Ocean View, DE -- (SBWIRE) -- 06/26/2020 -- According to research report by Global Market Insights, Inc., fluorochemicals market size will exceed USD 70 billion by 2024.Fluorochemicals market is witnessing traction on account of increasing applications across industrial and commercial refrigeration systems. The product is immensely used in ACs, chillers and cooling systems which will promote the industry outlook. Rapid urbanization amid the presence of migrations from the rural areas coupled with upgraded standard of living owing to increase spending power have been driving the commercial and domestic cooling applications.

Robust industrialization with growing need for maintaining chilled surroundings for high cost industrial equipment is expected to fuel fluorochemicals market demand.

Increasing prevalence of frozen food requires constant refrigeration for maintaining the food quality throughout the storage and transportation phases until it reaches the customers. Thereby, surging demand for efficient cooling for maintaining the quality of frozen food will drive the market size, especially from refrigerants application.

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In addition, rising installations of air-conditioning and HVAC systems in automotive and household applications will also fuel product demand. Growing investments toward housing developments in line with the ever-increasing automotive production are anticipated to support fluorochemicals industry outlook throughout the forecast timeframe.

Apart from cooling and refrigeration applications, the product is utilized as a blowing agent in foamed plastics manufacturing. Foamed plastics comes with multiple benefits such as reduced structural weight and convenience of usage. High applicability of foamed plastics for providing comfort, cushioning, and energy dissipation applications in automotive and electronics industry, should stimulate the product demand further augmenting fluorochemical market growth.

How will increasing aluminum production accelerate fluorochemicals industry trends?

Inorganic fluorochemicals such as AIF are majorly used to improve the energy efficiency and cost-effectivity during aluminum production. Aluminum being the light-weight and sturdy metal finds widespread applicability across several industries. Increasing aluminum production to meet the growing demand from various industries such as transportation, electronics, power, construction and packaging will accelerate fluorochemicals market trends over the forecast period.

How will Fluorochemicals Market accrue substantial revenue from components application?

Fluorochemicals market from components applications is driven by robust product utilization across electronic industry for semiconductor manufacturing. Fluorine polymers when used in combination with other polymers provide water repellency and additional lubricity to the components and parts and are used in screen display and monitors manufacturing. Owing to the continued expansion of the electronic industry, fluorochemicals market from components applications is estimated to accrue substantial revenue of over USD 25 billion by 2024.

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What will drive the China fluorochemical market share over the forecast period?

China fluorochemical market is primarily driven by refrigerant applications. Owing to high investments in the residential housing and public infrastructural project, China fluorochemicals market from refrigerants application is projected to grow over 6% through 2024.

Also, the country is the largest producer of fluorspar, a key raw material used in the commercial production of fluorocarbons which will further augment China fluorochemicals market share.

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