Asia Pacific fluorochemical market is anticipated to witness strong gains owing to the presence of major automobile manufacturers and growing vehicle demand in India and China. HVAC system provides pleasant climate inside vehicle by controlling temperature is anticipated to drive product demand in the forecast timeframe.
Mounting demand for cooling systems in industrial and domestic sector owing to changes in lifestyle and growing urbanization will drive fluorochemical market growth. Global commercial refrigeration market may exceed to USD 65 billion by 2024. Rising number of hypermarkets, departmental stores and supermarkets has led to rise in necessity for appropriate storage facilities of food products which may contribute towards market growth.
Fluorspar is a raw material for commercial manufacturing. However, severe environmental guidelines by EPA has led to taper off fluorocarbons products to reduce environmental effect. This may affect industry profitability and fluorochemicals market price trend.
Asia pacific fluorochemicals market size from HCFC is estimated to reach 280 kilo tons at the end of 2024. Rise in disposable income has led to increase in installation of air conditioning systems is projected to drive product demand in this region.
India fluorochemicals market size refrigerant application may exceed USD 1.5 billion in forecasted timeframe. Its growing use in automotive air conditioning and industrial chillers may boost market size.
Asia pacific fluorochemicals market share is moderately fragmented with the presence of numerous international and local manufacturers. Key players operating in the industry includes 3M, Asahi Glass Company, Daikin Industries, Dongyue Group, DowDuPont, Gujarat Fluorochemicals, Honeywell International and SRF.
The market is characterised with technical innovation to formulate and focus on the development of fluoropolymers. Companies are engaged in new product development and acquisitions in order to enhance their regional presence along with meeting the growing demand the industries.
Segments Covered in this Report:
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