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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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.
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 green house 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.
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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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