New York, NY, March 13, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Organic Fluorochemicals Market, By Product Type (Aliphatic Compounds [HCFCs] and [HFCs], and Aromatic Compounds [Ring-Substituted], [Side-Chain Substituted], and [Fluorobenzene]), By Application (Automotive, Pharmaceuticals and Agrochemicals, Refrigeration, Steel, Blowing Agents, and Electronic Consumables) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024’’.
According to the report, global organic fluorochemicals market was valued more than USD 12,000 million in the year 2016 and it is expected to reach over USD 15,000 million by 2024. The global organic fluorochemicals market is expected to exhibit a CAGR of more than 3% between 2017 and 2024. In terms of volume, the demand for organic fluorochemicals is expected to reach around 3,000 kilotons in 2024 growing at a CAGR of more than 3% during the forecast period.
Browse through 52 Tables & 47 Figures spread over 110 Pages and in-depth TOC on “Global Organic Fluorochemicals Market: Industry Size, Share, Demand Analysis & Forecast, 2016 – 2024”.
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Market Report Highlights
- Increasing demand for HVAC and refrigeration systems is expected to boost the demand for organic fluorochemicals.
- Additionally increasing demand for blowing agents which utilize organic fluorochemicals is also expected to boost the global organic fluorochemicals market.
- Countries such as China, Japan, India, and ASEAN along with the U.S. are expected to drive the market during the forecast period.
- Rising number of organic fluorochemicals applications in pharmaceuticals, healthcare, and automobile industries will boost the demand for organic fluorochemicals.
- Rise in the installation of the HVAC systems along with the growing importance of the clean air systems in the manufacturing sector is expected to propel the market growth in the coming years.
- Organic fluorochemicals consisting aliphatic compounds held a leading share in 2016.
- Hydrochlorofluorocarbons (HCFCs) held a dominant share of the organic fluorochemicals consisting aliphatic compounds.
- Side-chain substituted held a dominant share of the organic fluorochemicals consisting aromatic compounds.
- Refrigeration application contributed the majority of the market share.
- The AsiaThe Pacific is the dominant region in the global organic fluorochemicals market and is also expected to be the fastest growing region in the upcoming years.
- Organic fluorochemicals market may observe a decline in demand owing to impending and already enforced regulatory ban on usage of certain organic fluorochemicals.
According to the analysts and insights shared by industry experts during primary research, stringent regulations and environmental concerns regarding the use of certain organic fluorochemicals owing to its global warming implications are expected to provide ample opportunities for global organic fluorochemicals market during the forecast period. After phasing out CFCs since it endangered ozone layer in the atmosphere, the phasing out process of HCFCs has already begun in developed countries and developing countries are expected to follow this trend in the coming years.
In the product type segment, organic fluorochemicals consisting aliphatic compounds hold the major market share. The organic fluorochemicals consisting aliphatic compounds dominated the market in 2016 with around 90% market share. Hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs) are widely used for refrigeration applications in various industries owing to which they have an increased demand since refrigeration is required in HVAC systems, refrigerators, automobile ACs, and cold storage, among others. The organic fluorochemicals consisting aliphatic compounds are further sub-segmented into hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). Aromatic compounds are further sub-segmented into ring-substituted, side-chain substituted, and fluorobenzene. Side-chain substituted compounds held more than 70% share of aromatic compounds in 2016.
Browse the full “Organic Fluorochemicals Market, By Product Type (Aliphatic Compounds [HCFCs] and [HFCs], And Aromatic Compounds [Ring-Substituted], [Side-Chain Substituted], and [Fluorobenzene]), By Application (Automotive, Pharmaceuticals and Agrochemicals, Refrigeration, Steel, Blowing Agents, and Electronic Consumables) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024” report at https://www.zionmarketresearch.com/report/organic-fluorochemicals-market
In the application segment, refrigeration is dominating the global organic fluorochemicals market. Organic fluorochemicals are widely used for refrigeration and cooling purposes in refrigerators, ACs, cold storage centers, and HVAC systems, among others. HCFCs and HFCs replaced CFCs as leading chemicals for refrigeration and cooling purposes after CFCs were banned owing to hazards caused by the ozone layer by its usage. Automotive, pharmaceuticals and agrochemicals applications also contributed a major share in the global organic fluorochemicals market in 2016.
The Asia Pacific dominated the global organic fluorochemicals market in 2016 followed by North America. Increasing number of manufacturing, chemical, and automobile industries and increasing usage of refrigerants and cooling solutions are expected to boost the market in this region. The Asia Pacific is also expected to be the fastest growing region over the forecast period. China, Japan, India, ASEAN, and South Korea, among others, are the leading countries in the Asia Pacific for organic fluorochemicals market. The environmental concerns regarding usage of certain fluorochemicals and the strict implementation of the ban could hamper the demand for fluorochemicals during the forecast period in this region. The North America organic fluorochemicals market is a comparatively mature market and is expected to grow at a sluggish pace during the forecast period.
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The major market players in the organic fluorochemicals market are 3M, BASF Chemicals, DuPont, Air Products & Chemicals Inc., Solvay SA, Arkema, Asahi Glass, and Honeywell, among others.
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Global Organic Fluorochemicals Market: Product Type Segment Analysis
- Aliphatic Compounds
- Hydrochlorofluorocarbons (HCFCs)
- Hydrofluorocarbons (HFCs)
- Aromatic Compounds
- Side-Chain Substituted
Global Organic Fluorochemicals Market: Application Segment Analysis
- Pharmaceuticals and Agrochemicals
- Blowing Agents
- Electronic Consumables
Global Organic Fluorochemicals Market: Regional Segment Analysis
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- The Middle East and Africa
- South Africa
- Rest of the Middle East and Africa
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