Albany, NY -- (ReleaseWire) -- 01/17/2014 -- Increasing demand for aluminum, refrigerants, automobiles, and emerging economies of the Asia Pacific region are expected to drive the demand for fluorochemicals over the next five years. On the basis of applications, the key segments analyzed in the study included refrigeration, aluminum production, blowing agents, components & others. Refrigerants market constituted 43% of total fluorochemical volume consumption in 2011.
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However, it is expected to experience slight decline in its market share due to regulatory constraints. The components and others segment is expected to exhibit fastest growth among all segments of fluorochemicals. Refrigerants and components and others market together accounted for the largest share of the fluorochemicals industry in 2011 and are expected to occupy 81% of the overall demand by 2018. The demand for aluminum production and blowing agents is expected to be driven by the growth from automobiles, construction, and polymer industries.
Fluorocarbons led the overall fluorochemicals market and accounted for a market share of 54% in 2011 owing to their extensive use in pharmaceuticals, industrial coatings, refrigerants, blowing agents, etc. HFC and others are amongst the fastest growing segments of fluorocarbons. HFC is extensively used in refrigerants, blowing agents, etc. The others include fluorocarbons such as perfluorooctanesulfonic acid (PFOS), perfluorooctanoic acid (PFOA), methoxyflurane, enflurane, polyvinylidene fluoride, etc.
Asia Pacific dominated the global fluorochemical market with a share of 46% in 2011 and is expected to keep continue this domination through 2018 on the back of increasing global export and domestic consumption. China has the third largest fluorspar reserves in the world and was also the largest regional market for fluorochemicals.
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