Fluorochemicals Market In-Depth Qualitative Insights, Explosive Growth Opportunity, Regional Analysis by 2029
The global fluorochemicals market size is poised to gain impetus from the increasing production of aluminium, further attributed to a rise in the demand from the construction and automation sectors. Fluorochemicals are used as plasma etching in light bulbs and semiconductors and for creating flat display panels in plastics such as polytetrafluoroethylene (PTFE). They are experiencing high demand from the chemical manufacturing, dental, and medical sectors. A recent report by Fortune Business Insights, titled, “Fluorochemicals Market Size, Share & Industry Analysis, By Product (Fluorocarbons, Fluoropolymers, Inorganic Chemicals, Gases, Specialty Organics), By Application (Refrigerant, Aluminum Production, Blowing Agent, Others) Others and Regional Forecast, 2022-2029,” offers a comprehensive overview of the market and its future outlook.
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Most industries worldwide were impacted negatively by the current COVID-19 pandemic. Apart from the healthcare sector, several industrial sectors exhibited the downfall of the global economy. However, the governments of various nations are engaging in multiple strategies to deal with this situation and we hope life turns back to normal. We, at Fortune Business Insights, are offering special analytical reports on various markets impacted by the coronavirus pandemic. These reports will help the investors to take the necessary financial decisions for multiple markets in the years to come.
The Report Answers The Following Questions:
- What is the nature of the market?
- How will HVAC technology contribute to the growth of the market?
- Which is the leading segment in the market?
- What are the significant industry developments in the market?
Drivers & Restraints-
Rising Demand from Various End-use Industries to Propel Growth
The increasing demand for electric and electronic appliances is a significant factor in boosting the global fluorochemicals market growth. This, coupled with a rise in the demand for refrigerants and increasing aluminium production are also adding impetus to the market. Additionally, the rising demand from the automotive, healthcare, and dental sectors is likely to help the market showcase notable growth in the coming years.
On the flip side, the high cost of fluorochemicals manufacturing and the stringent regulations imposed on its utilization is likely to cause significant hindrance to the market in the coming years. Nevertheless, the increasing demand for heating, ventilation, and air conditioning (HVAC) technology worldwide is likely to create lucrative growth opportunities for the market in the coming years.
Majority of Industries to Use Fluorochemicals for Cleaning Steel or as Blowing Agents
The global market for fluorochemicals is categorized based on product and application. Based on product, the market is divided into inorganic chemicals, speciality organics, fluoropolymers, gases, and fluorocarbons. With respect to segmentation by application, the market is categorized into blowing agent, aluminium production, refrigerant, and others.
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North America Dominates on Account of Increasing Expenditure on Healthcare
The healthcare sector in North America is blessed with the latest technological innovations and government-supported reimbursement policies. The factor stated above is responsible for this region to earn the largest fluorochemicals market share. Europe ranks second owing to the increasing investments on research and development for using fluorochemicals in medical implants. However, Asia Pacific is likely to show notable growth in the coming years on account of the increasing need for effective commercial cooling systems for storing perishable goods.
Companies to Focus on Merger and Acquisition Strategies to Gain Momentum
Players operating in the fluorochemicals market are emphasizing on geographical expansion and better product portfolio for earning the highest share. The other players are engaging in joint ventures, mergers and acquisitions, partnerships, and collaborative efforts to gain a competitive edge in the market.
Major Industry Developments of the Fluorochemicals Gases Market Include:
December 2018 – The expansion of Fluorospecialty chemicals was announced by Gujarat Fluorochemicals Limited. As per this announcement, the capacity will rise from an annual 22.3 KT to 46.8 KT per year at the Ranjit Nagar village located in India.
April 2019 – UET and Chemours entered into a joint venture for addressing the challenge of renewable energy storage. The need for energy storage increases as the smart grid develops and this ultimately surges the need for generating renewable energy and storing applications.
July 2019 – A worldwide player in speciality surfactants for infrastructural developments, mining, and crop nutrition called Arkema announced the acquisition of ArrMaz, a company dealing with speciality surfactants based in the United States.
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As per Fortune Business Insights™, some of the prominent players in the market for fluorochemicals include:
- Gujarat Fluorochemicals Limited
- Arkema SA
- Honeywell International Inc.
- Dongyue Group
- Solvay SA
- AGC Chemicals
- Daikin Chemicals
- Other players
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