Octafluoropropane 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 2023-2035

Buy Now Report ID: 4199 | Published Date: May 02, 2023

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

The global octafluoropropane market size is estimated to reach ~USD 672 Million by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of octafluoropropane was ~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.

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Global Octafluoropropane Market: Key Insights

Base Year


Forecast Year




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)

Global Octafluoropropane Market: Growth Drivers and Challenges


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.


  • 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

Global Octafluoropropane Market Segmentation


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 octafluoropropane market includes the following segments:

        By Product Grade

  • <99.99%
  • >99.99%

         By Application

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


Global Octafluoropropane Market Regional Synopsis


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.

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.

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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Top Featured Companies Dominating the Global Octafluoropropane 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


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.


Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Author Credits:  Smruti Ranjan, Rajrani Baghel

Key Questions Answered in the Report

1) What are the major factors driving the growth of the octofluoropropane market?

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

2) What would be the CAGR of octofluoropropane market over the forecast period?

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

3) What are the challenges affecting the octofluoropropane market growth?

Ans: 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.

4) Which region will provide more business opportunities for growth of octofluoropropane market in future?

Ans: 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.

5) Who are the major players dominating the octofluoropropane market?

Ans: 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.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the octofluoropropane market?

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

8) Which segment captures the largest market size in application segment in the octofluoropropane market?

Ans: The semiconductor segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

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