Perfluorocarbons Market: Introduction
In terms of value, the global perfluorocarbons market is anticipated to expand at a CAGR of ~4% during the forecast period and reach US$ 1.4 Bn by 2031. Asia Pacific dominated the global perfluorocarbons market in terms of volume in 2018. It is estimated to lead the global perfluorocarbons market during the forecast period. Semiconductor cleaning is projected to offer lucrative opportunities for the global perfluorocarbons market in the near future. The perfluorocarbons market in Asia Pacific is projected to expand at a rapid pace during the forecast period. The growth of various end-use industries, such as electrical & electronics and cosmetics in Asia Pacific, can be ascribed to rise in population and increase in disposable income, primarily in developing economies such as China, India, and Indonesia. Furthermore, increase in the local demand for semiconductors in countries such as China, Taiwan, and Japan is fueling the demand for consumer electronic appliances. This, in turn, is augmenting the demand for perfluorocarbons in Asia Pacific. The perfluorocarbons market in North America is projected to expand at a healthy CAGR during the forecast period. It is anticipated to be followed by the perfluorocarbons market in Europe.
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Perfluorocarbons Market: Major Drivers and Restraints
The electronic devices market has been expanding significantly since the past few years. This can be ascribed to the rise in demand for smartphones, laptops, and other electronic gadgets. The advent of new technologies such as artificial intelligence and voice recognition technologies is encouraging end consumers to opt for higher number of electronic devices. Furthermore, replacement cycles and dropping prices of numerous electronic devices are driving the consumption of these products. According to the Consumer Electronics Association (CEA), the consumer electronics devices market is projected to reach US$ 415,897 Mn in terms of revenue by the end of 2021, an increase of 13.9% over that in the previous year. Thus, rise in demand for electrical & electronics devices is estimated to propel the demand for perfluorocarbons in the near future.
Rise in disposable income and improvement in standard of living, primarily in developing economies have boosted the demand for cosmetics. The popularity of cosmetics with multiple benefits such as anti-aging properties, moisturizing care, and suntan protection, has been rising across the globe. Perfluorocarbons are used as oxygen carriers in cosmetics. They are used in a wide range of applications, primarily in anti-aging products.
The high gas dissolving ability, along with exceptional toxicological profile make perfluorocarbons one of the preferable cosmetic constituents. Perfluorocarbons are also employed in color products to enhance color endurance. Thus, increase in the adoption of perfluorocarbons in cosmetic applications is estimated to boost the global perfluorocarbons market during the forecast period.
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Perfluorocarbons Market: Prominent Segments
Based on product, perfluoroalkane was an attractive segment of the global perfluorocarbons market in 2018. A wide range of perfluoroalkanes employed in several applications makes the segment attractive. The demand for perfluoroalkanes, including perfluorobutane, in medical applications as contrast imaging agent and surgical chemical in ophthalmological surgeries is anticipated to rise during the forecast period. Based on application, semiconductor cleaning was a key segment of the global perfluorocarbons market in 2018. It was followed by the electrical processing segment in the same year. The semiconductor cleaning application segment held a notable share of more than 65% of the global perfluorocarbons market in 2018. This trend is estimated to continue during the forecast period.
Competition Landscape of Perfluorocarbons Market
Key manufacturers operating in the global perfluorocarbons market include Solvay, AGC Inc., The Chemours Company, 3M, Fujian Yongjing Technology Co., Ltd., Pelchem SOC Ltd, BVI, Changshu 3F Zhonghao New Chemical Materials Co., Ltd., F2 Chemicals Ltd, and FluoroMed Specialty Chemicals.
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