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The chlorofluorocarbon industry is being driven by its use in the refrigerant industry. The automobile industry is among the key factors that is pushing the refrigerant industry. The chlorofluorocarbon is mainly employed in the refrigerant industry as it is used in the manufacturing of refrigeration and air conditioning products. Other applications propelling the market growth include use in solvents, blowing agents, plastics, foam, and electronics, among others. The market for chlorofluorocarbons is predicted to thrive, particularly in developing countries of the Asia Pacific, Latin America, and the Middle East, on account of the lack of laws and regulations against its use. The key players within the industry are The Chemours Company (NYSE: CC) and Honeywell International Inc (NYSE: HON), among others.
However, on account of the harmful effects of chlorofluorocarbon to the environment associated with the exhaustion of the upper layer of the ozone, the compound is being substituted by hydrofluorocarbons, which is being recognised to a huge extent globally as a safe alternative in comparison to chlorofluorocarbons. But even hydrofluorocarbons have an adverse effect on the environment, though on a smaller scale. Therefore, the demand for green refrigerants in the market is also rising to substitute the use of chlorofluorocarbons and hydrofluorocarbons in the upcoming years.
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The Chemours Company, Honeywell International Inc, and Gujarat Fluorochemicals Limited, among others, are the key players in the global chlorofluorocarbon market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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