Increased demand in the cosmetic industry due to the rising disposable income is responsible for the increased perfluorocarbons usage. Improved standard of living and economic development in emerging economies is responsible for an increase in the size of perfluorocarbons market.
Covid-19 Impact & Market Status
The Perfluorocarbons market size has seen a great decline in terms of growth due to the advent of Covid-19. This is due to travel restrictions, airline bans, and quarantines, which resulted in the temporary suspension of all offline operations and offices. There was fear all around and people were worried that virus could get them, there was supply shortage and many operations stopped, hence the market was deeply impacted.
The present market, regulatory considerations, possible possibilities, and difficulties in various market segments are all explored in this Perfluorocarbons Market analysis. The study also provides a detailed examination of the competitive landscape.
Perfluoroalkanes to Remain Atop
The Perfluoroalkanes segment is expected to remain at the top of market and hold majority of the market share.
Food & Beverages to Remain atop
Based on Application, the market is bifurcated into Semiconductor Cleaning, Cosmetics, Electrical Processing, Medical, and Others. Out of these, the cosmetics segment holds the largest market portion through the forecast years owing to reasons such as rise in disposable income; economic development; and improvement in the standard of living, primarily in emerging economies are fuelling the demand for this segment.
Asia Pacific will provide several investment opportunities.
Asia Pacific is the greatest contributor to the global perfluorocarbons market's growth. The key factors such as a huge number of companies present working in the field of research and development of Perfluorocarbons. Additionally, rising demand from countries such as China, Japan and India are boosting the growth.
The growing demand for anti-aging products, especially in emerging economies is one factor that is helping in the growth of this market. As perfluorocarbons have established a strong presence in vitreoretinal surgery, perfluorocarbon producers are increasing its use in multiplexed ultrasound and photoacoustic imaging.
Chemicals made up of fluorine and carbons are known as perfluorocarbons. In a number of industrial applications, such as cosmetics, electrical processing, semiconductor cleaning, and medical treatments, they are used as greenhouse gas alternatives. Rising awareness about the wide range of benefits associated with perfluorocarbons are some other reasons which are driving the market growth.
Perfluorocarbons are used in semiconductor cleaning, medicinal applications, and electrical processing. They're also utilized in semiconductors for plasma cleaning and cleaning of CVD (chemical vapor deposition) chambers. These variables will have a combined impact on the worldwide Perfluorocarbons market, resulting in a market size of 1.1 billion dollars by 2029. The growing programs and initiatives taken to create awareness are also driving the market growth. Additionally, government is also taking many initiatives to increase awareness among people so that they start using the Perfluorocarbons equipment to ensure safety. Increased investment for research and development, as well as the high frequency of parasitic illnesses and the approval of therapies to treat parasitic disorders, are all contributing to the overall market growth.
Environmental worries over the use of perfluorocarbons, on the other hand, are impeding market expansion. In addition, use restrictions are a stumbling block to market expansion. Companies in poor countries still use old methods of conducting operations due to a lack of awareness. Nevertheless, Perfluorocarbons Market has the growth prospects, as companies and people are becoming more and more aware about the benefits these Perfluorocarbons have to offer.
The major players of this market are FluoroMed, Vitreq B.V., Pelchem SOC, New Chemical Materials F2 Chemicals Ltd., AGC, The Chemours Company, Fujian Yongjing Technology, 3M, Solvay, and Changshu 3F Zhonghao. Players in the perfluorocarbons market use a variety of strategies, including acquisitions, product launches, and R&D. Companies' R&D teams must aim to boost the efficacy of their equipment by using technology in order to provide the greatest degree of safety.
Recent Developments in the Global Perfluorocarbons Market
- STMicroelectronics and SP Group (SP) agreed to build a district cooling system at ST AMK TechnoPark in May 2022. When completed in 2025, it will be Singapore's largest DCS (district cooling system) for an industrial development, with a project value of $370 million over 20 years.
Perfluorocarbons Market Scope
|Revenue forecast in 2028
|USD 1.1 billion
|Type, Application, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|FluoroMed, Vitreq B.V., Pelchem SOC, New Chemical Materials F2 Chemicals Ltd., AGC, The Chemours Company, Fujian Yongjing Technology, 3M, Solvay & among others.
Key Segments of the Perfluorocarbons Market
Type Overview, 2022-2029 (USD Billion)
Application Overview, 2022-2029 (USD Billion)
- Semiconductor Cleaning
- Electrical Processing
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa