The global fluorochemicals market size is
expected to reach USD 31.21 billion by 2024, according to a new report by Grand
View Research. Growing popularity of fluoropolymers in automotive and
electronics sectors on account of exhibiting superior properties such as good
electrical insulation and tensile strength is expected to have a positive
impact on the industry.
Growing demand for
aluminum in a host of end-use industries including aviation, automotive,
electronics and healthcare is expected to drive demand. Furthermore, expansion
of these industries is expected to accelerate growth. Presence of a stringent
regulatory framework which includes critical protocols including the Montreal
Protocol and Kyoto Protocol has led to the restricted production and use of
numerous chemicals including HCFC and CFC.
Access Research Report of Fluorochemicals Market@ www.grandviewresearch.com/industry-analysis/fluorochemical-market
Fluorocarbons dominated
the global market accounting for over 52% of volume share in 2013. Increasing
application of refrigerants in HVAC systems is expected to drive fluorocarbons
industry expansion in the near future. Lax regulatory framework in high
potential markets of Asia Pacific, including China and India is expected to
propel product demand over the forecast period.
Fluoropolymers market is
expected to witness significant gains over the forecast period, with an
estimated CAGR of over 10.2% from 2014 to 2024. Its increasing demand in
automotive, construction and electronic applications is expected to augment
growth. Increasing construction spending, particularly in emerging economies of
Asia Pacific and Middle East is likely to drive industry growth.
Europe fluorochemicals
market accounted for over 12% of global volume share in 2013. Increasing demand
for fluoropolymers, inorganic and specialty fluorochemicals in a host of niche
applications is expected to drive demand.
Positive automotive
sector outlook in China, India and Indonesia is expected to remain favorable
factor for growth. Regulatory allowance for investment in metal sector coupled
with abundance of aluminum reserves in China and India is expected to increase
the application of aluminum trifluoride and have a positive impact on demand in
the near future.
DuPont, Solvay SA,
Daikin, Honeywell, Arkema SA, Dongyue and Asahi Glass dominated the global
fluorochemicals market share in 2013. This industry is moderately consolidated
and possesses oligopolistic nature.
In April 2012, Daikin
announced plans to launch a new fluorochemical product meant for use in touch
panels and displays. In July 2015, Solvay announced that it will supply Halar
ECTFE fluoropolymer to Amcor for manufacturing photovoltaic sheets. In June
2012, Arkema SA announced the expansion of its manufacturing facility located
in Pierre-Benite. The expansion was aimed at increasing the production of fluoropolymers.
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research
reports, customized research reports, and consulting services. To help
clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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