Industry Insights
Fluorochemicals market is categorized into fluorocarbons,
fluoropolymers and inorganics. These products are majorly used in
refrigeration, aluminum production and industrial coatings.
Fluorochemicals are majorly used in HCFC, CFC, and HFC refrigerants in
household and industrial applications. Growing refrigerants demand is
expected to be major driver for the market over the next six years.
Increasing demand for light material in automotive coupled with fuel
efficiency by using aluminum in automotive vehicles have increased
aluminum production Increased aluminum production is expected to augment
inorganic fluorochemicals market growth over the forecast period.
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Other factors such as increased use of fluoropolymers in reducing
volatile organic compounds (VOC) emission in automotives coupled with
stringent regulatory norms to control VOC is expected to have positive
impact on market growth. Many European and North American countries have
adopted Montreal and Kyoto Protocol for limiting or banning use of
green houses gases such as HCFC and CFC in refrigeration applications,
which is expected to hamper fluorochemicals market growth over the
forecast period. High production cost associated with fluorochemicals is
expected to further restrict market growth. South African government’s
Fluorochemical Expansion Initiative for promoting fluorochemicals
production is expected to acts as a key market opportunity over the
forecast period.
Product Insights
Fluorocarbons were the largest product segment in 2013, accounting
for approximately 50% of global market volume. HCFC and CFC are ozone
depletion agents and the U.S. government has plans to phase out their
use in applications such as refrigeration, which is expected to restrict
fluorocarbons market growth over the next six years. Growing use of HFC
as an alternate is expected to propel market growth for fluorocarbons.
Fluoropolymers is expected to be fastest growing product segment owing
to its increased use in automotives and electrical applications. Global
fluoropolymers market is expected to reach 1,290.2 kilo tons by 2020,
growing at a CAGR of 10% from 2014 to 2020. Global inorganics and other
specialty fluorochemicals market is expected to witness growth at a CAGR
of more than 2% from 2014 to 2020.
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Application Insights
Refrigeration was the largest application, accounting for over 40% of
global market volume in 2013; owing to growing global refrigerants
demand. Market growth is expected to be restricted owing to stringent
environmental regulations against limiting use of greenhouse gases.
Aluminum production accounted for 10% of global market volume in 2013
and is expected to witness growth owing to growing aluminum production
in Middle East and China. Fluorochemicals are also used as components in
home and industrial appliances, which were 37% of the global market in
2013; and are expected to witness highest growth owing to increased
application scope.
Regional Insights
Asia Pacific was the largest fluorochemicals market in 2013, with 46%
of global market volume. Growing automotive, refrigeration and
electronics consumables demand in End-use applications is expected to
propel fluorochemicals market growth in Asia Pacific. Governmental
initiatives to promote metal production in China and India are expected
to augment aluminum production, further fuelling fluorochemicals demand
over the forecast period. North America and Europe are expected to
witness growth at a CAGR of 2.8% and 3.0% from 2014 to 2020,
respectively. Aforementioned regions are expected to witness low growth
owing to stringent environmental regulations. Growing aluminum
production in Middle East coupled with growing automobile production in
Brazil is expected to augment fluorochemicals market growth in RoW over
the forecast period.
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