The fluorochemicals market was valued at $21.4 billion in 2018, and is expected to reach $29.8 billion by 2026, registering a CAGR of 4.2% from 2019 to 2026. Fluorochemicals can be defined as the compound having fluorine in their formulations.
The fluorochemicals market is expected to witness considerable growth owing to factors such as surge in the demand from automobile and commercial refrigeration industry. Commercial refrigeration industry has witnessed noteworthy growth specifically in the developing economies such as China, Brazil, Africa, and India. This is attributed to rise in the disposable income. However, the increase in stringent environment regulations on the fluorocarbons is expected to hinder the fluorochemicals market growth. For instance, environmental problems associated with hydro fluorocarbons has been one of the significant factor that hinders the market growth. On the contrary, the rise in aluminum production activities in Asia-Pacific region is expected to offer lucrative growth opportunities during the forecast period.
China’s is one of the significant players in aluminum market. This is attributed to the collaboration of the government and other industries for the development of advance technologies that helps to reduce processed waste and decrease production cost, thereby propelling the demand for aluminum fluoride.
The fluorochemicals market is segmented into type, application, end use, and region. By type, the market is divided into fluorocarbons, fluoroelastomers, fluoropolymers, inorganics, and others. On the basis of application, the market is categorized into surfactants, propellants, aluminum production, refrigerant, automobile, agrochemicals, and others. On the basis of end use, the market is categorized into electrical & electronics, petrochemicals, chemicals, aerospace, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Fluorochemicals market share is analysed across all the segments and the main regions.
The fluorochemicals market analysis covers in-depth information of the major industry participants. Some of the major players in the market include Arkema S.A., Daikin Industries, Ltd., DuPont, Dongyue Group Co., Ltd., Halocarbon Products Corporation., Honeywell International, Inc., Kureha Corporation, Pelchem SOC Ltd., Solvay SA, and The 3M Company.
Other players in the value chain of the fluorochemicals market include Precision Polymer Engineering, James Walker & Co, Polycomp Bv, TRP Polymer Solutions Limited, Mexichem Fluor S.A. de C.V., Hubei Everflon Polymer, China Reform Culture Holdings Co., LTD., and others.
Key players are adopting numerous strategies such as product launch, acquisition, collaboration, partnership, product development, agreement, and business expansion, to stay competitive in the market.
For instance, Solvay doubled its production of High performance polymer SOLEF-polyvinylidene fluoride (PVDF) at its plant located in China. By increasing production capacity, the company reinforces its leadership in lithium-ion batteries.
In addition, the 3M Company at Formnext 2019 showcased industry’s first 3D printed polytetrafluoroethylene (PTFE). With the new product the company will offer enhanced products for electronics application.