As a result, fire fighting foams may gain importance as a safety measure in manufacturing industry particularly oil & gas and chemical, which will stimulate global fluorotelomers market growth.
Sellbyville, DE -- (SBWIRE) -- 04/25/2019 -- As per a recent industry report put forward by Global Market Insights Inc., Fluorotelomers Market is forecast to register its name in the million-dollar fraternity down the line of seven years, by exceeding a revenue of USD 700 million by 2023 with a projected CAGR of 12.5% over 2016-2023.
Fluorotelomers Market is expected to gain remarkable traction, owing to mounting safety concerns pertaining to fire hazards. The textile, oil & gas, and chemical industries are mainly prone to severe fire threats and the growing concerns to take preventive measures against these accidents is stimulating fluorotelomers market. Fluorotelomers possess excellent chemical and thermal stability and thus helps in reduction of smoke pollution, minimizing fire spread, and provide resistance to re-ignition. This has particularly fueled the product demand in firefighting foams applications. Rising application scope in fire-fighting systems, textile, food & beverage and paper, and construction industries will significantly boost the demand for fluorotelomers. The global fluorotelomers industry is basically a sub-set of global fluorochemicals market. As per a report by Global Market Insights, Inc., the global fluorotelomers market size was over 26 kilo tons in 2015 and is expected to exceed 68 kilo tons by 2023, with an annual growth rate of 12.5% over the period of 2016-2023.
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Europe was one of the prominent regions collecting sizeable revenue share of over USD 15 million in 2015 from the firefighting application. Introduction of stringent regulations in Europe toward fire safety in the manufacturing industries including food & beverage, textile, and paper have positively impacted the regional fluorotelomers market dynamics. Europe is particularly dominated by Germany, UK, France, and Italy which shows a significant textile industry growth. Europe fluorotelomers market is projected to grow at an annual rate of 12% over the period of 2016-2023 and exceed 8.7 kilo tons by 2023 in terms of volume.
Global fluorotelomers market size will see 12.7% CAGR, as per industry expectations, with 68.9 kilo tons by 2023.
Europe, dominated by UK, France and Germany fluorotelomers market share, may register close to 8.7 kilo tons by 2023 with expectation of below industry average growth throughout the forecast timeframe.
North America food packaging application, led by the U.S. consumer base, may grow at 7.5% CAGR and register close to USD 17 million by 2023.
Europe fluorotelomers iodide products may witness highest gains at 9.1% CAGR and register over USD 19.5 million by 2023. Asia Pacific fires fighting foam applications can expected gains at over 12% CAGR and may register over 10 kilo tons by 2023.
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Latin America, led by Brazil, may expect significant gains throughout the forecast timeframe. Latin America textile applications may gain 8.5% CAGR and over USD 26 million by 2023.
MEA, led by petrochemical industry growth in Qatar, Saudi Arabia and UAE, is predicted to gain over 8.2% CAGR and register over USD 50 million by 2023.
Global fluorotelomers market share is highly regularized and driven by technology innovation. Notable industry players include Fluoryx, Daikin America, TCI, Dynax, AGC Chemicals and Wilshire Technologies.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.