Chlorofluorocarbon Market Analysis
Chlorofluorocarbon Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
The global chlorofluorocarbon market size is expected to record a substantial rise in the coming future, and register a significant CAGR over the forecast period (2019 - 2027).
Chlorofluorocarbons are noninflammable, nontoxic chemicals which contain atoms of chlorine, fluorine, and carbon. Chlorofluorocarbons (CFCs) were initially developed as refrigerants, and now also find application in the manufacture of aerosol sprays, packaging material, solvents, and foam blowing agents due to their non-inflammable and non-toxic nature, which allows easy conversion from gas to liquid and vice versa. CFCs are also recognised as 'Freons' which is a trademark of the E.I. du Pont de Nemours & Company in Wilmington, U.S. However, studies carried out by chemists demonstrated that CFCs contribute to the depletion of the ozone layer by accumulating in the stratosphere, which in turn decreases the stratospheric ozone concentration and increases incidence of skin cancer and genetic damage in organisms. Over 140 countries have agreed to end the production of CFCs owing to growing concerns over the dangers posed by these compounds.
The chlorofluorocarbon market is mainly driven by its application in household appliances since they are highly stable, non-flammable, and non-toxic. The refrigerants industry is accountable for majority of the market share, where CFCs are used in the manufacture of air conditioning products and refrigerators. The demand for CFCs is expected to be led by emerging nations owing to the relatively lax regulations and legislations against application of CFCs. However, the highly stable nature of CFCs which had increased its demand in industries is the prime reason for environmental problems faced today. The stratospheric ozone layer protects Earth from harmful ultraviolet (UV) radiation, and even slight decrease in the stratospheric ozone concentration can cause harmful diseases such as skin cancer and genetic disorders in humans and other organisms. An interaction between UV rays and CFC molecules causes the latter to dissociate and produce chlorine atoms and chlorodifluoromethyl radicals. This initiates a process in which a single chlorine atom causes countless ozone molecules to convert to oxygen. Hydrochlorofluorocarbons or HCFCs, however, pose comparatively lesser risk than CFCs, since they decompose readily at lower atmosphere, but they too are scheduled to be phased out by 2030 due to their stratospheric ozone depletion risk.
The global chlorofluorocarbon market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Strict regulations and guidelines implemented by environmental agencies in North America and Europe are expected to result in market growth. Furthermore, presence of mature markets in these regions is also contributing to the low growth rate. The demand for CFCs is estimated to be replaced by increasing adoption of green refrigerants in developed economies such as the U.S. Regions such as Asia Pacific, Latin America, and the Middle East are expected to account for the largest market share owing to utilization of CFCs in countries such as India and China.
Key manufacturers operating in the global chlorofluorocarbon market include Daikin Industries, Navin Fluorine International Ltd., Arkema SA, Gujarat Fluorochemicals Ltd, DuPont de Nemours & Company, Mexichem Flur SA, Honeywell International, Solvay SA, SRF Ltd., and Dongyc Group among others.