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Global Chlorofluorocarbon Market Expected to Grow at a Healthy Pace During 2021-2026, Driven by its Use in the Refrigerant Industry

According to a new report by EMR titled, 'Global Chlorofluorocarbon Market Report and Forecast 2021-2026', the global market for chlorofluorocarbon is being supported by the growth of the refrigerants market, which is expected to grow at a CAGR of 5.5% in the forecast period of 2021-2026 to reach USD 29.79 billion by 2026.

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.

Market Analysis by Type, Application, and Region:

  • The chlorofluorocarbon industry, on the basis of type, is divided into CFC-11, CFC-12, CFC-113, CFC-114, and CFC-115, among others.
  • Based on applications, the industry is segmented into solvent, aerosol propellants, blowing agent, and refrigerants, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for chlorofluorocarbon is driven by the inflating disposable income of the population across the globe.
  • The market is further aided by the rapidly growing manufacturing bases in the developing economies, coupled with the lack of laws and regulations against its use.
  • The high demand for this compound from the emerging economies is predicted to positively influence the market growth of chlorofluorocarbon.
  • Further, rising applications in commercial, industrial, and household applications are expected to enhance the market growth over the forecast period. 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for chlorofluorocarbon for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, applications, and major regions of chlorofluorocarbon. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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