Fluorinated Solvents Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 To 2029

Industry Outlook

Fluorinated solvents market value expected to witness the CAGR of 5.8% during the forecast period from 2021 to 2029. Fluorinated solvents are fluorine based solvent, a direct replacement of chlorinated and brominated solvents that have negative impact on the environment. Fluorinated solvent includes CFCs, HCFCs, HFCs, HFOs, HFEs, etc. Chlorofluorocarbons (CFCs) are not available for routine industrial usage owing to their negative impact on human health and the environment, next generation fluorinated solvents such as HFO’s and HFEs are gaining traction across the world owing to their zero ozone depletion rate (ODP) and low global warming potential (GWP). Moreover, fluorinated solvent have low-odor and low toxicity that results in safer workplace environment leading to less government regulation and lower compliance costs.

Fluorinated solvents are compatible with broad range of materials such as plastics, elastomers, metals, and other substrates. Fluorinated solvents are mostly preferred for cleaning as they evaporate quickly and leave very little residue. Fluorinated solvents applications are expected to rise in coming years as they pose a lower threat to the environment, and are excellent substitutes for ozone-depleting chemicals. Fluorinated solvents have been displaying advantages such as proving to be a direct alternative for chlorinated and brominated degreasing solvents, with regard to meeting regulatory compliance from most of the regulatory bodies worldwide.

Factors such as low toxicity/flammability, low environmental risk, and improved cleaning and deposition are driving the fluorinated solvent growth across the globe. However, there are few restraining factors such as high cost, flammability, production of toxic by-product, and availability of natural alternatives projected to hamper the market growth over the forecast period. Solvent industry has been moving toward more environmentally materials and processes that has led to the phasing out and/or replacement of many industrial chemicals, including industrial solvents. Fluorinated solvents have been displaying advantages such as proving to be a direct alternative for chlorinated and brominated degreasing solvents, with regard to meeting regulatory compliance from most of the regulatory bodies worldwide. Besides, a very high chemical stability of fluorinated solvents makes them an excellent option for solvent recovery and recycling programs. Major players operating in the fluorinated solvents market includes 3M, The Chemours Company, AGC Chemicals, Honeywell International, Inc., The Dow Chemical Company, Solvay SA, and Arkema SA among others.

HFEs Solvent Expected To Surpass the HFCs Market Share By 2029

HFCs dominated the fluorinated solvents market by type in 2020. Phasing out of CFCs and HCFCs in developed economies such as North America and Europe has resulted in the use of environment friendly alternatives such as HFCs. HFCs is proven alternatives to ODSs however, HFCs exhibits more than 10 year of atmospheric lifetimes that violates the laid down environment regulations. As a result, market players have introduced HFEs with reduced atmospheric lifetimes. HFEs replacing many high GWP materials from different applications that includes precision cleaning, coating deposition, and heat transfer fluids.

HFE solvent emissions are significantly lower than those of the material it replaces which in turn propelling its market growth. HFE is also identified as the fastest growing type during the forecast period. Whereas, HFOs are also expected to exhibit robust growth during the forecast period owing to its minimal environmental impact.

Electronics Cleaning Led the Application Segment in 2020

Electronics cleaning dominated the fluorinated solvent application market in 2020 and expected to maintain its dominance throughout the forecast period. Fluorinated solvents find promising application in electronic component cleaning such as audio and video heads, reflector glasses for laser printers, lenses and high-precision plastic. These solvents has excellent solvency with wide range of cutting oils, greases, silicone oils, press oils, asphalt pitches, refrigerant oils, and fluxes that’s make it an ideal cleaning material for electronics industry. They also act as a solvent carrier for silicone oils, hard disk lubricants, fluorinated greases, and anti-rust agents. Precision cleaning application is identified as the fastest growing segment during the forecast period. Other application includes coating deposition solvent, lubricant carrier, refrigerants, etc.)

Asia-Pacific to Remain Dominant Region during the Forecast Period

Asia-Pacific was the largest regional market for fluorinated solvents in 2020, also expected to see strong gains in coming years as well, on account of flourishing end-use industries such as electronics manufacturing in China, Korea, and Taiwan. Moreover, rising disposable income, surge in the electronics demand in recent years, and manufacturers inclination towards offering products that meet the environment regulations laid down by governments and several organizations expected to boost the fluorinated solvent market growth. Asia-Pacific market is closely followed by North America and Europe in terms of value and volume consumption. Rising automotive manufacturing activities in China, India, Indonesia, and Malaysia is predicted to propel the application of fluorinated solvents in HVAC systems for vehicles, thereby adding to regional demand. The abundance of metal reserves in Asia-Pacific economies such as China, India, and Australia along with the government initiatives to promote FDI in the domestic metal sector driving the demand for fluorinated solvent in the region for metal cleaning application. Asia-Pacific is also identified as the fastest growing region during the forecast period.

New Product Development is the Preferred Strategy Adopted by Key Players in Fluorinated Solvents Market

On account of rising environment regulation in developed economies on using eco-friendly solution which has low GWP and ODS coupled with hydro chlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs) phasedown under global treaties such as the Montreal Protocol pushing manufacturers and end-users to shift towards green solvents thus making new product development the preferred strategy among market players of fluorinated solvents. For instance, in order to comply with environment regulations and consumer demand for green solvents, AGC in introduced AMOLEA™ AS-300 in October, 2020, this launch helped AGC to respond the demand for CFCs and HFCs substitute with minimal environment impact. Key players operating in fluorinated solvents market includes Enviro Tech International, Inc., The Chemours Company, Solvay SA, 3M, Honeywell International, Electrotube, and AGC Chemicals among others.

Historical & Forecast Period

Each market segment is analyzed in our study for the period of 2019 to 2029 with 2020 as the base year while period from 2021 to 2029 is considered for the CAGR calculation.

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?

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