Market Research Report

India Fluorochemicals Market Research Report: Forecast (2024-2029)

By Product (Fluorocarbons, Fluoropolymers, Fluoroelastomers, Inorganic Chemicals, Gases, Specialty Organics), By End User (Electrical & Electronic, Consumer Electronics, Automotive..., Pharmaceutical, Textile, Chemicals, Others (Fire Protection, Aerospace, etc.)), By Region (East, West, North, South), By Company (Gujrat Fluorochemicalss Limited, Laxmi Organic Industries Ltd., SRF, Daikin Industries, Solvay, 3M, Arkema, The Chemours Company, Navin Fluorine International Limited, DIC Corporation, Honeywell International Inc., etc.) Read more

  • Chemicals
  • Oct 2023
  • 122
  • CM10302

Market Definition

Fluorochemicals, also known as fluorinated chemicals, are a class of chemical compounds that contain fluorine atoms bonded to carbon or other elements. These compounds are characterized by their unique properties, primarily the exceptional resistance to heat, chemicals, and electrical conductivity. Fluorochemicals find a wide range of industrial applications due to these properties. They are commonly used in various industries, including the chemical, pharmaceutical, electronics, aerospace, and automotive.

Market Insights & Analysis: India Fluorochemicals Market (2024-29)

India Fluorochemicals Market size was valued around USD 622 million in 2022 & is estimated to grow at a CAGR of about 10.24% during the forecast period, i.e., 2024-29. The continual expansion of industries and the establishment of numerous chemical manufacturing plants in India have resulted in a consistent and growing demand for Fluorochemicals.

Report Coverage Details
Study Period Historical Data: 2019-22
Base Year: 2023
Forecast Period: 2024-29
CAGR (2024-2029) 10.24%
Region Covered North, South, East, West
Key Companies Profiled Gujrat Fluorochemicalss Limited, Laxmi Organic Industries Ltd., SRF, Daikin Industries, Solvay, 3M, Arkema, The Chemours Company, Navin Fluorine International Limited, DIC Corporation, Honeywell International Inc., Others
Market Value (2022) USD 622 million

 

This is primarily due to their exceptional chemical resistance, high-temperature stability, and electrical insulation properties, which make them indispensable in applications such as lining materials for chemical storage tanks, wire and cable insulation, semiconductor manufacturing, and automotive components. This demand surge has led to collaborations between foreign companies and domestic manufacturers to establish a foothold in the Indian market and meet the increasing demand for Fluorochemicals by leveraging advanced technology and expertise. For instance,


India Fluorochemicals Market Research Report: Forecast (2024-2029)

  • In 2022, Honeywell entered into a partnership with Navin Fluorine to manufacture Honeywell's proprietary solstice range of hydrofluoroolefins (HFO) in India.

Such collaborations signify the commitment of foreign companies to cater to the local market's needs and preferences. These developments within the Indian Fluorochemicals market are driving the demand for innovative Fluorochemicals solutions for various application procedures. As a result, the market is experiencing significant growth, with opportunities for both domestic and international players to contribute to and benefit from this expanding industry.

India Fluorochemicals Market Driver

Surging Industrial Activities Driving Demand of Fluorochemicals – The rapid industrialization in India plays a pivotal role in driving the Fluorochemicals Market. The industrial sector is undergoing significant expansion, driven by promising business prospects and economic diversification across a wide array of industries, including chemicals, electronics, automotive, pharmaceuticals, etc. In the chemical and petrochemical industries, Fluorochemicals find extensive application in areas such as corrosion-resistant linings, gaskets, and seals. As these sectors in the country continue to modernize and expand, Fluorochemicals Market also shows an increasing trend.

Similarly, the electronics industry relies heavily on variety of Fluorochemicals for applications such as wire and cable insulation, semiconductor manufacturing, and serving as dielectric materials. The burgeoning electronics sector in India contributes significantly to the escalating demand for these high-performance Fluorochemicals, to make them indispensable for a wide range of applications.

Further, the Government of India is aiming to boost its’ industrial manufacturing by 2030, as part of its 'Make in India' initiative, by focussing on various sectors, with a special emphasis on electronics, renewable energy equipment, and electric vehicles (EVs). As the production activities of these industries require Fluorochemicals as a raw material, the market is expected to continue to boom in the upcoming years as well.

India Fluorochemicals Market Opportunity

Suring Need for Fluorochemicals in Healthcare Industry – The pharmaceuticals and healthcare sector represents a significant market opportunity for the Fluorochemicals industry. As the global pharmaceutical industry increasingly emphasizes on the development of innovative and complex drug molecules, there is a growing need for custom synthesis and advanced fluorination technologies.

