September 01, 2022 10:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES
Wilmington, Delaware, United States, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The growth of the global market for fluorochemicals pivots on the widespread utilization of the chemicals as refrigerants, in aluminum production, and in the manufacture of plastic foams. Rising preference of fluorinated ethylene propylene (FEP) resins in electrical & electronic applications has reinforced the production of fluorochemicals. The size of the overall fluorochemicals market to exceed worth of US$ 53.1 Bn by 2031.
The product demand for fluorochemicals market is propelled by the growing use of fluorocarbons and fluoropolymers in diverse range of applications in multiple industries. Particularly, the rising demand for automobile and refrigerants in food and HVAC industry is spurring the utilization of fluorochemicals in various industries. Adoption of new refrigeration and air conditioning technology has catalzyed the need for energy efficient refrigerants, which has augmented growth opportunities in fluorochemicals market.
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The authors of the TMR study observed that update in regulations on fluorocarbon polymers has led fluorochemicals market manufacturers to raise the prices of the final products. A case in point is increased cost of production for fluorocarbon polymers. These are used extensively in applications that require water and oil barrier properties.
R&D in water repellent fabrics has enriched the market prospects of fluorochemicals used in making fabrics for sportswear and medical bandages. These applications need the fabric to be water resistant, thus boosting the growth prospects for fluorochemicals market.
Key Findings of Fluorochemicals Market Study
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Key players are leaning on collaborations and joint ventures as competitive strategy in the fluorochemicals market. Prominent players are geared toward product innovations.
Some of the key players are The Chemours Company, 3M, Mitsui Chemicals Inc., Pelchem, Honeywell, Arkema, Daikin Industries, Ltd., Solvay SA, and DuPont de Nemours, Inc.
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