Fluorochemicals Market Analysis, Growth And Forecasts To 2020: Hexa Research
Fluorochemicals market is categorized into fluorocarbons, fluoropolymers and inorganics. These products are majorly used in refrigeration, aluminum production and industrial coatings. Fluorochemicals are majorly used in HCFC, CFC, and HFC refrigerants in household and industrial applications. Growing refrigerants demand is expected to be major driver for the market over the next six years. Increasing demand for light material in automotive coupled with fuel efficiency by using aluminum in automotive vehicles have increased aluminum production Increased aluminum production is expected to augment inorganic fluorochemicals market growth over the forecast period. Other factors such as increased use of fluoropolymers in reducing volatile organic compounds (VOC) emission in automotives coupled with stringent regulatory norms to control VOC is expected to have positive impact on market growth. Many European and North American countries have adopted Montreal and Kyoto Protocol for limiting or banning use of green houses gases such as HCFC and CFC in refrigeration applications, which is expected to hamper fluorochemicals market growth over the forecast period. High production cost associated with fluorochemicals is expected to further restrict market growth. South African government’s Fluorochemical Expansion Initiative for promoting fluorochemicals production is expected to acts as a key market opportunity over the forecast period.
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Fluorocarbons were the largest product segment in 2013, accounting for approximately 50% of global market volume. HCFC and CFC are ozone depletion agents and the U.S. government has plans to phase out their use in applications such as refrigeration, which is expected to restrict fluorocarbons market growth over the next six years. Growing use of HFC as an alternate is expected to propel market growth for fluorocarbons. Fluoropolymers is expected to be fastest growing product segment owing to its increased use in automotives and electrical applications.
Global fluoropolymers market is expected to reach 1,290.2 kilo tons by 2020, growing at a CAGR of 10% from 2014 to 2020. Global inorganics and other specialty fluorochemicals market is expected to witness growth at a CAGR of more than 2% from 2014 to 2020. Refrigeration was the largest application, accounting for over 40% of global market volume in 2013; owing to growing global refrigerants demand. Market growth is expected to be restricted owing to stringent environmental regulations against limiting use of green house gases. Aluminum production accounted for 10% of global market volume in 2013.
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About Hexa Research:
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
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