Fluorinated Solvents Market Outlook

According to a research analysis conducted by ChemView Consulting, the global fluorinated solvents market has been anticipated to generate a revenue of US$ 1,092.7 Mn in 2022 and is projected to grow with a growth rate of 7.9% during the period of 2022 and 2030.

The market is expanding owing to the growing demand from various application segments such as, growing demand for cleaning chemicals, electronic industries, chemical industries and many others. Moreover, increase in the demand for less hazardous solvents and cleaning chemicals across the globe is also boosting the consumption rate. Increase in government regulations regarding VOCs, hazardous solvents are also bolstering the demand for fluorosolvents as this solvent is considered as a green chemical.

Considering all these factors, ChemView Consulting has forecasted that the global market to reach a value of US$ 2,007.6 Mn by the end of 2030.

Key Market Insights

• By product type, blends segment is anticipated to account for about 41% of the global sales of fluorosolvents. The segment is further expected to witness a growth rate of about 1% over the coming decade creating an incremental dollar opportunity of about US$ 489.5 Mn during the same period.
• Fluorosolvents are significantly used in electronic industry and as cleaning chemicals in various end use industries. Both the applications are estimated to remain significant for this solvent in the coming years accounting for more than three fourth of the incremental business opportunities to be created in between the period of 2022 and 2030.
• Asia Pacific region is estimated to hold about 7% of the global market. The region is further expected to witness a substantial growth rate in the market of fluorinated solvents owing to significant development in the chemical industries, pharmaceutical industries and strong growth in the electronics sector. Growing demand for environment friendly solvents in the region is also a key growth factor for the market.
• Several key players are focusing on investing a significant amount of their annual revenue in R&D to develop efficient eco-friendly products, solutions and technology. They are also focusing on launching environment friendly fluorinated solvents with no flash point, no ozone depletion properties and which are associated with less hazard. This is anticipated to benefit the company’s growth in the industry of fluorinated solvents and will help in sustainable development as well. They are also focusing on introducing automation to their manufacturing industry to minimize human error.

Market Dynamics

Growth Driver: Fluorinated solvents are known for having properties with significance, including being a non-explosive cleaning solvent with high solvency strength, quick evaporation, and lower surface tension. Fluorinated solvents also have a low boiling point, low surface tension, don’t require acid acceptance tests, and don’t require stabilizer additions.

Fluorinated solvents also leave a small amount of non-volatile residue. These types of solvents also have a high level of compatibility with a wide range of substrate materials and can be utilized in existing cleaning equipment. Fluorinated solvents are high-quality solvents in terms of performance as well as excellent drop-in replacements for compounds that have been determined to deplete the ozone layer, such as CFCs, HFCs, and PFCs.

End-use businesses that have been focusing on protecting the health and safety of their personnel without hurting performance or profitability are increasingly seeing fluorinated solvents as a highly favored solution.

Market Opportunity: Fluorinated solvents provide a variety of benefits over alternatives, including a reduced Ozone Depletion Potential (ODP), less government control, low toxicity, cheap cost (compared to other fluorinated solvent choices), and high sustainability. Chemically and thermally stable, these non-flammable fluorinated cleaning solutions do not necessitate the use of explosion-proof equipment.

Furthermore, because of their low latent heat of vaporisation, they are energy efficient and may be regenerated by distillation. They are suitable for a wide range of applications because to their compatibility with metals, plastics, elastomers, and fragile substrates.

Market Trend: Key players are significantly focusing on launching of series of fluorosolvents to cater the growing demand from the end use industry and to adhere to stringent regulations. When compared to chlorinated, brominated, light petroleum distillates, glycol & glycol ether, and designed hydrocarbon solvents, the price of fluorinated solvents is quite high.

Blends of fluorinated solvents are commonly used in the Western European fluorinated solvents industry and their use is now increasing in Eastern Europe, which can be ascribed to their lower cost when compared to pure HFE, HFO/HCFO, and HFC.

Fluorinated blends are available from several vendors. For instance, Envirotech offers the ‘ProSolv’ fluorinated mix, which contains fluorinated solvents and the addition trans 1,2-dichloroethylene. Alternatives to chlorinated and brominated vapour degreasing solvents are provided by the company’s NEXT 3000 and EnSolv NEXT solvents.

These new formulations replace compounds like HCFC-225 (AK-225) and TCE with n-propyl bromide (nPB), which has reduced ozone depletion potential, a higher KB value, and is less hazardous.

Market Segments Analysis

• Blends segment is expected to remain a prominent product type for fluorinated cleaning chemicals as blending of solvents enhances the properties of the substance providing higher applicability. Cleaning of electronics, plastic components, industrial equipment and other substrate are expected to remain one of the key applications. Distribution segment is expected to witness a significant growth in the coming years as manufacturers prefers distributors to sell their products in the overseas market.
• Chemical industries face significant regulations and standards from the government and authorities of the European countries. Thus, market participants have to maintain their standards of their production and transportation and disposables. Manufacturers should have certifications of key authorities for the production of chemicals. All these provides significant growth opportunities for the sales of fluorosolvents in the region owing to its environment friendly nature as compare to other solvents.

