efficient than traditional coolants, meaning that it can reduce the size of the device while still providing the same amount of cooling. Additionally, it is much more cost-effective to produce than traditional coolants and can help drive down the cost of consumer electronics products. Also, Asia Pacific is home to some of the world's largest industrial hubs and a large automobile industry, which further boosts the demand for octofluoropropane. It is used in air conditioning systems and as a propellant in vehicles to reduce emissions. Hence, the increased demand for automobiles in the region is expected to drive regional octofluoropropane market growth. For instance, over the past few years, Indian automobile exports have steadily increased. The country exported more than 5 million vehicles in 2022.
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Rapid Expansion of the Medical Sector and Rise in Eye Surgery to Drive Market Growth in the North American Region
The octofluoropropane market in the North American region is estimated to garner the highest CAGR by the end of 2035. The region has witnessed increasing demand for the gas from various industries, such as energy, automotive, and construction. The rapid growth of the medical sector in the region, driven by a highly developed healthcare infrastructure and increasing R&D activities, is expected to drive market growth. It was observed that healthcare spending in the US contributed more than 17 percent of the economy in 2021, making it one of the largest industries in the country. Octofluoropropane is a medical gas that is used for a variety of medical treatments, such as anesthesia, sedation, and oxygen therapy. Its popularity is growing owing to its non-flammable, non-toxic, and non-corrosive properties, which make it a safe and reliable choice for medical purposes. Moreover, the rapid rise in eye diseases and the increasing number of eye surgeries are expected to create a need for octofluoropropane in the region. Each year, more than 2.3 million cataract surgeries are performed in the United States. The octofluoropropane gas is injected into the eye to help keep the retina in place while it heals, which helps prevent the formation of scar tissue during eye surgery. The gas also helps to reduce the risk of infection by keeping the eye sterile. Additionally, rising environmental awareness in the region has created a need for cleaner and more efficient energy sources, which has further spurred regional market growth.
Octofluoropropane, Segmentation by Application
- Semiconductor
- Liquid Crystals & LEDs
- Optical Fibers
- Refrigerant
- Medical
- Transformers
- Others
The semiconductor segment in octofluoropropane market is anticipated to hold the largest revenue by the end of 2035, owing to the higher demand for semiconductor devices such as microprocessors, memory chips, and transistors, as well as the increasing adoption of octofluoropropane in semiconductor processing. Further, the rapid growth in the semiconductor industry, driven by the increasing demand for consumer electronics, automotive, and communication devices, is expected to drive segment growth in the coming years. As reported by the Semiconductor Industry Association, semiconductor chip sales around the world have increased by 6.8%, from USD 412.3 billion in 2019 to USD 440 billion in 2020. Octofluoropropane is used as an inert gas to protect the semiconductor chips from oxidation and other environmental contaminants. This gas also helps to reduce the risk of electrical leakage and improve the performance of the chips. Additionally, the growing demand for consumer electronics and the increasing demand for automotive and communication devices are expected to drive the demand for octofluoropropane in semiconductor processing, which is further anticipated to increase the revenue share of the semiconductor segment in the global octofluoropropane market.
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Octofluoropropane, Segmentation by Product Grade
- <99.99%
- >99.99%
The >99.99% grade segment is anticipated to hold the largest revenue by the end of 2035, as >99.99% grade octofluoropropane is a very versatile refrigerant, used in various applications like medical equipment, refrigeration, and air conditioning. It is also non-toxic and non-flammable, which makes it a much safer alternative to other refrigerants. As demand for these applications increases, the demand for octofluoropropane with a higher purity grade will also increase, leading to higher revenue for this segment. Moreover, the rapid surge in sales of refrigerators is expected to increase the demand for higher-grade octofluoropropane in the coming years. For instance, there are approximately 210 million refrigerators sold worldwide each year, generating more than 120 billion dollars in revenue each year. Octofluoropropane has a high boiling point and a low freezing point, making it an ideal refrigerant for cooling and freezing food. Moreover, the high thermal conductivity of grade >99.99% octofluoropropane has given rise to a high demand for this product from the electronics industry, as it has low toxicity, excellent insulation properties, and the ability to provide superior cooling performance.
Few of the well-known industry leaders in octofluoropropane market that are profiled by Research Nester are Linde plc, Messer Industries GmbH, Praxair, Inc., Showa Denko K.K., Kanto Denka Kogyo Co., Ltd., F2 Chemicals Ltd, Electronics Fluorocarbons, LLC., Guangdong Huate Gas Co., Ltd, PanGas AG, HaloPolymer, OJSC, and other key market players.
Recent Development in the Octofluoropropane Market
- The Linde Group announced it had entered into an agreement with a Singaporean semiconductor manufacturer to supply highly purified industrial gases. The agreement will enable the Linde Group to expand its global supply chain and capitalize on the increasing demand for semiconductor products in the Asia-Pacific region.
- Sterlite Technology and Praxair, Inc. signed an agreement to supply bulk and specialty gases to the TGM site at Sterlite Tech's optical fiber glass manufacturing plant in Aurangabad, Shendra, India.
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