The global fluorochemicals market is growing, due to the increasing production of refrigeration and cooling equipment, and growth in primary aluminum output. Among the various product types, the fluorocarbons segment held the largest market share in the global Fluorochemicals market in 2015. However, among the various fluorocarbons, the hydro chloro fluorocarbons (HCFCs) consumption is anticipated to decline during the forecast period, owing to stringent environmental regulations for ozone depletion and global warming causing chemicals. In the developed economies, the HCFCs are being completely phased out and similar regulations are being framed to phase out hydrofluorocarbon (HFCs). The fluorochemicals segment is anticipated to witness the highest growth in the global market during 2016 – 2022.
The significant shift in the usage of fluorocarbon products and increasing research for the development of low global warming potential (GWP) and zero ozone depletion potential (ODP) are the key trends witnessed in the global fluorochemicals market. Low penetration of fluoropolymers in many countries across the globe is creating ample growth opportunities for the Global fluorochemicals market. Moreover, the growth in aluminum production, along with the production of semi-conductors, batteries and other components is also anticipated to create ample growth opportunities for high-value fluorochemicals.
Fluorochemicals are the chemical derivatives of fluorine, which is found in the earth’s crust. These chemicals have several applications in a number of industries including electronics, pharmaceuticals, automotive, and chemical processing. The fluorochemicals are utilized in these industries as blowing agents, air-conditioners, refrigerators, fire extinguishers and others.
News Courtesy: P&S Market Research