The fluorochemicals market is set to reach $29.8 billion by 2026, driven by demand in refrigeration and electronics, with Asia-Pacific leading in market share.
According to the report published by Allied Market Research, the global fluorochemicals market generated $21.4 billion in 2018, and is expected to generate $29.8 billion by 2026, portraying a CAGR of 4.2% from 2019 to 2026. The research provides a detailed analysis of changing market dynamics, key investment pockets, detailed segmentation, and competitive landscape.
Increase in demand for products of commercial refrigeration from different countries and surge in implementation in electrical & electronic applications fuel growth of the global fluorochemicals market. However, hazardous effects related to fluoropolymers on the environment hinder the market growth. On the other hand, rise in demand from the industrial maintenance industry create lucrative opportunities in coming years.
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On the basis of type, the fluorocarbons segment held more than one-fourth of the total market share in 2018, and is estimated to maintain its leadership position throughout the forecast period. This is due to rise in refrigerant demand from emerging countries including Asia-Pacific and LAMEA. However, the fluoroelastomers segment is projected to grow at the fastest CAGR of 5.1% during the forecast period. This is due to rise in adoption from the chemicals industry owing to the excellent performance in high-temperature and corrosive work conditions.
On the basis of end use, the chemicals segment accounted for the largest market share of the global fluorochemicals market, holding nearly one-third of the total share in 2018, and is expected to maintain its dominant position based on revenue by 2026. This is due to preference for fluorochemicals chemical processing due to its superior qualities such as high flexibility, tensile strength, chemical resistance, temperature resistance, reliability, and durability. Contrarily, the electrical & electronics segment is estimated to register the largest CAGR of 4.8% from 2019 to 2026.
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Based on region, Asia-Pacific held the largest market share, accounting nearly half of the total share in terms of revenue in 2018, and is projected to dominate during the forecast period. North America accounted for the second-highest market share in 2018. However, Europe would maintain the fastest CAGR of 5.4% from 2019 to 2026.
Leading market players analyzed in the research include Arkema S.A., DuPont, Daikin Industries, Ltd., Halocarbon Products Corporation, Dongyue Group Co., Ltd., Kureha Corporation, Honeywell International, Inc., Solvay SA, Pelchem SOC Ltd., and The 3M Company.
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The article discusses the growth and trends in the global fluorochemicals market, projected to reach $29.8 billion by 2026.
Increased demand for commercial refrigeration and electronics applications are major growth drivers.
Asia-Pacific holds the largest market share, with significant contributions from emerging markets.
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