Fluorochemicals Market Driven by Growing Demand for Aluminium, Refrigerants, and Automobiles – New Report by MicroMarket Monitor
Fluorocarbon Refrigerants can be segmented by Geographies, Companies, Applications and Ingredients. http://www.micromarketmonitor.com/market-report/fluorocarbon-refrigerants-reports-6093777763.html.
(PRWEB) July 10, 2014
Fluorocarbons are the most commonly used refrigerants. Chlorofluorocarbons (CFC), Hydrochlorofluorocarbons (HCFC), and Hydrofluorocarbons (HFC) are the types of fluorochemicals commonly used as refrigerants. However, due to the relatively high ODPs and GWPs, CFC and HCFC are being phased out, thus driving the demand for HFCs.
Fluoropolymers have been found to have wide applications in a large number of industries due to their versatile properties. The global fluorochemicals demand has been growing steadily over the last two years on account of increasing application scope, technological innovation, and the growing demand.
The fluorocarbon refrigerant held the maximum share of nearly 80% in 2012, in global refrigerant consumption, and is expected to grow at a CAGR of 5.5% for a period of five years.
Browse through the market data tables, figures and detailed ToC on the “Fluorocarbon Refrigerants Market”.
Asia-Pacific Fluorocarbon Refrigerants Market
The fluorocarbon refrigerant market captured the maximum share of 85% in the Asia-Pacific market in 2012 and is expected to reach a volume of 758.1 thousand MT by 2018. The main reason for this growth is the increasing use of fluorocarbons in the refrigeration and AC equipment.
The huge consumption potential, along with the growing production capacities, competitive manufacturing costs, and the high economic growth rates, are favourable factors for the future growth of the refrigerant market in this region.
China-based Dongyue Group Co., Puyang Zhongwei Fine Chemical Co, Shandong Yuen Chemical Industry Co. Ltd, and Sinochem Group, India-based Gujarat Fluorochemicals Ltd, Navin Fluorine International Ltd (India), and SRF Ltd, and Daikin in Japan are the key regional market players.
China highly dominates the fluorocarbon refrigerant market in this region followed by India, Japan and the rest of Asia. Australia, Taiwan, South Korea, Malaysia, and Thailand are some of the key countries in this region.
Americas Fluorocarbon Refrigerants Market
Americas has always been a strong market for refrigerants. The Americas region includes North America and South America. The U.S. is the most dominant country in the Americas market. The major companies producing refrigerant in the U.S. include DuPont, Honeywell International Inc., National Refrigerants, Mexico-based Mexichem Fluor, and Quimobasicos S.A de C.V.
The HCFC phase out schedule began from 2010 in the developed countries and is soon expected to phase out in developing countries as well. Thus, as a substitute of HCFC, the demand for HFC will exceptionally rise in next five years.
DuPont, Honeywell International Inc., National Refrigerants, Mexico-based Mexichem Fluor, and Quimobasicos S.A de C.V. are some of the leading players in this region.
U.S. is a highly regulated market, with strict regulations regarding plastic production, use, and disposal, and these regulations are controlled by the EPA (Environmental Protection Agency).
European Fluorocarbon Refrigerants Market
Adverse market forces such as high fluctuations in the raw material prices, rising manufacturing costs, and tight competition from Asia-Pacific producers can affect the competitiveness of European producers, and the currency fluctuations between the Euro and Dollar can lead to currency translation distortions in international sales turnover of the European manufacturers.
The major fluorocarbon refrigerant companies in Europe include Arkema SA, Harp International Ltd, Linde AG, and Solvay S.A., and others. The slow growth in European region is mainly due to the Eurozone crisis.
Middle East and African Fluorocarbon Refrigerants Market
The Middle East and Africa are important regions in the refrigerant market, showing a significant growth in recent years. HFCs, that are replacing CFCs and HCFCs, do not contain chlorine and/or bromine, and do not deplete the ozone layer.
The fluorocarbon refrigerant demand was around 114.7 thousand MT in 2012 and is expected to reach 154.4 thousand MT by 2018, where the market is projected to grow at a CAGR of 4.7% from 2013 to 2018. This region is embarking its ambitious plan to phase out the use of HCFCs. Thus, hydrocarbon refrigerants are gradually gaining favor as an alternative to fluorocarbon.
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