Octafluoropropane Market Size & Share, by Product Grade (<99.99 %, >99.99%); Application (Semiconductor, Liquid Crystals & LEDs, Optical Fibers, Refrigerant, Medical, Transformers) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4199
  • Published Date: May 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Octafluoropropane Market size is anticipated to reach USD 672 million by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of octafluoropropane was over USD 380 million. The growth of the octafluoropropane market can be attributed to the growing demand for self-driving cars. Further, the rising demand for premium cars in both developed and emerging countries among people across the globe is also expected to add to the market growth. Additionally, octofluoropropane is utilized in semiconductors, which are used in the production of self-driving automobiles, as a plasma etching material. As per data, more than 1,000 self-driving cars are now operating on American roadways.

In addition to these, factors that are believed to fuel the market growth of the octofluoropropane market include the increasing need for octofluoropropane in the medical industry. For instance, in the world of medicine, the gas cores of the tiny contrast agents used in contrast-enhanced ultrasonography may be made of octafluoropropane. Furthermore, to enhance the backscatter of the ultrasonic signal, octafluoropropane microbubbles are utilized. Additionally, in echocardiography, activated octafluoropropane improves pictures of the borders or inner boundaries of the heart, creating a better picture that could help doctors diagnose patients more accurately. It is used in patients who have unsatisfactory echocardiograms to opacify the left ventricular chamber.


Octafluoropropane Market
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Octafluoropropane Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~ USD 380 Million

Forecast Year Market Size (2035)

~ USD 672 Million

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Octafluoropropane Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Rising Smartphone Production and Demand for Electronics – On account of the growing phone usage across the globe, the market is expected to expand more in the upcoming years as octofluoropropane is considered a vital component in electrical design. Further, octofluoropropane is being utilized more often in semiconductor-based devices including computers, calculators, and cell phones which in turn boosts the demand for octofluoropropane. As of 2023, there are more than 6 billion smartphone users worldwide.
  • Growing Prevalence of Eye Surgeries – The rising prevalence of eye-related diseases such as glaucoma, cataract, diabetic retinopathy, and others across the globe is estimated to drive octafluoropropane market growth. Furthermore, octofluoropropane gas is used to provide long-term tamponade during vitrectomy operations when a tear and retinal hole are healed. To keep the retina in place and lessen fluid leakage through the retinal aperture, octofluoropropane gas is utilized. Thus, the rising cases of eye-related diseases and surgeries, it is expected to bring lucrative growth opportunities for market growth during the forecast period. According to statistics, over ~ 5 million cataract surgeries are carried every annually worldwide.
  • Expanding Automotive Industry– Owing to the growing integration of electronic controls in today's generation of vehicles, the octofluoropropane market is predicted to grow as the automotive industry expands. In 2023, the market size for the Car & Vehicle Manufacturing sector has grown by more than 3% globally.
  • Increasing Demand for Refrigerators – The demand for refrigerators is being driven by developing metropolitan regions and high-income consumers. In certain technologically-developed refrigerators, manufacturers mix octofluoropropane as a component. For instance, octofluoropropane is known to be an effective refrigerant. As per estimates, With India's refrigerator business is worth more than USD 4 billion.

Challenges

  • Health Risks Might Result from Inhaling Fumes- The increasing concern amongst individuals for the health risks associated with inhaling fumes is one of the major factors predicted to slow down the market growth. For instance, certain negative consequences such as oxygen deficiency, which can result in suffocation are possible.
  • Strict Government Rules for Usage in Certain Countries
  • Need for Trained Workers for Handling and Storing


Octafluoropropane Segmentation

Application (Semiconductor, Liquid Crystals & LEDs, Optical Fibers, Refrigerant, Medical, Transformers)

The global octafluoropropane market is segmented and analyzed for demand and supply by application segment into the semiconductor, liquid crystals & LEDs, optical fibers, refrigerants, medical, transformers, and others. Out of the seven segments, the semiconductor segment is estimated to gain the largest market share of about ~28% in the year 2035. The growth of the segment can be attributed to the growing manufacturing of semiconductor chips. The demand for consumer goods is growing, which has had a significant impact on the manufacture of semiconductor chips. Moreover, octofluoropropane gas is used to etch and clean the surfaces of semiconductor devices. As of 2021, worldwide shortages of semiconductor chips were caused by an over 10% rise in demand. Also, the rising investment in the automotive semiconductor sector is estimated to create a positive outlook for both segment growth and market expansion in the upcoming future.

