The new report by Expert Market Research titled, ‘Global Chlorofluorocarbon Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global chlorofluorocarbon market, assessing the market based on its segments like types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 25.37 billion
- Forecast CAGR (2023-2028): 4.40%
- Forecast Market Size (2028): USD 33.16 billion
The global chlorofluorocarbon market is primarily being driven by the refrigerant market. The rising demand for refrigerators and air conditioning for commercial, industrial, and household applications is the main factor for the growth of the market. Other applications such as foam blowing agent, solvent, in plastic manufacturing, and the growing electronic sector have also pushed the market growth, especially in developing countries.
Industry Definition and Major Segments
Chlorofluorocarbon (CFC) is a derivative of ethane, which includes carbon, chlorine, fluorine. It is an inert, non-flammable, and non-toxic organic compound with stable thermodynamic properties, which results in its usage as a coolant in the refrigerant industry.
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The type of the product can be divided as follows:
- CFC-11
- CFC-12
- CFC-113
- CFC-114
- CFC-115
- Others
Based on application, the industry can be segmented into:
- Solvent
- Aerosol Propellants
- Blowing Agent
- Refrigerants
- Others
The regional markets for chlorofluorocarbon include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Regionally, the Asia Pacific, Latin America, and the Middle East are expected to show rapid growth due to dynamic economic growth and industrialisation. India and China are large CFC manufacturers owing to the high demand and lesser stringent laws and regulation. The demand is also expected to grow exponentially in the countries. However, developed regions such as North America and Europe are expected to witness mild growth in the forecast period. This is due to restrictive environmental policies to reduce the use of greenhouse gases implemented by the respective governments.
Key Market Players
The major players in the market are The Chemours Company, Honeywell International Inc, Gujarat Fluorochemicals Limited, and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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