Albany, NY -- (SBWire) -- 10/24/2018 --Prominent participants in the global fluorochemicals market are mainly concentrated in Europe and North America. In order to grow their market shares further, these players are the lucrative emerging economies' market in Asia Pacific, the Middle East and Africa, and Latin America. Further, savvy manufacturers in the market are also seen focusing on improving their product offerings to meet the needs of both commercial and domestic segments.
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Rising affluence of people worldwide and the considerable building construction activities is serving to up demand in the global fluorochemicals market. This is because they are helping to generate demand for refrigerants, which are mostly required in the HVAC (heating, ventilation, and air-conditioning) industry and the food and beverages industry. Fluorochemical products like hydrofluorocarbon (HFC) and hydrochlorofluorocarbon (HCFC) play an important role in the production of refrigerants.
A report by Transparency Market Research predicts the global fluorochemicals market to rise at steady CAGR of 5.3% from 2017 to 2025. At this pace, it expects the market to attain a value of US$26.71 bn by 2025 from US$16.88 bn in 2016.
Fluorocarbons Acting as Refrigerants See Maximum Demand
Products purveyed in the global fluorochemicals market are fluorocarbons, fluoropolymers, fluoroelastomers, aluminium fluoride (AIF3), etc. Of them, the fluorocarbons, which are formed when fluorine is covalently bonded to carbon atoms in different number and configurations, account for maximum share in the market. The strength and stability of these covalent bonds impart unique properties to fluorocarbons that allows them to function as refrigerants, solvents, lubricants, propellants, and stain-repellent products.
In the years ahead too, the fluorocarbons are expected to see swift uptake on account of its use across applications like blowing agents, packaging, solvents, refrigerants, and aerosol propellants. The fluorocarbons can be further segmented into hydrofluorocarbon (HFC), hydrochlorofluorocarbon (HCFC), etc. Of them, the HFCs hold the maximum share.
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Depending upon application again, the global fluorochemicals market can be divided into refrigerants, plastic foams, aluminium production, electricals and electronics, etc. Of them, the segment of refrigerants led with most of the share in the market in 2016. It was trailed by aluminium production.
Developing Economies Propels Demand from Asia Pacific
Geographically, the key segments of the global fluorochemicals market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. A cluster of developing economies driving up demand for fluorochemicals for use in different applications and industries has propelled the market in Asia Pacific to the fore. The region will likely outshine others in terms of growth by registering a CAGR of 6.4% in the forecast period, at the end of which its revenue is expected to grow to US$15.21 bn.
North America and Europe are considered mature markets for fluorochemicals, which are projected to grow at a tepid CAGR of 3.8% each during the period between 2017 and 2025. Regulations across different industries and applications such as aluminium production, food and beverages, plastic foams, refrigerants, etc. have resulted in the growth in the market in the two regions so far.
Global Fluorochemicals Market: High Demand Makes Fluorocarbons Segment Hold Dominating Position - TMR