Fluorochemicals Market size worth $ 4.23 Billion, Globally, by 2028 at 5.20% CAGR: Verified Market Research®

Verified Market Research recently published a report, “Fluorochemicals Market” By Product (Fluoropolymers, Specialty, Fluorocarbons, Inorganics), By End User (Aluminium Production, Home & Industrial Appliances, Refrigeration, Pharmaceuticals), and By Geography.

According to Verified Market Research, the Global Fluorochemicals Market size was valued at USD 2.82 Billion in 2020 and is projected to reach USD 4.23 Billion by 2028, growing at a CAGR of 5.20% from 2021 to 2028.

Global Fluorochemicals Market Overview

Fluorochemicals are used in semiconductor manufacturing for plasma etching which involves discharging a high-speed plasma of gas that fabricates IC’s. Also, the panel displays which are employed in different devices like televisions, mobile phones, tablets, and other equipment which employ flat-panel displays use fluorochemicals. The growth of the semiconductor industry and electronics due to increasing technology integration, development in the technology industry, increasing affordability of electronic devices, and rising willingness for use further augment the demand for fluorochemicals.

Hydrofluorocarbons (HFC) also employ fluorochemicals which are used in refrigerators and air-conditioners. Fluorochemicals are also used to manufacture pesticides like herbicides to protect the crops from various soil-related diseases and pathogens. The rise of these industries is further expected to increase the demand for fluorochemicals. Also, fluorochemicals are used in dental applications to make fluorides used in maintaining dental hygiene in toothpaste, mouthwashes, etc. The increasing demand for personal care and hygiene products with other factors propel the growth of the Fluorochemicals Market.

Key Developments in Fluorochemicals Market

  • In October 2019, Solvay SA has announced to expand its Tecnoflon FKM peroxide curable fluro-elastomer making capacity at its plant in Italy. This additional capacity is by reason of come on stream by May 2021 and follows recent upsurges at the same site along with at Solvay’s state of the art Tecnoflon® FKM plant in China. Solvay, by means of its unmatched portfolio of Specialty Polymers, also manufactures Tecnoflon® FKM in the US.
  • In July 2019, Arkema has planned the acquisition of ArrMaz which is a global leader in specialty surfactants for mining, and crop nutrition.
  • In April 2019 Chemours Partnered with UET in order to address renewable energy storage challenge as application of fluoropolymers in renewable energy generation and storage is increases.

The major players in the market are Solvay SA, 3M Company, DuPont, Daikin Industries, Asahi Glass Company, Honeywell, Pelchem, Mexichem, Arkema SA, Dongyue.