Fluorine Market Overview:
According to the latest research report published by DataM Intelligence, the Global Fluorine Market was valued at US$ 1,067.3 million in 2022 and is projected to reach US$ 1,247.8 million by 2030. The market is expected to exhibit a CAGR of 4.2% during the forecast period (2023-2030).
The global fluorine market has grown steadily, driven by the increasing demand for fluorine-based products in various industries. Fluorine is a highly reactive element widely used to manufacture a diverse range of products, from pharmaceuticals and pesticides to refrigerants and semiconductors.
The increased demand for refrigeration and air conditioning systems, which employ fluorine-based refrigerants such as hydrofluorocarbons (HFCs), drives the market share for fluorine-based goods. Furthermore, the aluminum industry employs fluorine-based compounds, such as aluminum fluoride, to lower the melting point of aluminum, making the manufacturing process more energy-efficient. Fluorine-based compounds are also used in the pharmaceutical sector to make a variety of vital medications, including anti-cancer treatments and antibiotics.
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Fluorine Market Drivers:
The Increasing Use of Fluorine-based Refrigerants
Using fluorine-based refrigerants is a primary factor that has greatly contributed to the growth of the worldwide fluorine market. Hydrofluorocarbons (HFCs), based on fluorine, are widely employed in refrigeration and air conditioning. They are well-known for their remarkable cooling qualities and have been used to replace chlorofluorocarbons (CFCs), which were phased out owing to their ozone-depleting effects. Global use of HFCs is predicted to increase dramatically in the future years, according to data from the U.S. Environmental Protection Agency (EPA).
According to the EPA, HFC consumption in developing nations will rise by 9% yearly, whereas consumption in affluent countries will rise by 2%. Because of the rising usage of fluorine-based refrigerants, the market trend of the global fluorine market, including market shares and opportunities, is expected to grow.
Fluorine Market Trends:
Various economic, political, and environmental variables influence the global fluorine market trend, affecting the demand and supply of fluorine-based goods. Overall, the global fluorine market will likely improve in the coming years, driven by rising demand for fluorine-based goods in different sectors and the development of new and creative fluorine compound uses.
Fluorine Market Restraints:
Concerns About the Usage of Fluorine-based Chemicals in The Environment
Environmental concerns about the usage of fluorine-based compounds are a key impediment to the global fluorine market. Fluorine is a highly reactive element, and several derivatives are hazardous to human health and the environment. Fluorine-based refrigerants, such as hydrofluorocarbons (HFCs), for example, are known to be powerful greenhouse gases that contribute to global warming.
Fluorine Market Challenges:
However, the market faces several global constraints, including price volatility and supply chain interruptions, which can affect the availability and pricing of fluorine-based goods.
Geographical Analysis:
Asia-Pacific is one of the most significant regions in the global fluorine industry, accounting for almost 35% of global demand. Asia-Pacific is a key consumer of fluorine-based goods, with considerable demand from various end-use sectors, including refrigeration and air conditioning, aluminum manufacture, and pharmaceuticals. China is one of the world’s leading producers of fluorine-based goods, with a sizable local market.
Several reasons drive demand for fluorine-based goods in Asia-Pacific, including rising urbanization and industrialization, which has increased demand for refrigeration and air conditioning systems.
Covid-19 Impact Analysis:
The COVID-19 epidemic has impacted the global fluorine market in various ways. On one hand, the pandemic has caused disruptions in global supply chains and diminished demand for numerous fluorine-based goods, notably in industries such as automotive, aerospace, and electronics. As a result, several fluorine manufacturers have seen decreasing production levels and income.
Fluorine Market Companies
The key players in the global fluorine market include ADCO Global Inc, ACE Geosynthetics Enterprise Co., Ltd, Aiello Chemical Co. Ltd, Solvay, Linde plc, Air Liquide S.A., AGC Inc, Central Glass Co., Ltd, Hyosung Chemical, and Zhuoxi Gas.
Segmentation Analysis:
The global fluorine market is segmented based on product, application, and region. By product type into fluorite, cryolite, and fluorapatite; by application into synthetic chemical materials, pharmaceuticals, pesticides, plastic, electronic cleaning, and others; and by region into North America, Europe, South America, Asia-Pacific, Middle East, and Africa.
Fluorspar is in High Demand for The Production of Different Glassware and Enamels
Fluorite, also known as Fluorspar, has a market share of around 75% of the product segment due to its application in the glass industry to create various glasses and enamels. It is necessary for the steel industry because it is used as a flux in manufacturing open-hearth steel, aluminum, and cryolite. China and Mexico are the two largest fluorspar producers, producing 4.3 million tons and 1.2 million tons in 2020, respectively. Fluoride is also used to treat osteoporosis, gingivitis, and tooth decay. Fluoride prevents tooth demineralization and is contained in toothpaste. According to the study, fluoride toothpaste is used in almost all industrialized nations.
Key Developments:
• In 2020, Honeywell, an American publicly listed global conglomerate firm, introduced Solstice N41, a new series of refrigerants aimed to be a more ecologically friendly alternative to existing HFC refrigerants. The device in question is suited for various applications, including commercial refrigeration and air conditioning.
• In 2020, Chemours, an American chemical corporation, launched Opteon XP, a new family of refrigerants. The products have a reduced global warming potential than standard HFC refrigerants and are intended for use in commercial refrigeration and air conditioning systems.
Related Reports:
- Global Chlorine Market
- Global Aluminum Fluoride Market
- Global Fluorotelomers Market
- Global Lithium Chemicals Market
Additional Benefits Post Purchase:
1) Unlimited Analyst support for a period of 1 year.
2) Any query with regard to the scope offered will be addressed within 24- 48 hours.
3) An Excel sheet with market numbers will be provided separately.
The Full Report has the below insights:
• The report offers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2021-2022) and verifiable projections about market size during the forecast period (2023-2030).
• Visualize the composition of the global fluorine market segmentation by product, application, and, region highlighting the key commercial assets and players.
- By Product: Fluorite, Cryolite, Fluorapatite
- By Application: Synthetic Chemical Materials, Pharmaceuticals, Pesticides, Plastic, Electronic Cleaning, Others
- By Region: North America, Europe, South America, Asia-Pacific, Middle East and Africa.
• Identify commercial opportunities in the global fluorine market by analyzing trends and co-development deals.
• The report also covers data insights on various industry forces such as Porter’s five forces analysis, supply chain analysis, pricing analysis, regulatory analysis.
• Excel data sheet with thousands of data points of global fluorine market-level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in Excel for the key product of all major market players
• The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
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