Furthermore, the expanding healthcare industry in India, characterized by the establishment of drug manufacturing facilities, offers a promising avenue for Fluorochemicals manufacturers to cater to the demand for high-quality drug production. For instance,

  • In 2022, Novartis announced to open a new manufacturing plant in India to make generic cancer drugs and to strengthen the company’s operations in India.
  • In 2021, TB Alliance and Lupin in partnership, announced to open a manufacturing plant to manufacture the anti-TB drug pretomanid.

These advancements present a promising opportunity for Fluorochemicals manufacturers to expand their market presence in the healthcare sector and to increase their revenue in the forecast years.

India Fluorochemicals Market Challenge

High Cost Restraining the Market Growth – Fluorochemicals are often associated with high production costs due to the complexity of their synthesis processes and the use of specialized raw materials. This poses a challenge in making Fluorochemicals economically viable, especially in a price-sensitive market like India. Additionally, the development and production of low global warming potential (GWP) alternatives can require substantial investments in research and development, which is often restricted to limited budget & low government support. This in turn is restraining the market demand for Fluorochemicals in India.

India Fluorochemicals Market Trend

Transitioning to Low-GWP Refrigerants Augmenting the Market Growth – Surging environmental concerns and the need to mitigate the adverse effects of refrigerants on climate, is a key factor supporting the demand for Low-GWP refrigerants in India. This is driven by the response to international agreements and regulations, such as the Kigali Amendment to the Montreal Protocol, which aims to phase out high-GWP refrigerants.

Thus, low-GWP alternatives, such as hydrofluoroolefins (HFOs), natural refrigerants like ammonia and carbon dioxide, and blends of various refrigerants, are gaining traction in India. Therefore, to grab the emerging revenue opportunities, various companies including, Honeywell, Daikin, etc., are investing in the domestic production, distribution, and servicing of low-GWP refrigerants and refrigeration systems. For instance,

  • In 2022, Honeywell Introduces New Low-Global-Warming-Potential Refrigerant Solstice N71 to meets stricter regulations to reduce greenhouse gas emissions.

Thus, environmental concerns of Indian Government and its continuous efforts to mitigate adverse effects of refrigerants on climate, are augmenting India Fluorochemicals Market.

India Fluorochemicals Market (2024-29): Segmentation Analysis

The India Fluorochemicals Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment. It includes predictions for the period 2024–2029 at national level. According to the analysis, the market has been further classified as:

Based on Product

  • Fluorocarbons    
  • Fluoropolymers
  • Fluoroelastomers
  • Inorganic Chemicals
  • Gases
  • Speciality Organics

Fluoropolymers, has widespread usage across a myriad of industries in India. Their exceptional properties, including resistance to chemicals, high-temperature stability, and electrical insulation capabilities, make them highly sought after. In the chemical and petrochemical sectors, fluoropolymers are indispensable for applications such as lining materials for chemical storage tanks and gaskets due to their corrosion-resistant nature. Furthermore, the electronics industry relies heavily on fluoropolymers for wire and cable insulation, semiconductor manufacturing, and other critical applications, given their ability to meet stringent performance requirements.

As, India's industrialization and economic growth trajectory continuing to rise, the demand for high-performance materials like fluoropolymers remains robust. Moreover, as these industries expand and modernize, the dominance of fluoropolymers in the India Fluorochemicals Market is expected to persist, making them a cornerstone of the country's industrial landscape.

Based on End-User

  • Electrical & Electronic
  • Consumer Electronics
  • Automotive
  • Pharmaceutical
  • Textile
  • Chemicals
  • Others (Fire Protection, Aerospace, etc.)

The electrical & electronics industry in India relies extensively on fluorinated chemicals for a wide range of applications. These include, fluoropolymers, such as polytetrafluoroethylene (PTFE) and perfluoroalkoxy alkane (PFA), etc., which are considered important for their electrical insulation properties, high dielectric strength, and resistance to extreme temperatures.

Additionally, India’s organic growth in the consumption of electronics, coupled with the Government’s target of achieving USD 300 billion worth of domestic electronics manufacturing by 2025–26, creates a unique opportunity for global firms to look at India as the manufacturing hub.

Moreover, the increasing demand for electronics and telecommunication products in India has further propelled the use of Fluorochemicals. As the country witnesses the rapid expansion of its electronics manufacturing and telecommunications sectors with the surge in FDI’s, the need for high-performance materials to ensure product quality and reliability has become paramount. Thus, supporting the revenue growth of the market from IT & Telecom segment in the forecast years.

 India Fluorochemicals Industry Recent Development

  • 2022: Gujrat Fluorochemicals announced to invest USD 536.8 million to supply high quality Fluorochemicals and others raw material for the production of lithium-ion batteries in India.
  • 2022: Honeywell partners with Central Glass Extend to meet growing need for ultra-low-global-warming-potential foam blowing agent.

