Fluorine Derivatives Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• Over the short term, the market is driven by large industries as they have a high demand for fluorine, which is light and more cost-effective than gas. Furthermore, increasing end-users such as uranium hexafluoride and increasing end-use of sulfur fluoride are expected to increase the global consumption of fluorine derivatives, leading to market growth.
• However, it is estimated that the demand for fluorine derivatives will decrease shortly due to the harmful hazardous effects during transportation if the gas is released. In addition, the complex manufacturing process discourages the entry of new entrants and is likely to slow down market growth and prevent market expansion.
• Nevertheless, research and development activities play a significant role in the growth of the fluorine derivatives market. Players are engaged in these activities to discover insights and formulations. These formulations help increase the players' revenue and possibly contribute to market growth.
• North America is expected to dominate the global market during the forecast period.

Fluorine Derivatives Market Trends

Booming Demand from the Pharmaceutical Segment

• 4-Fluoro-3-chloroaniline is an organic fluorinated building block used to synthesize pharmaceutical and biologically active compounds. 2,6-Difluorobenzamide is an off-white powder used as an essential intermediate in synthesizing benzoylurea insecticides and pharmaceutical chemicals.
• As per the World Bank data, the structure of the global pharmaceutical manufacturing industry is highly concentrated, with relatively few firms in the United States, a handful in European countries, and a lesser extent in India and China.
• According to AstraZeneca, COVID vaccine sales in 2021 were USD 1,186 billion, an increase of almost 8% compared to the total of USD 1,101 billion in 2020, indicating a significant increase in demand.
• The healthcare and pharmaceutical sector in the United States is one of the most advanced sectors in the global market. According to the Centers for Medicare & Medicaid Services, the nation's healthcare spending grew 9.7% in 2020 to USD 4.1 trillion. Healthcare spending accounted for around 19.7% of the country's GDP.​
• An increase in per capita health care expenditure, advancement in health infrastructure, availability of insurance policies, and increase in the number of infectious and chronic diseases in the country have led to the hospitalization of several patients and the use of various medical services and pharmaceutical drugs. This has also increased the demand for fluorine derivatives in pharmaceutical applications.​

North America Region to Dominate the Market

• North America dominates the fluorine derivatives market in terms of market share and market revenue. The region is set to continue to flourish in its dominance over the forecast period.
• The increasing use of fluorine derivatives in the pharmaceutical and nuclear fuels industries shall drive market growth.
• The rise in healthcare expenditure, government focus on consumers’ overall health, and technological advancement are the key factors driving the North American fluorine derivatives market size.
• The United States has the largest pharmaceutical market in North America. The country accounts for around 45% of the global pharmaceutical market and around 22% of global production. The United States pharmaceutical sales and output remain robust due to the ongoing vaccinations and ramp-up demand for essential and non-essential medical treatments.
• All the attributes mentioned above are likely to drive market growth.

Fluorine Derivatives Market Competitor Analysis

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• The market estimate (ME) sheet in Excel format
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