According to the latest report published by Credence Research, Inc. “Global Fluorinated Solvents Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global Fluorinated Solvents market expected to grow at the CAGR of 5.8% from 2018 to 2026.
Increased Demand For Fluorine Compounds In Several Cleaning Application Expected To Catapult The Fluorinated Solvents Market In Coming Years
Manufacturers are now moving to new products developed with hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFCs), hydrofluoroethers (HFEs), perfluorocarbons (PFCs) and perfluoropolyethers (PFPEs) as these partially and completely fluorinated compounds are used as solvent replacements for Class I and Class II ODS because they have zero ozone depletion potential. In addition, these solvents are also preferred due to properties such as non-flammability, minimal global warming potential, high solvency with other oils and fluids, and good compatibility with different plastics, elastomers, substrates and metals.
Fluorinated solvents are suitable replacements for chlorinated and brominated solvents, as they offer different advantages over chlorinated and brominated solvents while complying with the regulatory requirements of most regulatory bodies. However, the low odor and non-flammable properties of these chemicals lead to a safer environment in the workplace, resulting in less government regulation and lower compliance costs. Fluorinated solvents are increasingly perceived as a highly preferred choice by end-use industries that have focused on protecting the health and safety of their employees without affecting performance or profitability.
Fluorinated solvents are also considered to have a variety of desirable characteristics, such as being a non-explosive type of solvent cleaning agent, demonstrating high solvency strength, fast evaporation capacity and lower surface tension. Fluorinated solvents also have a low boiling point, low surface tension, no acid tolerance testing requirements and no need for stabilizer additives. The use of fluorinated solvents also translates into minimal non-volatile residues.
Based on this type, HFCs dominated the market for fluorinated solvents in 2017. Whereas, HFEs expected to register the fastest CAGR in the forecast period. Electronics cleaning market led by application in 2017 in terms of value and volume of consumption of fluorinated solvents.
Based on the world, Asia-Pacific was the largest global market in terms of value and volume in 2017. Economics such as China, Japan, and India are driving the Asian-Pacific fluorinated solvents market due to rising disposable incomes, strong economic growth, and a rise in the production of electronics and electronic components in these economies, boosting demand for fluorinated solvents in the area. Asia-Pacific was also identified as the fastest growing region in the forecast period.
North America and Europe are trailing Asia-Pacific closely with a marginally smaller market share in 2017. Regulatory bodies around the globe, especially in developed economies such as North America and Europe, have targeted few traditional solvents such as HCFCs and HFCs for phase-out over a specific time period, or have at least checked their harmful effects for phase-out consideration, or have totally prohibited their use.
Key manufacturers of fluorinated solvents operating in the market include Enviro Tech International, Inc., The Chemours Company, Solvay SA, 3M, Honeywell International, Electrotube, and AGC Chemicals among others.
Key questions answered in this report:
- What are the current market trends in the fluorinated solvents market and valuable opportunities for the players?
- Which is the most lucrative region for investment?
- What is the market size and trends in emerging markets?
- Which are the prime applications of fluorinated solvents across different geographies?
- Which are the different types of fluorinated solvents and their market sizes?
- Which are the leading players and their market position?