Gain a Competitive Edge with Our India Fluorochemicals Market Report

  1. India Fluorochemicals Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of the market dynamics & make informed decisions.
  2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  3. India Fluorochemicals Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. India Fluorochemicals Market is expected to grow at a compound annual growth rate (CAGR) of around 10.24% during 2024–2029.

   A. India Fluorochemicals market size was estimated around USD 622 Million in 2022.

   A. Surging Industrial Activities are expected to drive India Fluorochemicals Market during 2024–29.

   A. Some of the top manufacturers of the India Fluorochemicals market include, Gujrat Fluorochemicalss Limited, Laxmi Organic Industries Ltd., SRF, Daikin Industries, Solvay, 3M, Arkema, The Chemours Company, Navin Fluorine International Limited, DIC Corporation, Honeywell International Inc., etc.

   A. Fluoropolymers product held for the largest Fluorochemicals Market share.

   A. Transitioning to low-GWP refrigerants for environmental sustainability is an emerging trend shaping the growth of the Fluorochemicals market.

   A. Growing need for Fluorochemicals in healthcare industry creating a growth opportunity for the India Fluorochemicals Market.

India Fluorochemicals Market Research Report (2024-2029) - Table of Contents

 

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. India Fluorochemicals Market Trends & Developments
  5. India Fluorochemicals Market Dynamics
    1. Growth Drivers
    2. Challenges
  6. India Fluorochemicals Market Regulations, Policies & Standards
  7. India Fluorochemicals Market Export and Import Statistics
  8. India Fluorochemicals Market Supply Chain Analysis
  9. India Fluorochemicals Market Porter’s Five Forces Analysis
  10. India Fluorochemicals Market Hotspots & Opportunities
  11. India Fluorochemicals Market Outlook, 2019-2029F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Quantity Sold (Thousand Tons)
    2. Market Share & Analysis
      1. By Product
        1. Fluorocarbons- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        2. Fluoropolymers-Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        3. Fluoroelastomers- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        4. Inorganic Chemicals-Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        5. Gases-Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        6. Specialty Organics-Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
      2. By End User
        1. Electrical & Electronic- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        2. Consumer Electronics- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        3. Automotive- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        4. Pharmaceutical- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        5. Textile-Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        6. Chemicals- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
        7. Others (Fire Protection, Aerospace, etc.) Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
      3. By Region
        1. East
        2. West
        3. North
        4. South
      4. By Company
        1. Competition Characteristics
        2. Revenue Shares & Analysis
  12. India Fluorochemicals for Electrical & Electronic Market Outlook, 2019-2029F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Quantity Sold (Thousand Tons)
    2. Market Share & Analysis
      1. By Product- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
      2. By End User- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
  13. India Fluorochemicals for Consumer Electronics Market Outlook, 2019-2029F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Quantity Sold Quantity Sold (Thousand Tons)
    2. Market Share & Analysis
      1. By Product- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
      2. By End User- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
  14. India Fluorochemicals for Automotive Market Outlook, 2019-2029F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Quantity Sold Quantity Sold (Thousand Tons)
    2. Market Share & Analysis
      1. By Product- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
      2. By End User- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
  15. India Fluorochemicals for Textiles Market Outlook, 2019-2029F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Quantity Sold Quantity Sold (Thousand Tons)
    2. Market Share & Analysis
      1. By Product- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
      2. By End User- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
  16. India Pharmaceutical for Pharmaceuticals Market Outlook, 2019-2029F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Quantity Sold Quantity Sold (Thousand Tons)
    2. Market Share & Analysis
      1. By Product- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
      2. By End User- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
  17. India Fluorochemicals for Chemicals Market Outlook, 2019-2029F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
      2. By Quantity Sold Quantity Sold (Thousand Tons)
    2. Market Share & Analysis
      1. By Product- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
      2. By End User- Market Size & Forecast 2019-2029, Quantity Sold (Thousand Tons)
  18. India Fluorochemicals Market Key Strategic Imperatives for Success & Growth
  19. Competition Outlook
    1. Company Profiles
      1. Gujrat Fluorochemicals Limited
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      2. Laxmi Organics Industries, Ltd.
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      3. SRF
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      4. Daikin Industries
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      5. Solvay
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      6. 3M
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      7. Arkema
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      8. The Chemours Company
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      9. Navin Fluorine International Limited
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      10. DIC Corporation
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      11. Honeywell International Inc.
        1. Business Description
        2. Production Statistics
        3. Product Portfolio
        4. Strategic Alliances or Partnerships
        5. Recent Developments
        6. Financial Details
        7. Others
      12. Others (Deepak Nitrite, etc)
  20. Disclaimer


India Fluorochemicals Market - Segmentation Slide