Selbyville, DE -- (SBWIRE) -- 12/24/2018 -- Fluorochemicals Market should surpass USD 32 billion by 2024, according to this new research report.
Fluorochemicals are obtained from mining fluorite, which is used in producing cobalt difluoride, sodium fluoride, nickel difluoride and potassium fluoride finding strong application scope in electronics and chemical industries.
Fluorochemical is a part of specialty chemicals and is estimated to exceed Fluorochemicals market worth by over USD 32 billion by 2024. Specialty chemicals market is strongly led by construction and automotive industry applications. China alone produced 25% of the global Fluorochemicals market share in automobile production in 2015. Increased application scope of fluorochemicals in automotive industry should propagate market growth.
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Fluorochemicals has extensive use in automotive, construction and electronics application which is attributed to its high resistance to organic solvents, bases and acids. Ammonia poses threat being a substitute for fluorochemicals at low cost and regulatory developments and might hinder product demand.
Europe and North America adopted Kyoto and Montreal Protocols to control usage of chemicals having high global warming potential (GWP) and will hinder product demand of CFC and HCFC.
Global fluoropolymers market is anticipated to witness highest growth rate of over 10% by 2024. This growth can be attributed to its extensive application scope in weather & chemical resistant fabrics and nonstick cookware. It is also used in manufacturing safety equipment for automotive and aircraft industry due to its key properties like durability, high resistance and strength.
Global fluorocarbon Market should surpass USD 8 billion by 2024 owing to its growing usage as aerosol propellant, solvent, refrigerant and blowing agent in refrigeration and automobile sectors. Rising environmental problems like ozone layer depletion and global warming might impact product penetration.
Global inorganics and specialty fluorochemicals should exceed USD 11 billion by 2024 due to is increased application by products like fluorosilicate, silicofluoride, cryolite and aluminum fluoride in manufacturing dental care products and as additive in toothpaste.
Aluminum production application will have a surge of demand owing to rising sales in commercial electrical appliances coupled with strong infrastructure development in regions like China, India and Indonesia. Revenue to be generated by using fluorochemicals in aluminum industry accounts to be over USD 500 million by 2024.
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North America fluorochemical Market is forecasted to surpass USD 6.5 billion by 2024. Rising demand of automobiles, electrical appliances for household and commercial use should propel regional market growth.
Asia Pacific fluorochemicals Market should show a growth rate of over 6.5% by 2024. This growth can be attributed to increase in manufacturing capacity of air conditioning and refrigeration equipment. Soaring demand in construction business should also drive regional fluorochemicals market.
Global fluorochemicals market is fragmented with many key industry participants. Some key players include DuPont, Daikin, Solvay, Asahi Glass, Arkema and 3M.
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