March 30, 2020
According to the research report titled ‘Asia Pacific Fluorochemicals Market Size By Product, Application, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study report LLC, the Asia-Pacific fluorochemicals market is expected to surpass USD 27.5 billion by the year 2024.
Rapid expansion of electronic producing and automotive industries is a major factor driving the Asia-Pacific fluorochemicals market. Increasing manufacturing activities of automobiles owing to rising per capita income is fueling the demand for production of aluminum components. Moreover, rising number of QSR (quick-service restaurants) and fast food chains have enhanced the demand for refrigerating systems which in turn is further aiding the market expansion.
The products based on fluor technology are widely used in construction sector owing to its properties such as UV resistance, anti-corrosion and high durability to materials including cable, caulks, architectural membranes and coatings.
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The report states that India fluoropolymer market is expected to record 95.5 kilo tons by the year 2024. Rising R&D activities in pharmaceutical sector in order to develop innovative products are fueling the market outlook.
Japan fluorochemicals market in terms of blowing agent segment is predicted to cross USD 650 million by 2024, primarily due to growing demand for the product in packaging industry. These compounds possess high strength and stability and hence are used as stain repellants, lubricants and solvents.
The prominent companies operating in the Asia-Pacific fluorochemicals market are DowDuPont, Daikin Industries, 3M, SRF, Dongyue Group, Asahi Glass and Gujarat Fluorochemicals.
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