The global fluorochemicals industry, valued at $27.5 billion in 2020, is poised for solid growth over the next few years, thanks to the boom in automotive sector and its recent usage in the construction industry.
Expanding at a CAGR of 6%, its market will surpass $53.1 billion by 2031, according to a report by Transparency Market Research.
The expansion of the fluoropolymers industry is projected to propel the demand for fluorochemicals over the next few years, it stated.
The other forms of materials used in automotive industry include resins, solutions, compounds, and coatings. Newer uses of fluorochemicals in the construction industry are also being developed.
According to the report, the growth of the automotive sector is an important factor driving the fluorochemicals market. Fluoropolymers, a type of fluorochemicals, are used on a large scale in the production of various automobile components such as air conditioners, chillers, fuel tanks, connectors, compressor hoses, and underfloor heating cables.
The automobile industry is considered one of the most important industries driving the global economy. It is experiencing a gradual recovery from the Covid-19 impact, it stated.
However, countries across the world, especially those in Asia Pacific, are witnessing significant increase in the demand for automobiles. This is likely to drive the fluorochemicals market at a significant pace during the forecast period.
Fluorochemicals are also used to manufacture lighter alloys that are used in the automotive sector besides the construction industry, which is a key end user of fluorochemicals.
The global fluorochemicals market is broadly affected by several factors, including usage of fluorochemicals in various applications such as refrigerants, aluminium production, plastic foams, electrical and electronics, and others, said the report by Transparency Market Research.
Shrinking size of products is one of the latest trends in the consumer electronics industry. Reduction in size of products has resulted in manufacture of nanochips and complex circuit boards. This is fuelling the demand for high precision fluorochemicals.
Asia Pacific dominates the global fluorochemicals market. The market in the region is anticipated to expand at a CAGR of 7.4% during the forecast period.
Asia Pacific held the major share of the market in 2020, owing to the presence of a large population and high economic growth rate of the region. End-use industries of refrigerants, aluminum production, medical, agriculture, and apparel, are performing well in the region. This is expected to boost the demand for fluorochemicals in Asia Pacific during the forecast period.
China is a large producer of raw materials required for fluorochemicals. Hence, Asia Pacific is also an important source of comparatively lower-priced products. China held a major share of the fluorochemicals market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a key region of the global fluorochemicals market. Germany led the fluorochemicals market in Europe in 2020. On the other hand, presence of a large number of automotive manufacturing companies and increase in the demand for refrigerants are estimated to drive the fluorochemicals market in the US in North America.
The global fluorochemicals products market was consolidated with the presence of key players. Prominent players operating in the global fluorochemicals market are DuPont de Nemours, Daikin Industries, Ltd, Solvay SA, Asahi Glass Company, Arkema, Honeywell, Pelchem, Mitsui Chemicals Inc., The Chemours Company, and The 3M Company.

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