Competition Assessment

To remain competitive in the global business, key market participants are investing significantly in research and development for product development, technology development and in innovation. Key players are further investing to expand their market footprint by mergers and acquisitions, as well as by expansions strategies. List of some of the key players present in the global fluorinated solvents market are:

• 3M
• AGC Chemicals
• Honeywell International Inc.
• Arkema S.A.
• Solvay S.A.
• H K Wentworth Ltd.
• The Chemours Company
• The Dow Chemical Company
• Vantage Specialty Chemicals Ltd.
• MG Chemicals
• Inventec Performance Chemicals
• Daikin
• Asahi Glass Co., Ltd.

Key Developments in Fluorinated solvents Industry

Segments Covered in Report

By Product Type:

• HFC
• HFO
• HFE
• Blends
• Others

By Application:

• Electronics
• Heat Transfer
• Cleaning Chemicals
• Vapor Degreasing
• Others

By Sales Channel:

• Direct Sales
• Distributors
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Global Fluorinated solvents Market 2022-2030: Report Coverage and Highlights

• Assessment of the historical and current Fluorinated solvents market size (2017-2021), market projections (2022-2030), and its contribution to the parent market
• Key drivers and restraints impacting market growth
• Predictions on Critical Supply, Demand, and Technological trends and changes in consumer behaviour
• Market Opportunity Analysis
• Value Chain Analysis (List of Manufacturers, Distributors, Average Margins, etc.)
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping, Benchmarking, and Advantage Analysis
• Market Share Analysis and Key Strategies Adopted by Top Players
• Key Product Innovations and Regulatory Climate
• Primary insights to understand what will shape the market growth over the next decade
• COVID-19 Impact on Fluorinated solvents Market and How to Navigate
• Strategic Success Factors and Recommendation on Key Winning Strategies

About ChemView Consulting

ChemView Consulting is a leading information, market intelligence, and consulting company serving chemicals & materials, oil & gas, and alternate energy clients worldwide. ChemView Consulting serves clients in approximately 100 countries, with its office in the US and delivery centers in India.

What sets ChemView Consulting apart?

• Full-time research experts and subject matter experts
• In-house primary research team
• The in-house data visualization team
• Industry-wide network of research partners
• Database subscriptions
• The exclusively tailored research process

• Report Includes

  Market Size Data

  • Global market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and region
  • Regional level market size data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment and country
  • Country level market share data, historical (2018 to 2022) and forecast (2023 to 2033), by each segment
  • Market attractiveness analysis based on market share index and CAGR index for each of the segments and regions
  • Incremental dollar opportunity generated in the forecast period would be indicated
  • Key Takeaways, Recommendations, and key investment pockets for the relevant segments would be highlighted

  Market Background

  • Macroeconomic factors that impact the market developments
  • Market dynamics (Drivers, Restraints, Opportunities) that positively or negatively influence market growth
  • Supply Side and Demand Side trends – trends witnessed from buyers and suppliers side
  • Production and Consumption Gap Analysis – analysis of gap between production and consumption in any geography to fulfil unmet demand
  • Trade analysis and analysis of key supply and demand hubs
  • Identification of hotbed opportunities existing in the market
  • Porter’s and PEST analysis to understand the business environment of the geography
  • Regulatory scenario – Identification of key sector specific and trade regulations, and assessment of whether it helps or hinder market development & growth

  Pricing Analysis

  • Regional-level product pricing analysis to set and benchmark your current or future product offerings across each product type
  • Historical and projected pricing trends of the product which helps in determining the product’s price and/or services beneficial for companies product lifecycle
  • Cost teardown analysis and key factors impacting pricing

  Value Chain Analysis

  • Country-wise list of raw material suppliers
    • Raw material price trends and buyers’ sentiment
    • Overview of Intelligent Sourcing Technique
    • Raw material procurement requirements
    • Vendor selection criteria
  • Country-wise list of product manufacturers
  • Country-wise list of distributors/traders
  • Country-wise list of end-users
    • End-Users/Customers consumption mapping
    • Key End-Users/Customers client list
  • Country-wise list of other key channel partners
  • Average profitability margins
  • Regional value chain dynamics

  Competition Analysis

  • Market shares and production capacities of key players
  • Tier structure analysis of market
  • Comprehensive competition dashboard representing the top 10-15 players in the market
  • Individual company profiles of top 15 to 20 manufacturers
    • Business Overview
    • Product Portfolio
    • Key Financials
    • Recent Developments
    • SWOT Analysis
    • Strategies

Country Coverage
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific

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