Fluorochemicals Market – Forecast (2024-2030)

Report Code: CMR 1151 Report Format: PDF + Excel

Fluorochemicals Market Overview 

The Fluorochemicals Market size is projected to reach USD 32.4 billion by 2030, after growing at a CAGR of 5.2% over the forecast period 2024-2030. The Fluorochemicals is an organic compound that contains fluorine and is widely used in electronics, refrigerators, and the automotive industry. Fluorochemicals provide UV resistance and high durability in various applications such as air conditioners, and refrigeration with excellent properties like high tensile strength and electrical insulation. Fluorocarbons are used as fluoropolymers and refrigerants, which have very low solubility features and due to this, they are not miscible in organic solvents like acetone and ethanol. COVID-19 pandemic has a profound impact on the demand and supply of fluorochemicals. The outbreak of COVID-19 has had a considerable impact on the overall development of the global HVAC (heating ventilation and air condition) system. In addition, the infrastructure and construction activities had been totally shut down from the first quarter of 2020, due to which new buildings, offices could not be commissioned. The aforementioned factors have highly affected the demand of HVAC system, which restrained the growth of the market.

Report Coverage

The report: “Fluorochemicals Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Fluorochemicals Industry.

By Product: Inorganic Fluorochemicals (Aluminum Fluoride, Hydrogen Fluoride, Inorganic Fluoride, Fluosilicic Acid, Cryolite, Others), Organic Fluorochemicals (Refrigerants, HCFC, Fluoropolymers, Fluorospecility, Others), and Others.

By Application: Refrigeration (Domestic Refrigeration, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration, Air Conditioning, Others), Metal Manufacturing (Aluminum, Steel, Others), Agrochemicals (Pesticides, Herbicides, Insecticides, Fungicides, Others), Blowing agents, Paints & Coatings, Fluid & Lubricants, Solvents & Cleaners, Surfactants, Propellants, Wire Insulation, and Others.

By Use Industry: Pharmaceutical, Chemical Industry, Semiconductor Industry, Oil and Gas Industry, Power Industry (Solar, Wind, Electric Power, Nuclear), Building & construction (Residential, Commercial, Industrial), Transportation {Automotive (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), Aerospace, Marine, Locomotive}, Electrical & Electronics, Textile Industry, Agriculture, Wire & Cables and Others.

By Geography: North America (U.S., Canada, and Mexico), Europe (U.K., Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, ANZ, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways

  • Asia-Pacific dominates the fluorochemicals market owing to increasing demand from applications such as automotive, oil and gas, pharmaceutical and transportation industries.
  • The growing demand for the HVAC systems, such as ventilation, refrigerator, and air conditioning is likely to aid in the market growth of the fluorochemicals market.
  • Organic based chemicals such as HFC & HCFC and fluorocarbons are used for refrigerant production owing to its cost-effectiveness. It promotes a clean air system in the industrial sector.

Fluorochemicals Market Segment Analysis - By Product

Fluorocarbons dominated with the highest share in the fluorochemicals market in 2020. Fluorocarb for HFC and HCFC is anticipated to grow at a higher rate due to their extensive application as refrigerants. Fluorocarbons like fluoropolymers are colorless and they are not miscible with most organic solvents but are miscible with some hydrocarbons. The consumption of fluorocarbons is increasing in the electronics, construction, and automotive industries on account of properties like high tensile strength and electrical insulation. Inorganic fluorochemicals are expected to witness growth in the coming years on account of the growing application of cryolite, silicofluoride, fluorosilicate, and aluminum fluoride in manufacturing cleaning agents and aluminum.

Fluorochemicals Market Segment Analysis - By Application 

Refrigeration has been the primary application for fluorochemicals market in 2020 and is growing at a CAGR of 7% during this forecast period. The demand for refrigerants is high particularly from developing countries such as India and China. Developing countries have been demanding HVAC (Heating Ventilation and Air Conditioning) system to run many industries such as automotive, healthcare, pharmaceuticals, construction and oil and gas and food industry which is influencing the growth of fluorochemical market.

