Fluorochemicals Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Fluorochemicals Market Analysis
During the period of the forecast, the fluorochemicals market is expected to register a CAGR of 4.4%, which is a lot.
Due to the impact of COVID-19, the fluorochemical market was negatively impacted because of nationwide lockdowns, social distancing mandates, etc., which caused supply chain disruptions. But after the pandemic, with help from the government, the market quickly recovered and is expected to get back to where it was before the pandemic.
- Over the short term, the growing demand from HVAC systems is expected to drive market growth.
- However, the environmental problems associated with fluorochemicals are likely to hinder the market's growth.
- Over the next five years, the fluorochemical market is likely to benefit from the research and development of fluorochemicals that make clothing waterproof.
- The Asia-Pacific region is expected to have the biggest share of the market and the highest CAGR over the next five years.
Fluorochemicals Market Trends
This section covers the major market trends shaping the Fluorochemical Market according to our research experts:
Fluorocarbon to Dominate the Market
- Due to new rules meant to protect the ozone layer and slow down global warming, the fluorocarbon segment is likely to be the largest.
- Fluorocarbons are used in propellants, blowing agents, refrigerants, and solvents, and major manufacturers are formulating less harmful fluorochemical substitutes that are anticipated to surge the demand for fluorochemicals. For instance, in 2021, the global refrigerator market generated a revenue of USD 126.6 billion, which showed an increase of 7.8% compared with 2020, which amounted to USD 118.8 billion. Therefore, this is expected to create demand for fluorochemicals.
- Fluorocarbon demand may go down over the next few years because of growing worries about the ozone layer.
- Fluorocarbons serve as a refrigerant, and the growing importance of clean air systems in the manufacturing sector and the growing installation of HVAC systems in automobiles are expected to increase the growth of the market. For instance, according to OICA, in 2021, automobile production in the United States amounted to 91,67,214 units, which showed an increase of 4% compared to 2020. So, if the number of cars made goes up, there should be more demand for fluorochemicals on the market in the country.
- All of the aforementioned factors are likely to be the driving forces behind the fluorochemical market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Over the next few years, the Asia-Pacific market is expected to be the biggest and grow the fastest. This is because more and more refrigerants are being used in HVAC systems in the automotive and infrastructure sectors.
- Fluor Technology's products are often used in the construction and building industries. These include anti-corrosion, high-strength, and UV-resistant materials like caulks, wire and cable, architectural membranes and coatings, and wire and cable.
- An increase in consumption of packaged and frozen food has led to a rise in market demand for commercial cooling systems, which is likely to drive the fluorochemical industry's growth. For example, the Ministry of Economy, Trade, and Industry (METI) says that the value of electric refrigerators made in Japan in 2021 will be JPY 229.39 billion yen ($2.09 billion), which is up 2.64 percent from 2020.
- Fluorine-based chemicals such as AHF are prominently used for aluminum production owing to their cost-effectiveness. For instance, according to the Ministry of Industry and Information Technology of the People's Republic of China, in 2021, the production volume of primary aluminum in China was 38.5 million tons, an increase of 3.8% compared to 2020. Therefore, this is expected to create upside demand for the flurochemical market in the country.
- Moreover, lightweight and low-maintenance characteristics also promoted the use of aluminum in electronic and automotive applications, which is likely to propel the demand for fluorochemicals. For instance, according to OICA, the total automotive production in India amounted to 43,99,112 units, which shows an increase of 30% compared to 2020. Because of this, a rise in the number of cars made is likely to increase demand in the fluorochemical market.
- Aluminum is likely to be used more in the region because China and India have a lot of it and their governments want to encourage foreign direct investment in their metal industries.
- So, all of these market trends are likely to boost the demand for fluorochemicals in the region over the next few years.
Fluorochemicals Industry Overview
The global fluorochemical market is fragmented by nature. Some of the major players (not in any particular order) in the market include Solvay, 3M, Arkema, Daikin Industries Ltd., and The Chemours Company, amongst others.
Fluorochemicals Market Leaders
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Solvay
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3M
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Arkema
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The Chemours Company
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DAIKIN INDUSTRIES, Ltd.,
*Disclaimer: Major Players sorted in no particular order
Fluorochemicals Market News
- November 2022: Gujarat Fluorochemicals Ltd announced that the company plans to expand its AHF capacity from 120 tpd to 220 tpd, which will help supply key starting raw materials for fluoropolymer, refrigerant gas, and battery chemicals.
