The new report from Expert Market Research titled ‘Global Chlorofluorocarbon Market Size Report and Forecast 2021-2026’ offers an in-depth analysis of the global Chlorofluorocarbon market, evaluating the market based on its segments like types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, along with market analysis based on the SWOT and Porter’s Five Forces models.
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Highlights of the report include:
Market Overview (2021-2026)
- Historical market size (2020): USD 22.79 billion
- CAGR Forecast (2021-2026): 5%
- Market Size Forecast (2026): $29.79 billion
The global market for chlorofluorocarbons is being driven mainly by the refrigerant market. The increasing demand for refrigerators and air conditioners for commercial, industrial and domestic applications is the main factor for the growth of the market. Other applications such as foam blowing agent, solvent, in plastic manufacturing and the growing electronics sector have also fueled the growth of the market, especially in developing countries.
Definition of the industry and main segments
Chlorofluorocarbon (CFC) is a derivative of ethane, which includes carbon, chlorine, and fluorine. It is an inert, non-flammable and non-toxic organic compound with stable thermodynamic properties, resulting in its use as a refrigerant in the refrigerant industry.
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The type of product can be divided as follows:
- CFC-11
- CFC-12
- CFC-113
- CFC-114
- CFC-115
- Others
Depending on the application, the industry can be segmented into:
- Solvent
- aerosol propellants
- expansion agent
- refrigerants
- Others
Regional chlorofluorocarbon markets include:
- North America
- Europe
- Pacific Asia
- Latin America
- Middle East and Africa
market trends
Regionally, Asia Pacific, Latin America and the Middle East are expected to show rapid growth due to dynamic economic growth and industrialization. India and China are big manufacturers of CFCs due to high demand and less stringent laws and regulations. The demand is also expected to grow exponentially in the countries. However, developed regions such as North America and Europe are expected to see moderate growth in the forecast period. This is due to the restrictive environmental policies to reduce the use of greenhouse gases implemented by the respective governments.
Key Market Players
The major players in the market are The Chemours Company, Honeywell International Inc, Gujarat Fluorochemicals Limited and others. The report covers market shares, capacities, plant changes, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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