Octafluoropropane Market Trends

  • Report ID: 4199
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Octafluoropropane Sector: 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.

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

Base Year

2024

Forecast Year

2025-2037

CAGR

5.8%

Base Year Market Size (2024)

USD 424.96 million

Forecast Year Market Size (2037)

USD 884.43 million

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Browse key industry insights with market data tables & charts from the report:

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of octafluoropropane is assessed at USD 465.31 million.

The octafluoropropane market size was valued at USD 424.96 million in 2024 and is expected to reach USD 884.43 million by 2037, expanding at around 5.8% CAGR during the forecast period i.e., between 2025-2037. Growing prevalence of eye surgeries and rising smartphone production will boost the market growth.

Asia Pacific industry is estimated to dominate majority revenue share of 35% by 2037, attributed to increasing production of semiconductor chips.

The major players in the market are Linde plc, 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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