Fluorochemicals Market Segment Analysis - By End-use

Automotive industry held the largest segment in the market of fluorochemicals. The rising demand for aluminum, refrigerant, and air conditioner is the major driver for the growth of fluorochemicals market. According to OICA, the production of light commercial vehicles has increased from 326,647 units in 2017 to 358,981 units in 2018, an increase of 10.2% in Brazil. Thus, the increasing light commercial vehicles industry is anticipated to boost the demand for fluorochemicals during the forecast period.

Fluorochemicals Market Segment Analysis - By Geography

The global market of fluorochemicals market size is anticipated to be dominated by the Asia-Pacific region with 47% shares in 2020. Rising demand for HVAC systems in the automotive and construction industry creating growth opportunities for the commercial and industrial refrigeration market. China is the world's largest vehicle market, according to the International Trade Administration (ITA), the Chinese government expects automobile production to reach 35 million by 2025. In 2019, according to OICA, the automotive production in Malaysia and Vietnam has increased up to 571632, and 250000, i.e., 1.2%, and 5.5%, higher than the previous year due to the rising per capita income of the individuals which further led to the massive demand for HVAC in APAC region. Thus, driving the fluorochemicals market.

Figure: Asia-Pacific Fluorochemicals Market Revenue, 2021-2026 (US$ Billion)
Fluorochemicals Market
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Fluorochemicals Market Drivers

Growing Demand in Food Industry for Refrigerant

Changing lifestyle and increasing demand for convenience food products is driving the market of fluorochemicals. The rising demand for refrigerators is necessary for the industrial areas as well as the domestic sector. The refrigerator gives proper storage facilities for food products, due to which the demand for refrigerators is increasing day by day. Refrigerator stores food products and daily needs for a long time. According to ASSOCHAM, the Indian food industry will potentially attract $33 billion investments by 2024. Thus, the rising demand for refrigerators from the food industry will contribute to the growth of the fluorochemicals market.

Rising Application as Blowing Agent

Rising application as a blowing agent is spread in the consumer electronics industry. The consumer electronics industry is the fastest growing in the world, due to its use in various applications such as ovens, ACs, and freezers fueling growth in the form blowing agents in the market growth. According to the U.S. Department of Energy, air conditioners use about 6% of all the electricity produced in the United States, at an annual cost of about $29 billion to homeowners. The applications are also reducing greenhouse gas and moving towards environmental sustainability. The demand for thermal installation with new technology is also contributing to the growth of the market.

Fluorochemicals Market Challenges

Lack of Availability

Rising demand for home appliances with new technologies are estimated to increase the product value but also create unavailability of fluorochemicals in the market. The demand of refrigeration and air-conditioner also show unavailability of fluorochemicals like fluoropolymers and fluorocarbons. HFC & HCFC of production of fluorochemicals are acted to trap heat in the lower atmosphere, causing the earth to warm climate and weather to change. Also, increase the formation of ground-level ozone (smog) but due to restriction, the market of fluorochemicals key sources are lacking behind.

Fluorochemicals Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the fluorochemicals market. Major players in the fluorochemicals Market top 10 companies are 3M Company, Solvay SA, Mitsui Chemicals Inc., DuPont, DAIKIN INDUSTRIES Ltd., ASAHI GLASS CO. LTD., Mexichem S.A.B. de C.V., Arkema Group, Air Products and Chemicals Inc., and among others.

Acquisitions/Technology Launches

In October 2019, Solvay SA announced to expand its Tecnoflon® FKM peroxide curable fluoroelastomer production capacity by nearly a third at its plant in Spinetta Marengo, Italy. This extra capacity is due to come on stream by May 2021 and follows recent increases at the same site as well as at Solvay's state of the art Tecnoflon® FKM plant in Changshu, China. Solvay, with its unmatched portfolio of Specialty Polymers, also produces Tecnoflon® FKM in the United States.

