Global Fluorochemicals Market 2016-2020
Fluorochemicals are chemical compounds that contain fluorine. Fluorine is a highly reactive element and is derived from sources like fluorite (also known as fluorspar), fluorapatite, and cryolite. Fluorine has a number of desirable chemical properties like high electronegativity, and reactivity and tendency to form stable compounds, which make it appropriate for various applications in the industrial, commercial, and medical sectors. It is the most electronegative and the most reactive of all elements.
Technavio’s analysts forecast the global fluorochemicals market to grow at a CAGR of 4.52% in terms of volume during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global fluorochemicals market for 2016-2020. To calculate the market size, the report considers the sales volume of fluorochemicals to the end-user industries like refrigeration, aluminum, and pharmaceuticals.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Fluorochemicals Market 2016-2020
Technavio recognizes the following companies as the key players in the global fluorochemicals market: 3M, AGC, Chemours, Honeywell International, and Solvay.
Other Prominent Vendors in the market are: Arkema, Daikin Industries, Dongyue, Gujarat Fluorochemicals, and Mexichem.
Commenting on the report, an analyst from Technavio’s team said: “Technological innovations will be a key trend for market growth. Leading global players regularly upgrade and focus on enhancing their product ranges to suit both the customer needs as well as the environmental protocols applicable on fluorochemicals. The R&D divisions of these vendors are active in finding new innovative products, which are structurally as well as functionally well-equipped, cost-effective, and adhere to the regulations laid down by the EPA and other international organizations. Liaoning Kelong Fine Chemical, for example, focuses on its R&D to produce high-value fluorochemicals like electronic grade hydrofluoric acid, fluorine-based special gas, substitutes of ozone depleting substances like fluorinated alkanes, modified fluororesin, fluorocarbon alcohol, fluorine-enriched lithium salts, and fluorine-enriched liquid crystal materials. Many new products are being launched by several vendors, which include surfactants, eco-friendly refrigerants, and elastomers.”
According to the report, the increasing demand for refrigerants is expected to be a major driver for the global fluorochemicals market during the forecast period. Factors like the rising global temperatures (32.5 to 33.8 degree Fahrenheit in the lowest emission scenario and 36.7 to 40.64 degree Fahrenheit in maximum emission) and the improving living standards of the population in APAC, and Central and South America are expected to increase the demand for domestic refrigerators.
Further, the report states that high cost will be a challenge for the market. The high price of fluorochemicals like HFC and HCFC, which are extensively used in the refrigerants industry, in comparison to alternatives like inorganic ammonia and carbon dioxide restricts the growth of the global fluorochemicals market to a certain extent. In the coming years, the high cost of fluorochemicals will play a pivotal role in their use in various applications in the blower industry, aluminum manufacturing, refrigerants industry, and pharmaceuticals industry. It will also determine their use in the manufacture of coatings and adhesives. Even though the cost of raw materials that are needed for the production of fluorochemicals is decreasing, the overall cost of fluorochemical end-products is increasing due to the high production costs involved. The huge R&D investments, cost involved with the industry and equipment setup according to the latest regulatory guidelines, and the cost required for differentiating the portfolio of products manufactured add to the cost of the end product.
3M, AGC, Chemours, Honeywell International, Solvay, Arkema, Daikin Industries, Dongyue, Gujarat Fluorochemicals, Mexichem.
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