The fluorochemicals market is predicted to witness significant growth over the next few years owing to its growing use as refrigerants in HVAC and cooling applications for automotive and industrial sectors. Extensive application of chemicals like hydrofluorines in aluminum electrolysis to remove impurities along with recent capacity addition in the aluminum refinement are few of the factors predicted to boost the industry growth in near future.
Fluorochemicals market is witnessing a rapid surge owing to its wide set of applications in areas such as aluminum production, refrigeration, and blowing agents. The global aluminum production volume accounted for 46.5 million tons in 2012 and is anticipated to reach 108.9 million tons by 2024. Huge demand for aluminum from electrical, construction, and transportation sector is in turn boosting the size of the fluorochemicals market globally.
Europe fluorochemicals market share, by product, 2014-2024 (Kilo Tons)
The refrigeration applications segment worth USD 7 billion in 2014, is predicted to witness a substantial growth over the next few years. The growing significance of clean air systems in the production sector along with rising HVAC system installations in automobiles are some of the factors predicted to promote the segment growth. The blowing agents applications segment is predicted to record a CAGR of 3% over the forecast timeframe due to the use of fluorochemicals in a wide range of plastics like polyurethane and polystyrene for improving their insulating properties in industrial and domestic applications like cold storage rooms, cooling plants, and packaging materials.
The fluorocarbons market led the product segment by contributing a revenue of about USD 6.5 billion in 2014, and is estimated to witness substantial growth over the coming years. The growth can be attributed to its extensive applications in fire extinguishers, air conditioners, blowing agents, and refrigerators. The fluoropolymers market share is predicted to record a CAGR of 10% over the forecast period. The inorganic fluorochemicals market contributed about 25% of the overall demand in 2014 and is expected to grow at a CAGR of 2% over the coming eight years. Its applications in electronics, steel & aluminum, fumigation, and cleaning agents is predicted to drive the product demand.
The Asia Pacific fluorochemicals market worth USD 8 billion in 2014, is predicted to record a CAGR of 5% over the forecast timeline owing to the growing demand for refrigerants in Indonesia, China, Japan, and India. The North America market is predicted to record a CAGR of 3.1% over the forecast timeline. The Europe fluorochemicals market is expected to record a CAGR of 3% over the period of 2015-2024 due to its extensive use in the pharmaceuticals and household surfactants.
Key market participants include DuPont, Arkema, Honeywell, Solvay, Pelchem, Mitsui Chemicals, and Mitsui Chemicals. These industry participants will try to maximize their market share through mergers & acquisitions and new product innovations.
Written By : Dhananjay Punekar