Fluorocarbons CAGR to Jump 3 Percent

By on November 18, 2018 in IN THE NEWS, MATERIAL MATTERS

Expect the global fluorocarbon market to see a compound annual growth rate of more than 3 percent from 2018 to 2022. This according to Technavio, a market research company.

One reason for the increase is the rising demand for lightweight materials, especially in the automotive industry. Fluorocarbons are used in air-conditioning and various automobile components, such as front cover seals, cylinder gaskets, valve packings, oil coolers, PTFE bearings and fuel tanks.

“Fluorocarbons are crucial to the automobile industry. High-performance fluoropolymers are extensively used and preferred in automotive applications. The automotive market is influenced by factors such as regulations and policies, change in market trends and demand of customers, and the role of innovative technologies and electronics in automobiles,” said a Technavio senior analyst for research on specialty chemicals.

The refrigeration and air-conditioning segment held the largest share in 2017, accounting for nearly 46 percent of the market. This segment is expected to dominate the global market throughout the forecast period.

The Asia Pacific led the market in 2017 with a market share of nearly 58 percent. This region is expected to dominate through 2022, with an increase in its market share.