Fluorochemicals Market Is Anticipated To Reach US$29.857 Billion By 2029 At A CAGR Of 3.04% (2024)

(MENAFN- EIN Presswire)

The fluorochemicals market is anticipated to grow at a CAGR of 3.04% from US$24.217 billion in 2022 to US$29.857 billion by 2029.

The fluorochemicals market is anticipated to grow at a CAGR of 3.04% from US$24.217 billion in 2022 to US$29.857 billion by 2029.” - Knowledge Sourcing IntelligenceNOIDA, UTTAR PARDESH, INDIA, May 31, 2024 /EINPresswire / -- According to a new study published by Knowledge Sourcing Intelligence, the fluorochemicals market is projected to grow at a CAGR of 3.04% between 2022 and 2029 to reach US$29.857 billion by 2029.

Fluorochemicals, which are also known as fluorinated chemicals, are chemical compounds that are involved in the fluorine bonded with carbon which has replaced most of the hydrogen. These compounds are well known for their unique characteristics that include extraordinary resistance to thermal, chemical, and electrical parameters. Fluorochemicals are the chemicals whose hydrocarbon backbone is combined with fluorocarbon ends. They are utilized in various fields, such as coatings , PU foams, and refrigerants. Thus, mechanical actions like surface energy reduction of the material and fluctuation of the transparency, and fluorochemicals will be able to break the adhesion between water, grease, and even dirt.

Fluorochemicals are being used widely by different industries to achieve all their different aims. For aerospace purposes, fluorochemicals are used in coatings, lubricants, and sealants , that are highly heat-resistant and able to withstand the severe conditions which develop during space travel.

The primary trigger for the growth of the fluorochemicals market is the increasing demand from the end-user industries. The fluorochemicals industry goes hand in hand with the developing downstream industries. Construction is using it in refrigerants, fire retardants, and weatherproof coatings. In cars, they strengthen the lifespan of AC systems, hoses, belts, and non-stick components. However, the most important industrial consumer of fluorochemicals is the electronics sector. These compounds are used primarily in semiconductors, printed circuit boards, and displays for a conductors of electricity.

For instance, the publication carried by the Ministry of External Affairs in August 2022 states,“The electronics industry will be worth US$ 300 billion in production by 2026 and India's electronic exports have more than tripled between 2015 and 2022, from US$ 5 billion to US$ 16 billion”.

The fluorochemicals are derived from the fluorine and have increasingly application areas like blowers, refrigerators, air conditioners and fire extinguishers and other electric devices.

More new products and collaborations appear in the market in order to create bigger share of the global fluorochemicals markets.

.In March 2023: AGC is boosting the production of fluorochemicals to respond to the growing demand, especially in the semiconductor field, the company is investing 35 billion yen to enlarge their Chiba Plant in Japan. This expansion shall be functional by April 2025. AGC will thus be a leading company in the fluorochemical market.

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In regards to fluorochemicals, product type the market is segmented into five segments fluorocarbons, inorganics, fluoropolymers, fluoroelastomers, and others. Fluoropolymers will hold the largest market share in the fluorochemical market according to the forecast. Besides the non-stick property, fluoropolymer is ubiquitous among industries ranging from construction to electronics since it is capable of functioning in the harshest environments.

Through a comprehensive breakdown of the fluorochemical market by end-use, the report identifies six major groups, which are electrical & electronics, transportation & automotive, chemicals, pharmaceuticals, aerospace, and others. Electrical & electronics are considered to be one of the main consumers of fluorochemicals. Electrical features and high-temperature resistance of fluorochemicals have created a niche for them in semiconductor components, printed circuit boards, and displays as well as raising demand in the thriving high-tech sector.

The fluorochemical market can be subdivided into seven groups according to the applications to which they are utilized which are namely aluminum production, blowing agents, agrochemicals, automobiles, refrigerants, components, and others. Refrigerants occupy the biggest share of the fluorochemical market. Refrigerants are a major section of the fluorochemical industry. The cold production is an integral element of the economy in many ways such as food storage, air conditioning, and production processes.

The expansion of Fluorochemical markets all over the globe based on geography is poised to experience significant growth in the Asia Pacific region as a result of many reasons. In countries such as China, India, Taiwan, and South Korea, fluorochemicals have a strong demand in various sectors including the construction industry, electronics, agrochemicals, and aluminum industry. The demand of these countries is the result of the expansion of the construction sector and the electronics industry, which have generated additional new requirements for fire retardants, coating, and components of fluorochemicals. By the same token, there is a market for fluorochemical refrigerants in energy-efficient buildings and appliances. Asia Pacific being at the heart of these factors is the most important region in the fluorochemical market.

The research includes several key players from the fluorochemicals market, such as 3M, DuPont, Daikin Industries, Solvay SA, Asahi India Glass Limited, Arkema, Honeywell International Inc. (AlliedSignal), Pelchem SOC Ltd (Necsa SOC Ltd), and Halocarbon, LLC.

The market analytics report segments the fluorochemicals market as follows:

.By Product Type

oFluorocarbons

.HFC
.HCFC and Others

oInorganics
oFluoropolymers
oFluoroelastomers
oOthers

.By End-Use

oElectrical & Electronics
oChemicals
oAutomotive & Transportation
oPharmaceuticals
oAerospace
oOthers

.By Application

oAluminum Production
oBlowing Agents
oAgrochemicals
oAutomobile
oRefrigerants
oComponents
oOthers

.By Geography

oNorth America

.USA
.Canada
.Mexico

oSouth America

.Brazil
.Argentina
.Others

oEurope

.United Kingdom
.Germany
.France
.Spain
.Others

oMiddle East and Africa

.Saudi Arabia
.UAE
.Israel
.Others

oAsia Pacific

.China
.Japan
.India
.South Korea
.Taiwan
.Thailand
.Indonesia
.Others

Companies Profiled:

.3M
.DuPont
.Daikin Industries
.Solvay SA
.Asahi India Glass Limited
.Arkema
.Honeywell International Inc. (AlliedSignal)
.Pelchem SOC Ltd (Necsa SOC Ltd)
.Halocarbon, LLC

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Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
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