The construction industry has been registering considerable growth recently, which can be ascribed to the strong economic growth and rapid rate of urbanization across the globe. The expansion of infrastructure is occurring in both residential and commercial sectors for catering to needs of the growing population. A major device that is integrated in buildings these days is an HVAC system. These systems are necessary for maintaining ideal temperature and atmosphere in various facilities, such as malls, warehouses, houses, and stores.
Owing to this, the global fluorochemicals market is predicted to register significant growth in the years to come. A chemical compound that comprises fluorine is referred to as a fluorochemical. These chemicals are majorly hydrocarbons, where at least one atom of hydrogen is replaced by fluorine. In addition to HVAC systems, these chemicals are also being utilized extensively in the automotive industry.
The automotive industry has been registering significant growth, as the demand for vehicles has been increasing in Europe, Asia-Pacific, and Latin America. Fluoropolymers are used in fuel cells for meeting the requirement for high performing and lightweight vehicles. In addition to this, various strict emission regulations have been established, owing to which, the requirement for fuel-efficient vehicles has been increasing. This rising adoption of electric vehicles is predicted to result in the growth of the market in the years to come.
Different product types of fluorochemicals are fluoropolymers, inorganic and specialties, and fluorocarbons. Out of these, the demand for fluorocarbons has been the highest up till now. Fluorocarbons are formed in case fluorine is bonded covalently to carbon atoms in different configurations and numbers. Fluorocarbons are further of different types, namely hydrofluoric olefin, hydrofluorocarbon, and hydrochlorofluorocarbon. All these products are utilized extensively for refrigerants. All these fluorochemicals have a number of applications, including aluminum production, refrigerants, electrical & electronics, and aluminum foams.
The largest demand for fluorochemicals was generated for the refrigerants application in the past. Geographically, the Asia-Pacific region has been dominating the fluorochemicals market in the past, and the region is further predicted to create the largest demand for these chemical compounds in the years to come. The advancing automobile industry in Malaysia, China, Indonesia, and India are the rising adoption of refrigerants in HVAC systems are resulting in the growth of the regional market.