Wilmington, Delaware, United States, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The growth of the global market for fluorochemicals pivots on the widespread utilization of the chemicals as refrigerants, in aluminum production, and in the manufacture of plastic foams. Rising preference of fluorinated ethylene propylene (FEP) resins in electrical & electronic applications has reinforced the production of fluorochemicals. The size of the overall fluorochemicals market to exceed worth of US$ 53.1 Bn by 2031.
The product demand for fluorochemicals market is propelled by the growing use of fluorocarbons and fluoropolymers in diverse range of applications in multiple industries. Particularly, the rising demand for automobile and refrigerants in food and HVAC industry is spurring the utilization of fluorochemicals in various industries. Adoption of new refrigeration and air conditioning technology has catalzyed the need for energy efficient refrigerants, which has augmented growth opportunities in fluorochemicals market.
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The authors of the TMR study observed that update in regulations on fluorocarbon polymers has led fluorochemicals market manufacturers to raise the prices of the final products. A case in point is increased cost of production for fluorocarbon polymers. These are used extensively in applications that require water and oil barrier properties.
R&D in water repellent fabrics has enriched the market prospects of fluorochemicals used in making fabrics for sportswear and medical bandages. These applications need the fabric to be water resistant, thus boosting the growth prospects for fluorochemicals market.
Key Findings of Fluorochemicals Market Study
- Abundant Utilization of Fluoropolymers in End-Use Industries to Propel Revenues: Rising utilization of fluoropolymers in electrical and electronic applications has generated sizable revenue streams. Extensive use of fluoropolymers in personal protective equipment (PPE) has created a vast lucrative avenue, mainly from the adoption of the products in the healthcare industry. Rising use of fluoropolymers in the automotive industry has spurred revenue streams over the years.
- Rising Demand for Refrigerants in HVAC Industry to Generate Incremental Avenues: Rise in demand for refrigerants is expected to propel lucrative opportunities in the segment. Massive uptake of refrigerants in HVAC and food processing applications has generated sizable profitable streams. The refrigerants segment held a major share of the fluorochemicals market in 2020, found the TMR study.
- Growing Commercialization of FEP Resins to Steer Revenue Growth: The needs for making fluorochemicals UV-resistant and easily processable at low temperatures have generated massive attention in FEP resins. Several other favorable properties have led FEP resins to supplant perfluoroalkoxy alkanes (PFA) in various end-use industries.
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Fluorochemicals Market: Key Drivers
- The demand for aluminum is expected to rise steadily, with a bulk of the consumptions to come from automobile and construction industry. Fluorochemicals are widely used in the manufacture of the metal, thus presents a vast avenue for firms in the fluorochemicals market.
- Rapid growth of the refrigerants industry has filliped the sales of fluorochemicals. Indeed, a constantly expanding HVAC industry is driving the growth of the fluorochemicals market. A key focus of producers of fluorochemicals for HVAC applications is on improving the environmental profile of the products, which has nudged them to adopt next-gen manufacturing technologies.
- Strides in construction industry in the developing world is another driver for the consumption of fluorochemicals. Rapid pace of industrialization is driving the evolution of the market.
Fluorochemicals Market: Competition Landscape
Key players are leaning on collaborations and joint ventures as competitive strategy in the fluorochemicals market. Prominent players are geared toward product innovations.
Some of the key players are The Chemours Company, 3M, Mitsui Chemicals Inc., Pelchem, Honeywell, Arkema, Daikin Industries, Ltd., Solvay SA, and DuPont de Nemours, Inc.
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Fluorochemicals Market Segmentation
Product
- Fluorocarbons
- HCFC
- HFC
- Others (including Teflon)
- Fluoropolymers
- Fluoroelastomers
- Others (including Inorganics)
Application
- Refrigerants
- Aluminum Production
- Plastic Foams
- Electricals & Electronics
- Others (including Paper & Pulp and Water Filtration)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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