Chlorofluorocarbon Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

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).

Market Overview

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.

Market Dynamics

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.

Market Outlook

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 Players

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.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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