The global fluorochemicals market
size is expected to reach USD 31.21 billion by 2024, according to a new
report by Grand View Research. Growing popularity of fluoropolymers in
automotive and electronics sectors on account of exhibiting superior
properties such as good electrical insulation and tensile strength is
expected to have a positive impact on the industry.
Growing
demand for aluminum in a host of end-use industries including aviation,
automotive, electronics and healthcare is expected to drive demand.
Furthermore, expansion of these industries is expected to accelerate
growth. Presence of a stringent regulatory framework which includes
critical protocols including the Montreal Protocol and Kyoto Protocol
has led to the restricted production and use of numerous chemicals
including HCFC and CFC.
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Fluorocarbons
dominated the global market accounting for over 52% of volume share in
2013. Increasing application of refrigerants in HVAC systems is expected
to drive fluorocarbons industry expansion in the near future. Lax
regulatory framework in high potential markets of Asia Pacific,
including China and India is expected to propel product demand over the
forecast period.
Fluoropolymers
market is expected to witness significant gains over the forecast
period, with an estimated CAGR of over 10.2% from 2014 to 2024. Its
increasing demand in automotive, construction and electronic
applications is expected to augment growth. Increasing construction
spending, particularly in emerging economies of Asia Pacific and Middle
East is likely to drive industry growth.
Europe
fluorochemicals market accounted for over 12% of global volume share in
2013. Increasing demand for fluoropolymers, inorganic and specialty
fluorochemicals in a host of niche applications is expected to drive
demand.
Positive
automotive sector outlook in China, India and Indonesia is expected to
remain favorable factor for growth. Regulatory allowance for investment
in metal sector coupled with abundance of aluminum reserves in China and
India is expected to increase the application of aluminum trifluoride
and have a positive impact on demand in the near future.
DuPont,
Solvay SA, Daikin, Honeywell, Arkema SA, Dongyue and Asahi Glass
dominated the global fluorochemicals market share in 2013. This industry
is moderately consolidated and possesses oligopolistic nature.
In
April 2012, Daikin announced plans to launch a new fluorochemical
product meant for use in touch panels and displays. In July 2015, Solvay
announced that it will supply Halar ECTFE fluoropolymer to Amcor for
manufacturing photovoltaic sheets. In June 2012, Arkema SA announced the
expansion of its manufacturing facility located in Pierre-Benite. The
expansion was aimed at increasing the production of fluoropolymers.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
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