The global octafluoropropane market is also segmented and analyzed for demand and supply by application segment into the semiconductor, liquid crystals & LEDs, optical fibers, refrigerants, medical, transformers, and others. Amongst these segments, the refrigerant segment is expected to garner a significant share. Octofluoropropane gas is a component of several refrigerator mixes, which are used for refrigeration. It can be compressed at high pressure into a liquid that can be used as a coolant in a variety of industries, including electricity generation, the food and beverage industry, the medical and pharmaceutical industry, and computer and data storage facilities. As per the recent statistics, it has been calculated that approximately 215 million refrigerators are sold each year across the globe which is responsible for generating around USD 125 billion in the industry.

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

        By Product Grade

  • <99.99%
  • >99.99%

         By Application

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

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Octafluoropropane Industry - Regional Synopsis

APAC Market Statistics

The market share of octafluoropropane in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the increasing production of semiconductor chips. For instance, China is recognized as the world's largest manufacturer of silicon, which is needed to create semiconductors, making it the leading producer of semiconductors. Further, the growing consumption of consumer electronics in the region is also anticipated to contribute to market growth in the region. Octofluoropropane is used for various semiconductor applications such as reactive ion etching, as it is a combination source of highly reactive trifluoromethyl, difluorocarbenyl, and fluorine radicals.  As per data, more than 60% of the world's semiconductors and approximately 90% of the most sophisticated chips are produced in Taiwan.

North American Market Forecast

The North American octafluoropropane market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the surging demand for electronic components. For instance, more and more people in the region are shifting towards new product innovations. Also, the growth of smart workplaces and smart homes has increased demand for consumer electronics products such as smart Televisions, refrigerators, air conditioners, and more, which in turn will rise the demand for octafluoropropane in the area, as it is used in the electronics industry as an etching agent for SiO2 layers in semiconductor applications when mixed with oxygen.

Europe Market Forecast

Further, the octafluoropropane market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035, backed by the higher use of octofluoropropane in both semiconductors and the automotive industry, and the growth expected to witness in both these industries in the region over the coming years. Besides this, the surge in the focus of the government of the European Union in raising its share in the global semiconductor industry, which is expected to reach close to 29% by the end of 2030, up from about 10% in the current year, is also anticipated to add to the market growth in the region. Recently, the digital transformation in Europe has helped in revitalizing the semiconductor industry, and the region has been rethinking its approach to the manufacturing of microchips and placing itself as a competitor in the global arena. Further, the world-famous European automotive industry, which occupies a majority of the share of the global automotive industry, is witnessing an increase in the adoption of driver assistance systems, as well as fully autonomous vehicles. According to the European Commission, on May 17th, 2018, a proposition for strategizing automated and connected mobility systems by the Commission was raised which was aimed to make the region a world leader in automated mobility systems.

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Octafluoropropane Market Size
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Companies Dominating the Octafluoropropane Landscape

top-features-companies
    • 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

In-the-news

In The News

  • Linde plc entered into a long-term contract for the supply of industrial gases, with one of the world's largest semiconductor manufacturers. Further, the company will provide the client ultra-high-quality nitrogen, oxygen, and argon, to meet the most demanding standards of the semiconductor industry.
  • Praxair, Inc. one of the largest industrial gas companies in the world started to raise nitrogen capacity at its Pyeongtaek, South Korea plant to satisfy rising demand at Samsung's semiconductor production complex.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4199
  • Published Date: May 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing prevalence of eye surgeries and rising smartphone production are the major factors driving the market growth.

The market size of octafluoropropane is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023-2035.

Strict government rules for usage in certain countries and the need for trained workers for handling and storing are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are 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, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by application, product grade, and by region.

The semiconductor segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Octafluoropropane Market Report Scope
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