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CHEMICALS AND ADVANCED MATERIALS

Octofluoropropane Market Analysis by Product Grade (<99.99 %, and >99.99%); and by Application (Semiconductor, Liquid Crystals & LEDs, Optical Fibers, Refrigerant, Medical, Transformers, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Linde plc announced the signing of an agreement to supply high-purity industrial gases to a semiconductor manufacturer in Singapore.
  • Praxair, Inc. announced the signing of agreement with Sterlite Technology for the supply of bulk and specialty gases to Sterlite Tech’s optical fiber glass manufacturing plant in Aurangabad, Shendra, India for Total Gas Management (TGM) Site.

Global Octofluoropropane Market Highlights Over 2022 – 2031

The global octofluoropropane market is estimated to garner significant revenue by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022–2031. Further, the market generated considerable revenue in the year 2021. The growth of the market can be attributed to the rising demand for octofluoropropane in various sectors such as the electronics and medical industries. Moreover, it is used as a plasma etching material in semiconductors, which are employed in the manufacture of self-driving cars. For instance, more than 1 million self-driving cars were sold across the globe

Octofluoropropane-Market-Size

Octafluoropropane is the hydrocarbon propane's perfluorocarbon counterpart. This non-flammable synthetic material is used in semiconductor manufacturing and medicine.  Moreover, it has been featured in plans for terraforming Mars through modifying the temperature, atmosphere, and ecology. Moreover, it was estimated that in the year 2020 the global space economy rose to around USD 450 Billion, a rise of ~4% from the previous year. This growing trend for the use of octofluoropropane in various applications is projected to expand the market size over the forecast period.

Global Octofluoropropane Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Production of Smart Phones – Octofluoropropane is increasingly used in semiconductor applications such as calculators, computers, and mobile phones. An estimated 1.6 billion smartphones are sold every year, which generates a revenue of almost USD 500 Billion, as per the latest survey
  • Growing Automobile Industry - Octofluoropropane is likely to be used exponentially in the automobile industry in the coming years as electronic controls and other electronic components get incorporated into motorized vehicles. The growth of the automobile industry is expected to drive the octofluoropropane market growth. For instance, India alone has been steadily increasing exports of automobiles in the past few years. In the year 2022, it has exported more than 5 million vehicles, according to the India Brand Equity Foundation (IBEF).

Octofluoropropane-Market

  • Use in Eye Surgeries – In case of vitrectomy procedures in which tear and retina hole is repaired, octafluoropropane gas are used for providing long term tamponade. Nearly 2.5 million eye injuries occur in the United States every year
  • Demand for Use in Ultrasound – Octafluoropropane gas is used as a diagnostic drug in contrast-enhanced ultrasound. An escalating global population, which currently stands at more than 7.9 billion, as per the United States Census Bureau, and is increasing every second
  • Growing Demand in Refrigeration – Some refrigerator mixtures consist of Octafluoropropane gas, and it is anticipated to drive the growth of the market. According to data, nearly 220 million refrigerators are sold across the globe every year

Challenges

  • Stringent Government Regulations for Use in Some Countries
  • Inhaling Fumes May Cause Health Hazards
  • Requirement of Well-trained Personnel in Handling and Storage

The global octofluoropropane market is segmented and analyzed for demand and supply by application segment into semiconductor, liquid crystals & LEDs, optical fibers, refrigerant, medical, transformers, and others. Out of these sub-segments, the semiconductor segment is expected to garner the largest market share during the forecast period on the back of an increasing production of semiconductor chips where the octofluoropropane gas is employed in the etching and cleaning of its surfaces and it is projected to boost the market growth. According to the Semiconductor Industry Association, the global sales of semiconductor chips increased from about USD 412.3 Billion in 2019 to 440 Billion in 2020 representing 6.8 percent increase across the globe.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.

Global Octofluoropropane Market Regional Synopsis

Regionally, the global octofluoropropane market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2031 owing to the presence of key market players as well as some of the prominent electronic components’ manufacturers in the region. Moreover, a huge amount of electronics export is expected to surge the growth of the market in the Asia Pacific region. According to studies, China’s revenue from consumer electronics earned more than USD 140 Billion in 2020.

Octofluoropropane-Market-Scope

The global octofluoropropane market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global octofluoropropane market includes the following segments:

 

By Product Grade

  • <99.99%
  • >99.99%

 

 

 

By Application

  • Semiconductor
  • Liquid Crystals & LEDs
  • Optical Fibers
  • Refrigerant
  • Medical
  • Transformers
  • Others

Top Featured Companies Dominating the Global Octofluoropropane Market

  • Linde plc
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Messer Industries GmbH
  • Praxair, Inc.
  • Showa Denko K.K.
  • Kanto Denka Kogyo Co., Ltd.
  • F2 Chemicals Ltd
  • Electronics Fluorocarbons, LLC.
  • Guangdong Huate Gas Co., Ltd
  • PanGas AG
  • HaloPolymer, OJSC

 

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