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Fluorochemicals market is anticipated to grow at a strong CAGR by 2024

Author : Ravi Chawat | Published Date : 2021-01-25 

Fluorochemicals have unique chemical properties, which makes them well suited for an expansive range of applications. They are used in production of several types of plastics, in synthesis of pharmaceutical products, agrochemical compounds, lubricants, textiles, etc. Fluorochemicals market to hit USD 25 billion through 2024 and will grow at 10.3% CAGR over the timeframe.

Fluorine polymers when blended with other polymers, impart high surface energy in components made from blends. This high surface energy further provides components with additional lubricity and water repellency characteristics. Fluorine polymers also find application in electronic industry for manufacturing of semiconductors, monitors, and screen display.

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The increasing demand for refrigerators across industrial and residential sectors and changing consumer lifestyles are key factors expected to accelerate the fluorochemicals market growth over the ensuing years. Fluorochemicals – chemical compounds that comprises fluorine, are mainly used for the production of fluorocarbons such as HCFC and HFC, which plays a pivotal role in manufacturing refrigerants. Its numerous chemical properties such as good thermal stability, chemical reactivity, and high resistance make it useful for numerous industrial refrigeration applications.

U.S. fluorochemicals market is likely to generate a profit of more than USD 10 billion by the end of the analysis period. The ban on non-essential use of fluorocarbons is speeding up technological innovations to develop alternative solutions, which will positively impact product penetration. Development of new equipment for the production of HFO, along with increasing usage of HFO in aerosol propellants, in blowing agent for the production of foam, and in solvents for precision cleaning is likely to supplement fluorochemicals industry share.

On the regional front, France is anticipated to offer lucrative growth opportunities to companies operating in the fluorochemicals market growth. The strong presence of key industry players producing innovative product range with environmental benefits and energy efficiency in order to comply with strict government policies phasing out fluorocarbons are likely to accelerate regional industry growth over the forecast period. Studies estimate that France fluorochemicals market is expected to exceed to USD 2.5 billion by 2024.

A major evolution in the competitive landscape of fluorochemicals market is underway with industry majors joining forces and investing to come up with solutions that are in line with the sustainability trends. Navin Flourine’s USD 410 million contract for production and supply of a high performance product in the fluorochemicals business space bears testimony to the aforementioned declaration.

While talking about the competitive landscape, it is imperative to mention that global fluorochemicals market share is highly consolidated with the strong presence of major companies including Daikin Industries, 3M Company, Asahi Glass, Solvay S.A., Halocarbon Product Corp., Dongyue Group, Pelchem, Honeywell Inc, Mexichem, Dupont, and Arkema.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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