The Global Fluorochemicals Market is segregated into Product and Application.
On the Basis of Product, the market is further categorized into fluorocarbons, fluoropolymers, inorganics and specialties. The fluoropolymers is the most widely used product in the market due to its exceptional features offered by the product such as heat stability, durable nature, and strength. Moreover, efficiency, thermal as well as chemical resistance are the major factors behind the popularity of this segment. The fluorocarbon fluorochemicals segment is set to drive the market at slow pace due to the presence of toxic ingredients in the product.
On the Basis of the Application, the market is segmented into refrigeration, aluminum, automobile, electrical & electronics blowing agents, and others. The refrigeration is the leading segment in the market and is anticipated to observe a rapid growth due to an increased demand for fluoride materials in various applications. Additionally, the aluminum segment is predicted to witness a higher growth in the industry due to growing substitution of lightweight materials in manufacturing electric poles and bridges.
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Market Analysis 2018 to 2023
Fluorochemicals are organic compounds where fluorine replace the hydrogen atoms attached to the carbon granules. It has various significant properties such as excellent high resistance to organic solvents, acids, and bases. Furthermore, it provide versatility and durable nature to the product.
The Global Fluorochemicals Market has been driven by the scope of its application in various sectors such as refrigeration, aluminum, automobile, electrical & electronics blowing agents, and others. Moreover, it is estimated that the refrigeration segment is set to witness the highest growth in the market due to the growing consumption of cooling agents over the forecast period.
The Global Fluorochemicals Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, North America holds the major portion of the global market and is anticipated to continue its dominance due to rising demand for Fluorochemicals in various applications. Countries such as the U.S., Canada, and Mexico are the major players in this region. The Asia Pacific region is estimated to witness a higher growth in China, Japan and India owing to increasing demand for lightweight materials in HVAC systems, automotive, and electrical & electronics sectors. The enactment of new rules and regulations set by the European Union has allowed manufacturers to use Fluoropolymers in the end-use industries. Moreover, it is projected that the advancing research & development of product in the market may help to boost growth in Germany, the U.K. and Italy.
The Middle East & Africa is estimated to observe a significant growth due to increasing consumption of lightweight materials in aluminum and automotive sectors. Additionally, the growing demand for fluoride chemicals in refrigeration, and electrical & electronics is projected to boost the market in the Latin American region.
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