Expert Market Research Explores the Top 5 Companies in the Global Chlorofluorocarbon Market

The global chlorofluorocarbon market is being aided by the growth of the refrigerants market, which attained a value of USD 22.79 billion in 2020. The global refrigerants market is expected to grow at a CAGR of 5.5% in the forecast period of 2022-2027.

A chlorofluorocarbon is an organic compound consisting mainly of three elements: carbon, chlorine, and fluorine, which are produced as a derivative of ethane. Dichlorofluoromethane is the most typical representative of this organic compound. Chlorofluorocarbons are non-toxic, non-flammable, and do not react with other compounds. However, the production of such compounds has been slowly phased out under the Montreal Protocol, which is made to stop producing substances that contribute to the depletion of the ozone layer.

The main application of this organic compound lies in a variety of industrial, commercial, and household applications. Along with being non-toxic, non-flammable, and non-reactive, these substances also have stable thermodynamic properties, which makes them ideal for various applications, including coolants for commercial and home refrigeration set up, aerosol propellants, electronic cleaning solvents, and blowing agents. Out of these, their wide application lies as refrigerants, propellants, and as solvents. However, lately, it was discovered that this compound causes harm to the environment, especially chlorine, contributing mainly to the depletion of the ozone layer. Hence, these compounds are being replaced with products such as hydrofluorocarbons.

The chlorofluorocarbon industry is being propelled forward by rising global demand. The demand for chlorofluorocarbon is high in India, Latin America, and the Middle East, which is why the market is growing in these nations. This is due to the booming economy, quickly expanding manufacturing bases, and a lack of rules and regulations prohibiting its usage. Chlorofluorocarbon is produced in large quantities in India and China, and the high demand for the molecule is likely to persist over the forecast period.

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Top 5 Global Chlorofluorocarbon Companies:

The Chemours Company

The Chemours Company, commonly referred to as Chemours, is an American chemical company founded in July 2015 as a spin-off from DuPont. Chemours manufactures and sells performance chemicals falling within three segments: titanium technologies (titanium dioxide); fluoroproducts (refrigerants and industrial fluoropolymer resins and derivatives including freon, teflon, viton, nafion, ECCtreme ECA and krytox); and chemical solutions (cyanide, sulfuric acid, aniline, methylamines, and reactive metals).

Honeywell International Inc.

Honeywell International Inc. is an American publicly traded, multinational conglomerate headquartered in Charlotte, North Carolina. It primarily operates in four areas of business: aerospace, building technologies, performance materials and technologies, and safety and productivity solutions. 

Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited is India's largest producer of chloromethanes, refrigerants, and polytetrafluoroethylene. The firm, which was incorporated in 1987, is a subsidiary of Inox Leasing and Finance Limited. The company leverages its competencies in Fluorine-based products through product innovation and customer partnerships in diverse end-use markets. Impacting mobility, telecommunications, healthcare, and architecture, it constantly challenges to find solutions to some of the most demanding applications.

DuPont

In the 20th century, DuPont developed many polymers such as vespel, neoprene, nylon, corian, teflon, mylar, kapton, kevlar, zemdrain, M5 fibre, nomex, tyvek, sorona, corfam and lycra. In addition, DuPont developed freon (chlorofluorocarbons) for the refrigerant industry and later other refrigerants. It has also developed synthetic pigments and paints, including ChromaFlair. In 2014, DuPont was the world's fourth largest chemical company based on market capitalization and eighth-largest revenue. On August 31, 2017, it merged with the Dow Chemical Company to create DowDuPont.

Solvay S.A.

Solvay is an international chemical company founded in 1863, with its headquarters in Neder-Over-Heembeek, Brussels, Belgium. The Group's innovative solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices, health care applications, water, and air purification systems. It seeks to create sustainable shared value for all through Solvay One Planet, an initiative crafted around three pillars -- protecting the climate, preserving resources, and fostering better life.