In April 2019, UET and Chemours entered into a joint venture for addressing the challenge of renewable energy storage. The need for energy storage increases as the smart grid develops and this ultimately surges the need for generating renewable energy and storing applications.

In July 2019, Arkema planned acquisition of ArrMaz, a global leader in specialty surfactants for crop nutrition, mining, and infrastructure.

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1. Fluorochemicals Market- Market Overview
    1.1 Definitions and Scope 
2. Fluorochemicals Market - Executive Summary
    2.1 Key Trends by Raw Material
    2.2 Key Trends by Tow Type
    2.3 Key Trends by Application
    2.4 Key Trends by End User
    2.5 Key Trends by Geography
3. Fluorochemicals Market – Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Fluorochemicals Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Fluorochemicals Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Fluorochemicals Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Fluorochemicals Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies 
8. Fluorochemicals Market– By Product (Market Size -$Billion)
    8.1 Inorganic Fluorochemicals
        8.1.1 Aluminum Fluoride
        8.1.2 Hydrogen Fluoride
        8.1.3 Inorganic Fluoride
        8.1.4 Fluosilicic Acid
        8.1.5 Cryolite
        8.1.6 Others
    8.2 Organic Fluorochemicals
        8.2.1 Refrigerants
   Hydrofluoro Carbon (HFC)
        8.2.2 Fluoropolymers
   Perfluoroalkoxy Alkanes (PFA)
   Polytetrafluoroethylene (PTFE)
   Polyvinylidene Fluoride (PVDF)
   Fluorinated Ethylene Propylene (FEP)
   Fluoroelastomers or Fluorocarbons ( FKM)
        8.2.3 Fluorospeciality
        8.2.4 Others
9. Fluorochemicals Market – By Application (Market Size -$Billion)
    9.1 Refrigeration
        9.1.1 Domestic Refrigeration
        9.1.2 Commercial Refrigeration
        9.1.3 Industrial Refrigeration
        9.1.4 Transport Refrigeration
        9.1.5 Air Conditioning 
        9.1.6 Others
    9.2 Metal Manufacturing
        9.2.1 Aluminum
        9.2.2 Steel
        9.2.3 Others
    9.3 Agrochemicals
        9.3.1 Pesticides
        9.3.2 Herbicides
        9.3.3 Insecticides
        9.3.4 Fungicides
        9.3.5 Others
    9.4 Blowing Agents
    9.5 Paints and Coatings
    9.6 Fluid and Lubricants
    9.7 Solvents and Cleaners
    9.8 Surfactants
    9.9 Propellants
    9.10 Wire Insulation
    9.11 Others
10. Fluorochemicals Market – By End Use Industry (Market Size -$Billion)
    10.1 Pharmaceuticals
    10.2 Chemical Industry
    10.3 Semiconductor Industry
    10.4 Oil and Gas Industry
    10.5 Power Industry
        10.5.1 Solar
        10.5.2 Wind
        10.5.3 Electric Power
        10.5.4 Nuclear
    10.6 Building and Construction
        10.6.1 Residential
        10.6.2 Commercial
        10.6.3 Industrial
    10.7 Transportation
        10.7.1 Automotive
   Passenger Vehicles
   Light Commercial Vehicles
   Heavy Commercial Vehicles
        10.7.2 Aerospace
        10.7.3 Marine
        10.7.4 Locomotive
    10.8 Electrical and Electronics
    10.9 Textile Industry
    10.10 Agriculture
    10.11 Wire and Cables
    10.12 Others
11. Fluorochemicals Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 U.S
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherland
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zeeland
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
        11.5.2 Africa
   South Africa
   Rest of Africa
12. Fluorochemicals Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Fluorochemicals Market – Market Share Analysis Premium
    13.1 Market Share at Global Level - Major companies
    13.2 Market Share by Key Region - Major companies
    13.3 Market Share by Key Country - Major companies
    13.4 Market Share by Key Application - Major companies
    13.5 Market Share by Key Product Type/Product category - Major companies
14. Fluorochemicals Market – Key Company List by Country Premium Premium
15. Fluorochemicals Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"