San Francisco, California, Aug. 17, 2015 (GLOBE NEWSWIRE) -- The global fluorochemicals market size is expected to reach USD 31.21 billion by 2024, according to a new report by Grand View Research. Growing popularity of fluoropolymers in automotive and electronics sectors on account of exhibiting superior properties such as good electrical insulation and tensile strength is expected to have a positive impact on the industry.
Growing demand for aluminum in a host of end-use industries including aviation, automotive, electronics and healthcare is expected to drive demand. Furthermore, expansion of these industries is expected to accelerate growth. Presence of a stringent regulatory framework which includes critical protocols including the Montreal Protocol and Kyoto Protocol has led to the restricted production and use of numerous chemicals including HCFC and CFC.
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Fluorocarbons dominated the global market accounting for over 52% of volume share in 2013. Increasing application of refrigerants in HVAC systems is expected to drive fluorocarbons industry expansion in the near future. Lax regulatory framework in high potential markets of Asia Pacific, including China and India is expected to propel product demand over the forecast period.
Fluoropolymers market is expected to witness significant gains over the forecast period, with an estimated CAGR of over 10.2% from 2014 to 2024. Its increasing demand in automotive, construction and electronic applications is expected to augment growth. Increasing construction spending, particularly in emerging economies of Asia Pacific and Middle East is likely to drive industry growth.
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Europe fluorochemicals market accounted for over 12% of global volume share in 2013. Increasing demand for fluoropolymers, inorganic and specialty fluorochemicals in a host of niche applications is expected to drive demand.
Positive automotive sector outlook in China, India and Indonesia is expected to remain favorable factor for growth. Regulatory allowance for investment in metal sector coupled with abundance of aluminum reserves in China and India is expected to increase the application of aluminum trifluoride and have a positive impact on demand in the near future.
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DuPont, Solvay SA, Daikin, Honeywell, Arkema SA, Dongyue and Asahi Glass dominated the global fluorochemicals market share in 2013. This industry is moderately consolidated and possesses oligopolistic nature.
In April 2012, Daikin announced plans to launch a new fluorochemical product meant for use in touch panels and displays. In July 2015, Solvay announced that it will supply Halar ECTFE fluoropolymer to Amcor for manufacturing photovoltaic sheets. In June 2012, Arkema SA announced the expansion of its manufacturing facility located in Pierre-Benite. The expansion was aimed at increasing the production of fluoropolymers.
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Source:Grand View Research