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Fluorochemicals are the hydrocarbons that consist of fluorine. These are the chemical compounds in which at least one hydrogen atom is replaced by fluorine. Fluorochemicals are popular in fields of medical and dental, and chemical manufacturing. It is used in plasma etching in semiconductors and light bulbs, and to produce flat display panels and plastics such as polytetrafluoroethylene (PTFE). As the world population is growing at an exponential rate, the demand for fluorochemicals is expected to grow for applications in refrigeration, HVAC, construction, and others.
The key market driver for the global fluorochemicals market is the rising demand for HVAC technology from the construction industry. The rising commercial and residential construction activities in developing countries around the world have led to the growth in demand for ventilation systems throughout the building, thereby increasing the demand for fluorochemicals for refrigeration applications.
Key Market Driver -
Rising demand for HVAC technology from construction industry
Key Market Restraint -
Stringent regulations on the use and the manufacture of fluoropolymers
Key market restraint for the global fluorochemicals market is the stringent regulations on the use, and the manufacture of fluoropolymers, imposed by various government and regulatory bodies is expected to hamper the growth of the market. Perfluorooctanoic acid, which is used in non-stick coatings of cookwares, is found to have carcinogenic properties, which may affect the growth of the market.
Based on product, the fluorochemicals market is segmented into fluorocarbons, fluoropolymers, inorganic chemicals, gases, and specialty organics. Based on application, the market can be segmented into refrigerant, aluminum production, blowing agent, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Some of the notable companies in the global fluorochemicals market are Arkema SA, Chemours, Daikin Chemicals, Gujarat Fluorochemicals Limited, SRF, 3M, AGC Chemicals, Solvay SA, Honeywell International Inc., Dongyue Group, Orbia, and other key players.
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The global fluorochemicals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. High demand for fluorochemicals from North America for the production of aluminum is expected to grow the fluorochemicals market. The increasing expenditure on healthcare and research on the usage of fluorochemicals in medical implants is anticipated to grow the market in Europe. The increasing number of HVAC system installations in commercial and residential buildings in the countries of Asia Pacific is expected to support market growth. The growing requirement for effective commercial cooling systems to store perishable goods will show significant development of the market in Latin America. In the Middle East & Africa, rising need for effective goods transportation and distribution services will boost the demand for fluoropolymers in this region.
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