Fluorochemicals Market by Product (Fluorocarbons [HCFC, HFC, HFO], Inorganic & Specialties, Fluoropolymers), by Application (Refrigerants, Aluminum Production, Foams, Electrical & Electronics), by Geography (U.S., Canada, France, Germany, U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023

Fluorochemicals Market Overview

Significant shift in usage patterns of fluorocarbon-based products and increasing resource and capital allocation toward research and development of fluorochemicals, which possess a low global warming potential (GWP) and a zero ozone-depletion potential (zero-ODP) are key trends impacting dynamics of the global fluorochemicals market.

Fluorochemicals are chemical derivatives of fluorine, a chemical element which is found in the Earth’s crust. These chemicals have a differentiated application base in a number of industries, including electronics, pharmaceuticals, automotive, and chemicals. These chemical derivatives of fluorine are utilized in these industries as blowing agents, air-conditioners, refrigerators, fire extinguishers, and others. In the report, the fluorochemicals market is segmented on the basis of product, application, and region.

The fluorochemicals market has been classified on the basis of product into fluorocarbons, inorganic and specialties, and fluoropolymers. Fluorocarbons, which are formed when fluorine is covalently bonded to carbon atoms in different number and configurations, accounted for the largest share in the market. The category is further divided into hydrochlorofluorocarbon (HCFC), hydrofluorocarbon (HFC), and hydrofluoric olefin (HFO). These products are employed in high-volume for refrigerants.

The fluorochemicals market has been categorized on the basis of application into refrigerants, aluminum production, aluminum foams, and electrical and electronics. Refrigerants accounted for maximum share in the market.

Based on region, the fluorochemicals market has been categorized into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). Geographically, APAC held the largest share in the market during the historical period. During the forecast period, the APAC market is expected to be driven by the growth in the automobile sector in China, India, Indonesia, and Malaysia, and increased adoption of refrigerants in heating, ventilation, and air-conditioning (HVAC) systems.

Fluorochemicals Market Dynamics

Drivers

Key factors driving the growth of the fluorochemicals market are growing adoption of clean air systems in residential, commercial, and industrial installations, and increasing installation of HVAC systems in automobiles. These are expected to augment the market growth in the near future.

The expansion of infrastructure has increased commercial and residential construction resulting in the increased demand for HVAC systems in warehouses, stores, malls, households, and others. Moreover, there has been a significant increase in the demand for frozen products and fresh food, which require temperature-controlled storage units to maintain the optimum quality and for the preservation of the products.

The global automotive industry is also growing at a swift pace driven by demand for vehicles across the APAC, LATAM and European region. Furthermore, the use of fluoropolymers in fuel cells to meet the demand of high performance, lightweight vehicles is also providing novel application areas in automobiles. Additionally, the establishment of stringent emission regulations, demand for fuel-efficient vehicles, and the growing demand for electric vehicles are expected to lead to considerable growth of the fluorochemicals market.

Restraints

Adoption of stringent environmental regulations and greenhouse gas (GHG) emission reduction targets by several countries is likely to restrict market growth in the coming years. In recent years, the adoption of Montreal Protocol and Kyoto Protocol in Europe and North America has focused on reducing consumption of chemicals with high GWP. Several fluorochemicals including chlorofluorocarbon (CFC) and HCFC fall under the category of high GWP, and are likely to witness substitution in cooling components, thereby, negatively impacting the growth of the fluorochemicals market.

Opportunities

Low penetration of fluoropolymers in several countries across the globe generates growth opportunities for players in the fluorochemicals market. Moreover, with the advent of growth in production of aluminum, semiconductors, batteries, and other electronic components is also anticipated to create high demand for high-value fluorochemicals.

Fluorochemicals Market Competitive Landscape

Some of the major players operating in the global fluorochemicals market are Honeywell international Inc., 3M Company, Solvay SA, Mitsui Chemicals Inc., DuPont, DAIKIN INDUSTRIES Ltd., ASAHI GLASS CO. LTD., Mexichem S.A.B. de C.V., Arkema Group, and Air Products and Chemicals Inc.

The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Saudi Arabia, and South Africa.