India fluorinated organic compounds market is expected to surpass US$ 26,064.4 million by the end of 2030 and exhibit a CAGR of 8.36% during the forecast period (2023 to 2030).
Drivers
Useful chemical and physical properties of fluorinated organic compounds
The fluorinated organic compounds offer several chemical and physical properties such as low surface energy, specific surface-active properties, and thermal and chemical inertness. Owing to these useful properties fluorinated organic compounds are likely to boost the product demand. In addition, these compounds are used for paper protection applications which include food plates, wraps, containers, masking papers, folding cartons, bags, and others.
Market Opportunities
Initiatives taken by the Indian government across chemical sector
India is a developing market throughout the chemical industry due to improving infrastructure and low cost of the production system. In addition, India offers skilled manpower, cost-effective industrial operations, availability of feedstock, and others. Moreover, the government’s new initiatives such as Make in India is likely to create ample opportunities across chemical market players.
Growth of the Chemical and Petrochemical Industry in India
Growth in the chemical and petrochemical industry in India due to the increasing production of chemicals will favor the market growth of de-aromatized solvent over the forecast period. According to the Invest India, total production of major chemicals and petrochemicals stood at 43.51 lakh tons during 2022-2023, a growth of 5.73% over 2021-2022. Thus, growth in the chemical industry in India is expected to augment the market growth.
Figure 1. India Fluorinated Organic Compounds Market– Opportunity Analysis
Market Restraints
Increasing use of brominated hydrocarbon in agrochemical and pharmaceutical sectors
However, brominated compounds are used for the API (Active Pharmaceutical Ingredient) formulations. In addition, brominated compounds are widely used during the manufacturing process of pharmaceutical products. These brominated hydrocarbons act as catalysts and decrease the reaction conditions such as pressure or temperature during the drug formation. Thus, applications of brominated hydrocarbon across the agrochemical and pharmaceutical industries are limiting the growth of fluorinated organic compounds.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2022: | US$ 26,064.4 Mn |
| Historical Data for: | 2017-2021 | Forecast Period: | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR: | 8.36% | 2030 Value Projection: | US$ 49,554.9 Mn |
| Segments covered: |
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| Companies covered: |
Merck KGaA, Solvay, DAIKIN INDUSTRIES, Ltd., Navin Fluorine International Limited, Gujarat Fluorochemicals Limited, Otto Chemie Pvt Ltd, Regal Remedies Limited, and Rational Labs Private Limited |
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Figure 2. India Fluorinated Organic Compounds Market Revenue Share (%), By Application, 2022
India fluorinated organic compounds market is categorized into pharmaceuticals, agrochemicals, refrigerants, electrical & electronics, and others. Among these, agrochemicals accounted for the largest share in 2022. There is a rise in agricultural activities and a further increasing demand for fluorinated organic compound-based pesticides by farmers for food production. Crops have suffered from various diseases such as fungi, pests, drastic climate conditions, viruses, parasites, and other factors. Thus, agrochemicals made with fluorinated organic compounds such as fungicides, herbicides, and insecticides play a vital role in minimizing crop loss and maintaining crop yields. In addition, fluorinated organic compounds-based agrochemicals offer less toxicity and enhanced performance.
On the other hand, pharmaceuticals is projected to grow at a significant CAGR during the forecast period. Fluorinated organic compounds are generally applied in pharmaceuticals as they enhance the stability of the carbon framework and the small size of fluorine is more convenient for drug production. These compounds are used for a wide range of therapeutic purposes such as anti-infective for systemic use, cardiovascular system, nervous system, and others. In addition, these compounds are used for the production of asthma medicines. Moreover, the increasing application of fluorinated organic compounds as a blowing agent in the electronics industry is driving market growth. Owing to the rising use of electronic appliances such as AC, freezers, ovens, and others across India is driving the fluorinated organic compounds market growth.
India fluorinated organic compounds Market - Impact of Coronavirus (Covid-19) Pandemic
The breakout of the COVID-19 pandemic has negatively impacted all industries. According to WHO, COVID-19 has interrupted the regular economy worldwide. The market players of fluorinated organic compounds have stopped the production process due to strict lockdowns. In addition, stringent regulations and social distancing disrupted the supply chain of raw materials, lack of manpower, and transportation facilities. However, the use of these compounds for the production of drug formulations to overcome the pandemics and the rising prevalence of fluorinated organic compounds across the pharmaceuticals sector is likely to boost the market demand.
Key Players
Key players operating in India fluorinated organic compounds market include Merck KGaA, Solvay, DAIKIN INDUSTRIES, Ltd., Navin Fluorine International Limited, Gujarat Fluorochemicals Limited, Otto Chemie Pvt Ltd, Regal Remedies Limited, and Rational Labs Private Limited
metals and active metals owing to the presence of a very weak F-F bond. However, fluorinated organic compounds comprise strong bonds between C-C, C-F, and C-H which provides oxidative and thermal stability to the compounds. Moreover, fluorinated organic compound plays a vital role in the chemical industry. In addition, the fluorinated organic compound is used across a wide range of industries such as pharmaceuticals, agrochemicals, organic synthesis, material chemistry, and others.
Market Dynamics
Rising application of fluorinated organic compounds across the material chemistry
Fluorinated organic compounds provide resistance to abrasion, heat, and chemicals. In addition, these compounds are used in fire-fighting foams owing to their incombustible properties. The fluid polymers of fluorinated organic compounds have a low coefficient of friction, thus used in the production of specialty lubricants. The lubricants made with fluorinated organic compunds offers seveal features such as chemically inertness, thermal stability, and non-flammability.
Soaring demand for refrigerants across the food industry
Fluorinated organic compounds are used as refrigerants, which have less solubility properties and are not miscible with organic solvents. Moreover, changing lifestyle of consumers is likely to create demand for refrigerators as it offers food storage over a long time. In addition, India is likely to experience demand for Heating Ventilation, and Air conditioning (HVAC) systems in the healthcare, construction, pharmaceuticals, oil and gas, food, and automotive industries. Thus, robust demand for fluorinated organic compounds is likely to create lucrative opportunities across the market players.
The volatile raw material prices is hindering the market growth
The fluctuating prices of raw materials required during the production of fluorinated organic compounds owing to the crisis of oil across the globe is likely to hamper the market growth. In addition, standards and regulations for the production process of fluorinated organic compounds is another factor that limits India fluorinated organic compounds market growth.
Key features of the study:
Detailed Segmentation:
*” marked represents similar segmentation in other categories in the respective section.
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