USA: HCFC refrigerants still account for for over 60% of the total fluorocarbon market worldwide, according to a new report.
The global fluorochemicals market is expected to reach $24.99bn by 2020, according to the study by Grand View Research Inc. Fluorocarbons dominated the global market, accounting for over 52% of global fluorochemical volumes in 2013.
Although in the process of being phased out around the world, HCFCs still accounted for over 60% of the total fluorocarbon market in 2013.
Asia Pacific dominated fluorochemical demand in 2013, accounting for over 46% of global volumes. Asia Pacific fluorochemicals market revenue is expected to reach $11.68bn by 2020. North America and Europe, relatively mature markets, are estimated to grow at a CAGR of 2.8% and 3% from 2014 to 2020, respectively.
The fluctuating supply of fluorspar – a major mineral component in the manufacture of refrigerants – is continuing to impact on prices, says the report. “It has emerged as a challenge for market participants,” it says “which are finding it difficult to curtail costs and maintain profitability.”
The report also pinpoints R&D spending to develop environment friendly products as another contributor to increasing costs.