North America Fluorochemicals Market Size – USD 20.97 Billion in 2020, Growth - CAGR of 5.1%, Trends – Increase in aluminum production

Increasing demand for refrigerants is a significant factor estimated to stimulate market demand.

 The global Fluorochemicals Market is expected to reach USD 31.23 Billion by 2028, according to a new report by Reports and Data. The significant factor fueling the growth of fluorochemicals market is the increase in requirement for refrigeration across numerous end-user industries. Rising temperatures along with demand for cold storage systems across the globe and climate control systems have stimulated the demand for HVAC and refrigeration systems, which in turn would have a positive impact on the fluorochemicals market growth.

A major restraining factor in the market growth is the rising environmental concerns pertaining to the use of these chemicals, which has leading governments worldwide, to frame regulations to phase out their utilization gradually. Another hindrance comprises non-uniform availability of the fluorspar mineral, raw material in the production of fluorochemicals. Nevertheless, novel products and less harmful fluorocarbons are currently in the RD phase.

Additionally, growing demand for blowing agents which use fluorochemicals in manufacturing foamed plastics is expected to a open window of opportunities in the market during the forecast period.

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Top Companies: 3M, DuPont, Honeywell, Solvay SA, Pelchem, Mexichem, Archema SA, Dongyue, Halocarbon Products Corp., and Daikin Industries among others.

Key Companies in the market include:

• Organic products contributed to the largest market share in 2020 with a growth rate of 5.0% in the forecast period. Fluorocarbons held a market size of around 50% in 2020. It is likely to lose share to inorganic and polymer counterparts in light owing to strict regulatory norms in the U.S. and Canada to phase out CFC and HCFC compounds.
• Refrigerant applications held the largest market share of around 45% in 2020. The increasing prominence of clean air systems in manufacturing industry coupled with rising installation of HVAC systems in automobiles is anticipated to support market growth in the forecast period.
• The market in the APAC region contributed around 40% of the market share in 2020. Growth of the automotive industry in China, India, Indonesia, and Malaysia is projected to increase the application of refrigerants in HVAC systems for automobiles and as a result, contribute to market growth.
• The large quantity of aluminum reserves in countries like China, India, and Australia together with the regulatory inclination to promote FDI in the domestic metal sector is anticipated to increase its application in the upcoming year. The Asia Pacific region is forecasted to experience significant gains in the period 2019-2028.

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Key Regional Markets Covered in the Report:

North America (U.S.A., Canada, Mexico)

Europe (Italy, U.K., Germany, France, Rest of Europe)

Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)

Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)

Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)

Market Segmentation:

Product Type Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)

• Organic
• Inorganic

Application Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)

• Refrigerant
• Blowing Agent
• Aluminum Production
• Agrochemicals
• Lubricants
• Propellants
• Components
• Surfactants
• Specialty Chemicals
• Others

End-user Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)

• Chemical
• Petrochemicals
• Food Beverages
• Pharmaceuticals
• Automotive
• Aerospace
• Electrical Electronics
• Textile
• Paints Coatings
• Architectural
• Others

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Key questions covered in the global North America Fluorochemicals market report:

• What is the expected market size of the global Fluorochemicals market during the forecast period?
• What factors are expected to hamper global Fluorochemicals market growth over the forecast period?
• Which application segment is expected to dominate other application segments over the forecast period?
• Which region is expected to dominate in terms of revenue during the forecast period?
• What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
• Which leading players are operating in the global Fluorochemicals market?

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