Demand for active chemical agents such as elemental fluorine continues to surge on the account of rampant industrialization spanning across the globe. Technological developments have made production of pure fluorine gas more feasible than before.
New York City, NY -- (SBWIRE) -- 07/13/2017 -- Although, complex production process will keep deterring the arrival of new entrants, and will also pose a challenge for existing elemental fluorine manufacturers. During the forecast period, the global elemental fluorine market is slated to witness impressive contribution from companies such as Solvay S.A., Pelchem SOC Ltd., Navin Fluorine International Limited, Kanto Denka Kogyo Co., Ltd., Air Products and Chemicals, Inc., Advance Research Chemicals, Inc., and Linde AG.
Intensive research on the compatibility of elemental fluorine with other matter has aided in formulation of advanced electronegative compounds, which have greater industrial applicability. Persistence Market Research recently published its study on the global market for elemental fluorine, and estimated the present market value at US$ 621 Mn. Key findings in this study further projected that the said factors will keep inducing growth in the global elemental fluorine revenues as they soar at 7.1% CAGR and reach US$ 1,077.1 Mn by the end of 2024.
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As the lightest halogen, elemental fluorine will continue to gain competitive advantage over other gases. Effectiveness of elemental fluorine in dry chamber cleaning processes will keep propelling its use through 2024. In the years to come, industries demanding a large-scale use of elemental fluorine will benefit from cost-effectiveness of the gas' on-site production. Moreover, increasing end-use of elemental fluorine derivatives such as uranium hexafluoride is also expected to drive the global consumption levels substantially.
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Key excerpts from the report indicate that Asia-Pacific's elemental fluorine market will be leading over other regions in terms of production and demand, both. Through 2024, more than 45% of global market value will be accounted by sales of elemental fluorine in Asia-Pacific. Growing urbanization and favorable manufacturing regulations will keep boosting the revenues in the Asia-Pacific elemental fluorine market. On the other hand, the demand for elemental fluorine will be negligent in Middle East & Africa, and in Latin America. Europe's elemental fluorine revenues will be soaring at the lowest value CAGR of 3.5%, while North America will exhibit a steady revenue growth at 6.6% CAGR.
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Other highlights of the research report, titled "Elemental Fluorine Market: Global Industry Analysis and Forecast, 2016-2024," include:
Increasing end-use of sulfur hexafluoride will also act as a key driver for the global elemental fluorine market.
The demand for elemental fluorine is expected to be restrained due to implications arising from transportation of such hazardous gases.
Nuclear fuel applications will procure the largest chunk of global elemental fluorine revenues, accounting for more than US$ 650 Mn by 2024-end
Demand for elemental fluorine will also grow rampantly in glass & ceramics manufacturing, revenues from which are anticipated to soar at 8.3% CAGR.