- September 2022: ICICI Securities recently hosted Gujarat Fluorochemicals Ltd. GFL is optimistic about the rising opportunity in fluoropolymers and battery chemicals over the next 5-10 years. The company plans to expand capacity by 7x in FKM, 4x in PVDF, and 4x in PFA over the next two years, which will significantly drive revenue growth in new fluoropolymers.
Fluorochemicals Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Demand from HVAC Systems
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4.2 Restraints
- 4.2.1 Environmental Problems Associated with Fluorochemical
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products or Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Product
- 5.1.1 Fluorocarbon
- 5.1.2 Fluoropolymer
- 5.1.3 Specialty and Inorganic
- 5.1.4 Other Products
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5.2 Application
- 5.2.1 Refrigeration and Air Conditioning
- 5.2.2 Automotive
- 5.2.3 Electrical and Electronics (incl. Semiconductors)
- 5.2.4 Pharmaceuticals
- 5.2.5 Textile and Chemicals
- 5.2.6 Military and Defense
- 5.2.7 Space
- 5.2.8 Other End-user Industries
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis (%)** /Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 AGC Chemicals Americas
- 6.4.3 Anupam Rasayan India Ltd (Tanfac Industries Ltd.)
- 6.4.4 Arkema
- 6.4.5 DAIKIN INDUSTRIES, Ltd.
- 6.4.6 Derivados del Flúor, S.A.U. (MINERSA GROUP)
- 6.4.7 DIC CORPORATION
- 6.4.8 Dongyue Group
- 6.4.9 Dynax Corporation
- 6.4.10 Gujarat Fluorochemicals Limited
- 6.4.11 HaloPolymer
- 6.4.12 Honeywell International Inc.
- 6.4.13 Koura
- 6.4.14 MAFLONS.P.A
- 6.4.15 Navin Fluorine International Limited
- 6.4.16 Solvay
- 6.4.17 SRF Limited
- 6.4.18 The Chemours Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Research and Development in Rain-Repelling Fluorochemicals Used in Waterproof Clothing
Fluorochemicals Industry Segmentation
Fluorochemicals are hydrocarbons that consist of fluorine. These are the chemical compounds in which at least one hydrogen atom is replaced by fluorine. Fluorochemicals are popular in the fields of medical and dental care and chemical manufacturing. It is used in plasma etching in semiconductors and light bulbs and to produce flat display panels and plastics such as polytetrafluoroethylene (PTFE). The fluorochemical market is segmented by product, end-user industry, and geography. By product, the market is segmented into fluorocarbon, fluoropolymer, specialty, inorganic, and others. By end-user industry, the market is segmented into refrigeration and air conditioning, automotive, electrical and electronics, pharmaceuticals, textile and chemicals, military and defense, space, and other end-user industries. The report offers market sizes and forecasts for 15 countries across major regions. For each segment, market sizing and forecasts have been done on the basis of volume (tons).
| Product | Fluorocarbon | |
| Fluoropolymer | ||
| Specialty and Inorganic | ||
| Other Products | ||
| Application | Refrigeration and Air Conditioning | |
| Automotive | ||
| Electrical and Electronics (incl. Semiconductors) | ||
| Pharmaceuticals | ||
| Textile and Chemicals | ||
| Military and Defense | ||
| Space | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Fluorochemicals Market Research FAQs
What is the current Fluorochemical Market size?
The Fluorochemical Market is projected to register a CAGR of greater than 4.40% during the forecast period (2024-2029)
Who are the key players in Fluorochemical Market?
Solvay, 3M, Arkema, The Chemours Company and DAIKIN INDUSTRIES, Ltd., are the major companies operating in the Fluorochemical Market.
Which is the fastest growing region in Fluorochemical Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Fluorochemical Market?
In 2024, the Asia-Pacific accounts for the largest market share in Fluorochemical Market.
What years does this Fluorochemical Market cover?
The report covers the Fluorochemical Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Fluorochemical Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Fluorochemicals Industry Report
Statistics for the 2024 Fluorochemicals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Fluorochemicals analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
