Global Fluorochemicals Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022
The global fluorochemicals market has projected to produce 5,398.2 kilo tons by 2022, rising at a CAGR of 4.3% from 2016 to 2022. Increasing demand for automotive, refrigerants, and aluminum in the developing countries is anticipated to increase the demand of fluorochemicals. Refrigerants market had generated $14.80 billion in 2014 and is expected to generate up to $23.60 billion in 2022. The major driving factors are the increasing cold chain market globally and rising demand of cooling products. The global cold chain market has generated $ 167.24 billion in 2015, and is expected to reach up to $234.49 billion by 2020. The rising end-user industries such as oil & gas, automobile, pharmaceutical, construction are increasing the refrigerant market. This increasing refrigerant market drives the market of fluorochemicals globally. The fluorocarbons have the highest market share of the total refrigerants market by volume. Asia-Pacific has the largest market share of refrigerants followed by Americas and Europe which have less market share as compared to Asia-Pacific. This growing market of the refrigerants helps to increase the market of the fluorochemicals in Asia-Pacific region.
Due to increasing pharmaceutical industries there is an increase in the demand of fluorochemicals. A huge number of pharmaceutical companies access organic fluorochemicals, either for aromatic or aliphatic use. The industrial experts believe that one in every 3 new pharmaceutical ingredients is based on fluorine chemistry. To focus more on R&D of new molecules and new chemical entities, various global pharmaceutical companies are increasingly outsourcing everything for chemical trials. The cost competitiveness of the Indian and Chinese drugs manufacturers has become a major factor for the outsourcing decision of the global pharmaceutical companies. This increasing API manufacturing basically for the generic pharmaceutical products, has created new opportunities for the fluorochemical intermediate manufacturers in the Asian region which helps to increase the market.
The global fluorochemicals market is segmented on the basis of product and applications. On the basis of product, the market is further segmented as fluorocarbons, inorganics and fluoro polymers. The fluorocarbons market is further sub segmented as HFC, HCFC and other market. On the basis of applications, the market is further segmented as refrigerants, aluminum, blowing agents, components and others .The global fluorocarbons market has generated various major transitions toward the greater use of non-global-warming fluorocarbons and non-ozone-depleting HFCs in emissive applications. Asia Pacific has the largest market share of the fluorocarbons in which China has the largest market share in the Asia Pacific market. This increasing market of the fluorocarbons helps to accelerate the market of the fluorochemicals globally.
The Asia Pacific region has the largest market share of the fluorochemicals of around 45% of the global market. China market will continue to increase due to growing demand of fluorochemical, and will emerge as the world’s largest market, followed by other Asian countries such as India. The Eastern Europe and Africa Mideast markets are accelerated by the increasing demand of aluminum fluoride in aluminum metal industries. Japan, Western Europe, and the US have the less market shares in the fluorochemicals market globally.
Some of the major strategies adopted by the key players are acquisitions and expansions. High cost and large interoperability problem acts as an entry barrier for the new players in the market.
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