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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 380 Million |
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Forecast Year Market Size (2035) |
~ USD 672 Million |
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Regional Scope |
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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:
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By Product Grade |
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By Application |
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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.
Author Credits: Smruti Ranjan, Rajrani Baghel
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