Albany, NY -- (SBWIRE) -- 09/14/2017 -- The global fluorochemicals market, impelled by escalating demand from the Asia Pacific region, will exhibit an estimated CAGR of 5% between 2012 and 2018, a study by Transparency Market Research says. The U.S.-based market intelligence firm forecasts that the global fluorochemicals market will grow to an estimated US$21.5 billion by the end of 2018, rising steadily from its 2011 value of US$15.3 billion. New avenues for the growth of the fluorochemicals market will be presented by two important application areas: aluminum production and refrigeration. These findings are encapsulated in the TMR report titled 'Fluorochemicals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018'.
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There list of industries that rely on fluorochemicals continues to grow longer, with the top application areas being the automobile and automotive industry, refrigeration, steel production and aluminum production. Companies would need to add Asia Pacific operations to their portfolio because this region will create appreciable demand for fluorochemicals over the next few years. For the purpose of this study, the global fluorochemicals market has been segmented thus into product types: Fluorocarbons, inorganics and specialties, and fluoropolymers. The fluorocarbons segment is sub-segmented into HCFC, HFC, and others. The 'others' segment features the following fluorocarbons: Perfluorooctanesulfonic acid (PFOS), polyvinylidene fluoride, methoxyflurane and enflurane, perfluorooctanoic acid (PFOA).
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Fluorocarbons were the predominant market segment in 2011, with a 54% share, largely owing to their widespread use in the industrial coatings sector and pharmaceutical industry. TMR's analysis also shows that the HFC segment will register the rapidest pace of growth within the fluorocarbons segment because the former is used widely in refrigerants and blowing agents. Similarly, the applications that have been closely analyzed in this report include: Refrigeration, blowing agents, aluminum production, and components and others. The team of analysts that prepared this report notes that in 2011, fluorochemicals were chiefly consumed by the refrigerants market. Interestingly, the refrigerants application segment was the largest among all other applications with a 43% share. But this trend will likely be disrupted by the advent of unfavorable regulations. In the meantime, the application segment of components and others is expected to pick up pace and emerge as the application segment with the fastest growth in the global fluorochemicals market.
The two aforementioned segments, in 2011, collectively account for the majority of the demand for fluorochemicals globally. TMR's analysis shows that by the end of 2018, the two segments will constitute about 81% of all demand in the global fluorochemicals market. Steady demand will also be observed in the two sectors of blowing agents and aluminum production with the global automobile and construction industry being on an upswing.
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According to the TMR report, as of 2011, the largest regional market for fluorochemicals was Asia Pacific with a substantial 46% share of the market. The APAC region will continue to enjoy a predominant position in the global market to 2018 because the region not only produces enough fluorocarbons for consumption, but also for exports. China is a very influential fluorochemicals market given that it ranks third in the world in fluorspar reserves. It is also the largest fluorochemicals market within APAC.
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