Fluorosurfactants Market to Grow with a CAGR of 4.71% through 2028
Growth of Global Electronics Industry are expected to drive the Global
Fluorosurfactants Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Fluorosurfactants
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Fluorosurfactants Market stood at USD632.15 million in 2022 and is anticipated to grow with a CAGR of 4.71% in the forecast
period, 2023-2028. The initiatives taken by government based on fluorosurfactants
has led to favorable market conditions for the Global Fluorosurfactants Market.
Several factors contribute to the growth of various fluorosurfactants products.
Per- and Polyfluoroalkyl Substances (PFAS) are a group of man-made chemicals
that have gained significant attention due to their widespread use and
potential environmental and health impacts. PFAS, including compounds like PFOA
and PFOS, are commonly used in various consumer products and industrial
applications, particularly in the manufacturing of fluorosurfactants.
The U.S.
Environmental Protection Agency (EPA) has been actively involved in assessing
the potential risks associated with PFAS and evaluating alternatives to
mitigate their adverse effects. The EPA's efforts aim to ensure that PFOA and
related chemicals undergo thorough scrutiny before they are introduced into the
marketplace, thus minimizing their potential toxicity and environmental
footprint. In response to growing concerns about sustainability, fluoropolymer
manufacturers have been proactively transforming their industry to become more
environmentally friendly. This transition involves developing and promoting
sustainable alternatives to traditional fluoropolymer products. Governments
worldwide are playing a crucial role in supporting this shift by encouraging
the adoption of sustainable alternatives and implementing policies that promote
their use. For instance,
the Organization for Economic Co-operation and Development (OECD) has put
forward several policy recommendations and identified key areas for further
work to encourage the use of sustainable alternatives in coatings, paints, and
varnishes. These initiatives aim to reduce the reliance on PFAS-based products
and foster the development of safer and more environmentally conscious
solutions. By prioritizing the exploration and adoption of sustainable
alternatives, stakeholders are working towards a more sustainable future, where
the use of PFAS and other potentially harmful chemicals is minimized, and the
health and well-being of both humans and the environment are safeguarded.
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Fluorosurfactants Market”
This industry is
involved in the manufacturing of electronic audio and video equipment for
consumer end use. It encompasses a wide range of products, including home
entertainment systems, public address, and musical instrument amplifications,
as well as mobile devices such as cellular phones and tablets. Examples of
products include televisions, stereo equipment, speaker systems, consumer video
cameras, jukeboxes, and video game consoles. Innovation plays a crucial role in
driving industry sales, but it also brings about increased competition. The
industry faces conflicting trends, with greater competition and declining
prices for its products, resulting in only moderate growth compared to
historical trends.
Nonetheless, the
industry is expected to experience faster expansion than the previous five-year
period, driven by anticipated increases in global consumer spending and per
capita income. Electronic coatings rely on fluorosurfactants for their
stability to aggressive chemicals, high dielectric strength, and optical
clarity of protective films. As a result, the electronic industry presents
significant growth opportunities for fluorosurfactants.
The Global
Fluorosurfactants Market is segmented into type, application, regional
distribution, and company
Based on its type, the anionic fluorosurfactants segment
held the largest share in the market. Anionic type surfactants are widely
preferred in various industries, including coatings and specialty detergents.
These surfactants offer excellent cleaning properties and help to achieve lower
surface tension compared to other types. With their negatively charged
hydrophilic groups, anionic surfactants play a vital role in the drilling
process within the oil and gas industry. The demand for coatings is expected to
grow significantly, resulting in a global increase in the demand for anionic
fluorosurfactants. This growth can be attributed to the rising demand for crude
oil and the subsequent increase in petroleum production. As industries continue
to evolve and expand, the importance of anionic surfactants in achieving
efficient and effective processes becomes even more crucial.
Based on region, North America segment is expected to
grow during the forecast period. The growing demand for oilfield surfactants is
expected to increase the demand for fluorosurfactants in North America. The
country has abundant oil resources, including shale formations and offshore
production in the Gulf of Mexico. The method of extraction from the oil
reservoirs includes fracking, horizontal drilling, and multi-well pad drilling,
which require significant usage of oilfield specialty chemicals such as
surfactants, emulsifiers, foaming agents, and lubrications. According to global Energy yearbook statistics, in the
year 2019, the U.S was the largest crude oil producer in the world, producing
about 745 megatonnes. The oil production, led by the shale boom, will continue
to dominate in the U.S. in the next decade, providing a significant boost to
the fluorosurfactants market in the country. Furthermore, new developments have
contributed to the region's increase in productivity in 2019 in the Offshore
Federal Gulf of Mexico (the U.S. protected waters in the Gulf of Mexico). Seven
new ventures were introduced online by oil and natural gas companies in 2019,
and the Energy Information Administration (EIA) estimates that nine more will
be launched in 2020. The crude oil output of the Offshore Federal Gulf of
Mexico increased by 126,000 barrels per day (b/d) in 2019, resulting in the
area's highest annual total production of 1.88 million b/d.
The growing production and development in the oilfield
also tend to increase drilling activity. In order to reduce friction while
drilling, the demand for fluorosurfactants is also increasing, further
contributing to the growth of the fluorosurfactants market in the North
American region.
Major companies operating in Global Fluorosurfactants
Market are:
- 3M Company
- Alfa Chemicals Ltd.
- Chemguard Inc
- DIC CORPORATION
- Geocon Co Ltd
- Innovative Chemical Technologies, Inc.
- MAFLONS.P. A
- Merck KGaA
- OMNOVA Solutions Inc.
- TCI EUROPE N.V.
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“Growing application of fluorosurfactants in various
end user industries are key drivers of the fluorosurfactants market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of fluorosurfactants with every
passing year are anticipated to register an impressive growth to Global
Fluorosurfactants Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Fluorosurfactants Market By Type (Anionic
Fluorosurfactants, Non-Ionic Fluorosurfactants, Amphoteric Fluorosurfactants,
Cationic Fluorosurfactants, Others), By Application (Paints & Coatings,
Specialty Detergents, Oilfield & Mining, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Fluorosurfactants Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Fluorosurfactants Market.
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