Albany, NY -- (SBWIRE) -- 01/05/2018 -- Keen players operating in the global fluorochemicals market, mostly domiciled in North America and Europe, are shifting their gaze to emerging nations in Asia Pacific, the Middle East and Africa, and Latin America that offer a lot of opportunities. This is also because the market in Europe and North America are saturated and provide limited growth opportunities. Such manufacturers are also resorting to bettering their product portfolio in keeping with the demand from domestic and commercial sectors.
Some of the key players in the fluorochemicals market are DuPont Inc, Daikin, Solvay SA, Asahi Glass, Arkema, Honeywell, Dongyue, Pelchem, Mitsui Chemicals Inc., and Air Products and Chemicals Inc.
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As per a report by Transparency Market Research, the global fluorochemicals market will likely rise at steady CAGR of 5.3% from 2017 to 2025 to become worth US$26.71 bn by 2025 from US$16.88 bn in 2016.
The various products available in the global fluorochemicals market are fluorocarbons, fluoropolymers, fluoroelastomers, aluminium fluoride (AIF3), etc. The fluorocarbons can be further sub-segmented into hydrofluorocarbon (HFC), hydrochlorofluorocarbon (HCFC), and others. The segment of fluorocarbons, of them, dominates the market vis-à-vis share by dint of its wide-ranging applications as refrigerants, solvents, lubricants, propellants, and stain-repellent products.
The main regions in the global fluorochemicals market studied in the report are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, at present, dominates the market owing to the ever-increasing demand from different applications and industries in the numerous developing countries in the region. By outpacing most other regions in terms of growth, the market in the region will likely become worth US$15.21 bn by 2025.
Demand for Refrigerants Boosts Uptake
At the forefront of driving demand in the global fluorochemicals market is the ever-growing 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.
"The rising demand for HVAC industry products like air-conditioners, refrigerators, chillers, pumps, de-humidifiers, etc. has propelled the demand for refrigerants. This is because of the commercial-level use of HVAC products in rapidly expanding industries such as food and beverages, oil and gas, automobile, pharmaceuticals, and construction. As such, the demand for refrigerants has received a considerable boost," explains the lead analyst of the TMR report.
Fluorochemicals also have numerous unique perceived benefits such as high tensile strength, electrical insulation, heat- and chemical-resistance, anti-corrosion, and others like durable oil-, water-, soil- and stain repellency. This has also served to boost their uptake.
Lack of Smooth Availability of Raw Materials Hits Market Growth
Posing a roadblock to the healthy growth in the global fluorochemicals market is the lack of uniform availability of raw materials like fluorspar. This has had a direct bearing on the price and thereby demand of the fluorochemical products.
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A noticeable trend in the market is that most of the world's fluorspar production is concentrated in China. This has created a high dependency on the country for price as well as availability. This has a direct effect on the final price of the fluorochemical products.
This review is based on the findings of a TMR report, titled, "Fluorochemicals Market (Product - Fluorocarbons (HCFC and HFC), Fluoropolymers, and Fluoroelastomers; Application – Refrigerants, Aluminum Production, Aluminum Foams, and Electricals and Electronics) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025."