Global Chlorofluorocarbon Market Report and Forecast 2024-2032

Global Chlorofluorocarbon Market Outlook

The global chlorofluorocarbon market is being aided by the growth of the refrigerants market, which attained a value of USD 26.49 billion in 2023. The global refrigerants market is expected to grow at a CAGR of 4.40% in the forecast period of 2024-2032 to reach a value of USD 39.39 billion by 2032.

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Rapidly Growing Manufacturing Bases to Aid the Market Growth of Chlorofluorocarbon

The chlorofluorocarbon industry is being driven by the growing demand from across the globe. Within India, Latin American, and the Middle Eastern countries, the demand for chlorofluorocarbon is high, due to which the market is on the rise in these economies. This can be attributed to the rising economy, rapidly growing manufacturing bases, and the lack of laws and regulations against its use. India and China are huge manufacturers of chlorofluorocarbon, and the high demand for the compound is expected to continue over the forecast period. Whereas in North America and Europe, the market is expected to have mild growth over the forecast period. This can be accounted for by the stringent and restrictive policies introduced by the respective governments as a result of the harmful effects of the chlorofluorocarbon on the environment, particularly to the upper layer of the ozone.  The greenhouse effects that chlorofluorocarbon causes are also harmful for the environment due to which its use is inhibited.

Chlorofluorocarbon: Market Segmentation

A chlorofluorocarbon is an organic compound that primarily includes three elements namely, chlorine, carbon, and fluorine that are produced as a derivative of ethane. The most popular representative of this organic compound is dichlorofluoromethane. Chlorofluorocarbon is non-flammable, non-toxic, and does not react with other compounds.

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On the basis of type, the market is divided into:

• CFC-11
• CFC-12
• CFC-113
• CFC-114
• CFC-115
• Others

Based on application, the industry can be segmented into:

• Solvent
• Aerosol Propellants
• Blowing Agent
• Refrigerants
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Extensive Applications of Chlorofluorocarbon to Aid the Market Growth

The market growth of chlorofluorocarbon is being driven by the rising applications of the product in commercial, industrial, and household applications. The market is further aided by the wide range of properties of the product like non-toxic, non-flammable and non-reactive nature, along with thermodynamic properties, which make it ideal for applications in coolants for commercial and home refrigeration set up, electronic cleaning solvents, aerosol propellants, and blowing agents. However, the market may slow down due to environmental awareness regarding the product, since it is harmful to the environment.

Key Industry Players in the Global Chlorofluorocarbon Market

The report gives a detailed analysis of the following key players in the global chlorofluorocarbon market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• The Chemours Company
• Honeywell International Inc
• Gujarat Fluorochemicals Limited    
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report