Elemental fluorine is a gas that is highly toxic and reactive in nature. Its prime application is to manufacture fluorides and is also used across various end-use applications such as metallurgy, production of polymers, glass, and ceramics. Moreover, it is also used in the manufacturing of uranium hexafluoride, which is further used in the creation of nuclear reactors as fuel.
The Global Elemental Fluorine Market is projected to surpass US$ 1,418.4 million by the end of 2028, in terms of revenue, growing at CAGR of 7.1% during the forecast period (2021 to 2028).
The growing end-use application of the Uranium Hexafluoride (UF6) is projected to stimulate the market growth of the elemental fluorine. According to WNA (World Nuclear Association), the world nuclear capacity is set to continue to grow for the fulfillment of increasing demand for nuclear fuel in the upcoming years. Also, the demand for uranium will increase considerably by the end of 2030 at an optimistic CAGR of 4.2%. It was approximately 334 GWe in 2013 and will reach 700 GWe by 2030, to meet the growing demand for uranium hexafluoride globally.
Increasing end-user application of the Sulphur Hexafluoride (SF6) is propelling the market growth of the elemental fluorine. It is a powerful greenhouse gas and absorbs infrared radiation. Moreover, Sulphur Hexafluoride (SF6) has an extremely long atmospheric life span, and majorly finds application in the production of the manufacturing of electrical equipment.
Asia Pacific held dominant position in the global elemental fluorine market in 2020, accounting for 41.9% share in terms of revenue, followed by Europe and North America, respectively. As a result of high demand for elemental fluorine in the cleaning process in Asia pacific region.
Figure 1. Global Elemental Fluorine Market, Revenue Share (%), By Region, 2020
The complex manufacturing process of the elemental fluorine is expected to hinder the market growth. Hydrofluoric acid is corrosive in nature and if comes in direct contact it can cause painful wounds on the human body. Thus, the highly toxic and reactive property of the elemental fluorine is expected to restrict the market growth over the forecast period.
Also, it is hazardous to handle and transport at workplace as it must be handled only by qualified and well-trained personnel. All the protective equipment must be worn during the handling of elemental fluorine. Such factors are limiting the use of the fluorine and this is restricting the market growth over the forecast period.
Robust growth in the global electronics and semiconductor industry is projected to bring new market opportunities. According to the Coherent Market Insights analysis, the global electronics market is expected to increase at a CAGR of 5.0% in the coming years. Asia in the global electronics market is expected to grow with a CAGR of 7.0%, followed by Australia, New Zealand, and Africa with a CAGR of 5.0% in each country. Hence, growth in the electronics and semiconductor industry will favor the market growth of the elemental fluorine.
The growing use of organic fluorine in chemicals such as electrolytes and solvents in lubricants and pesticides is expected to provide lucrative opportunities in the near future. Also, the growing demand for elemental fluorine in organic synthesis reactions is again projected to foster market growth. The market of the elemental fluorine is also expected to gain tremendous growth on the account of the expansion of the chemical industry around the globe due to increasing investment by key manufacturers.
Elemental Fluorine Market Report Coverage
|Base Year:||2020||Market Size in 2020:||US$ 800.7 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||7.1%||2028 Value Projection:||US$ 1,418.4 Mn|
Solvay S.A., Kanto Denka Kogyo Co., Ltd., Air Products and Chemicals, Inc., Linde AG, Navin Fluorine International Limited, ADVANCE RESEARCH CHEMICALS. INC., and Pelchem SOC Ltd.
|Restraints & Challenges:||
Figure 2. Global Elemental Fluorine Market – Opportunity Analysis
Figure 3. Global Elemental Fluorine Market, Revenue Share (%), By Application, 2020
Key Takeaways of the Graph:
Global Elemental Fluorine Market - Impact of Coronavirus (Covid-19) Pandemic
The ongoing covid-19 pandemic has had a negative impact on the global elemental fluorine market. Due to the lack of supply and demand for elemental fluorine, the closure of manufacturing units and production facilities has resulted in massive losses. This was due to the fact that end-user production units were also shut down. Many countries, however, has reopened with some Standard operating procedures in order to get the economy back on track, resulting in a less restrain to global elemental fluorine market during Covid-19 Pandemic.
Major players operating in the global elemental fluorine market include, Solvay S.A., Kanto Denka Kogyo Co., Ltd., Air Products and Chemicals, Inc., Linde AG, Navin Fluorine International Limited, ADVANCE RESEARCH CHEMICALS. INC., and Pelchem SOC Ltd.
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