Fluorochemicals are chemicals compounds which contain fluorine and with the further development in the industry of metal, mining and chemicals has grown significantly in the recent trend. The global market of fluorochemicals is anticipated to exhibit an effective growth in the period of 2018-2023 because of the growing requirement for refrigerants in various end-use markets which majorly includes building and constructions, electronics, automotive, food and beverages and pharmaceuticals. Moreover, it is expected that the largest market is the United States. Furthermore, the Asia Pacific region for a 43% market share of the fluorochemicals market around the globe in 2017 and is projected that to present noteworthy growth in the forecasted period due to the fastest economic growth and less regulatory pressure in the country. The key players of the respective region is playing an important role for acquiring the huge market share around the globe in the coming years by doing an effective usage of the fluorochemicals in the various aspects of the market which further lead the market growth more significantly.
According to the report analysis, ‘Global Fluorochemicals Market Research Report – Forecast to 2023’ states that some of the major key players which are currently functioning in this market around the globe for attaining the huge market share by dominating the growing demand for fluorochemicals from the various segments of the market includes Gujarat Fluorochemicals Ltd (India), SRF Limited (India), Daikin Industries Ltd (Japan), Alufluor AB (Sweden), Fluorsid SpA (Italy), Halocarbon Products Corporation (US), Kureha Corporation (Japan), Arkema SA (France), DowDuPont (US), 3M (US), Solvay (Belgium), and The Chemours Company (US). Moreover, the market has some restraints which majorly includes stringent environmental regulations and restraints impact analysis. Meanwhile, the rising requirement for refrigerants in numerous end-use industries, enlarging automotive industry and drivers’ impact analysis are the major key factors which significantly drive the market growth of the fluorochemicals around the globe in the near future.
On the basis of geography, the demand of this, is growing which lead the market growth across the globe likewise the North America, Europe, Asia Pacific region, Latin America, Middle East and Africa and rest of the world. Whereas, the Asia-Pacific region held the highest market share of 43% in 2017. The regional market was valued at USD 11,187.7 million in 2017 ad is anticipated to increase at a CAGR of 6.6% to reach USD 16,298.5 million in the review period. The North America region held the second largest market share. The US had dominated the North American market in 2017 is anticipated to grow at a CAGR of 5.4% whereas the Canadian market is expected to increase at a CAGR of 5.0%.
The effective industrialization in developing economies, especially in China, India and South-East Asia countries, is likely to fuel the demand for refrigerants during the evaluation period. Additionally, the growing usage of fluoropolymers in developing applications such as water filtration and solar and photovoltaic is anticipated to fuel the growth of the market. It is expected that the market of Fluorochemicals will grow more significantly in the coming years over the decades with the growing demand of this in the various industries.
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Ankur Gupta, Head Marketing & Communications