According to the new study by Hexa Research, the Fluorochemicals Market is likely to reach over USD 25 billion by year 2020.The largest market of Fluorochemicals was in United States followed by Western Europe which is the Second largest market for Fluorochemicals. Fluorite which is the main source of fluorine was estimated to be around $549 million globally, extracting nearby 4.5 million tons per year.
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With the gradual recovery in Automotive Industry, increasing scope of PTFE application in Asia in industries like construction, cookware, electronics and chemical processing and medical is expected to control Fluorochemicals demand in upcoming years. Asia Pacific dominated the Fluorochemicals market demand in 2013, being the largest market for automotive, electronic consumables and chemical processing with 46% of volumes are consumed globally. Asia Pacific’s Fluorochemicals market is estimated to hit over USD 11 billion by 2020.Europe and North America are comparatively mature markets which are expected to reach around CAGR of 2.7% and 3 % from 2014 to 2020.
Report by Hexa Research also stated that, Fluorocarbons dominated the market global market with contribution for over 52% Fluorochemicals volumes in 2013.With 60% of total fluorocarbon market HCFC is being phased out currently.
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With the fluctuation of fluorspar supply, challenge for market participants has increased, which has increased in difficulty to maintain profitability and curtail costs. Fluorocarbons were the most dominant in terms of consumption followed by fluoropolymers and inorganic market. Some applicants of fluorocarbons are industrial coatings, pharmaceuticals and blowing agents.HFC and HCFC are mainly used in the manufacturing of air conditioners and refrigerants.
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