by Fluorinated organic compounds are carbon-based organic compounds that contain one or more fluorine atoms bonded to carbon atoms. These compounds are used in various applications such as refrigeration and air conditioning, solvents, fire extinguishing agents, propellants, and pharmaceutical propellants among others. Refrigeration and air conditioning industry is one of the largest end user of fluorinated organic compounds due to its non-flammability and low toxicity properties. Growing population and increasing hotter summers have boosted the demand for air conditioners and refrigerators in India. Rising disposable income coupled with economic growth has stimulated the sales of household appliances including refrigerators, air conditioners in recent years.
The global India Fluorinated Organic Compounds Market is estimated to be valued at US$ 370 million in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand from refrigeration and air conditioning industry is one of the major drivers of India fluorinated organic compounds market. Rising usage of fluorinated refrigerants such as hydrochlorofluorocarbons, chlorodifluoromethane, and chlorotrifluoroethylene in domestic as well as commercial refrigeration and air conditioning systems due to their non-flammable and low toxicity properties is fueling the market growth. Furthermore, growing adoption of fluorinated solvents in various end use industries including electronics, automotive, pharmaceutical, and aerospace among others owing to desirable properties such as chemical and thermal stability is also propelling the market growth. However, stringent regulations on fluorinated compounds due to their ozone depleting and global warming potentials may hamper the market growth over the forecast period.
Segment Analysis
The India fluorinated organic compounds market is dominated by the refrigerants segment, which accounts for around 45% of the overall market. Refrigerants find widespread application in refrigeration and air conditioning systems. Growing demand for refrigeration from food & beverages, pharmaceutical and chemical industries is driving the growth of this segment. The cleaning agents segment is another major segment, valued at US$ 160 million in 2024. Growing semiconductor industry and stringent hygiene requirements in hospitals and food processing plants are increasing the demand for cleaning agents with fluorinated organic compounds in India.
PEST Analysis
Political: The introduction of protocols like the Montreal Protocol and Kigali Amendment aim to reduce the production and consumption of ozone depleting substances (ODS) and hydrofluorocarbons (HFCs). This is positively impacting the demand for environmental-friendly refrigerants in India.
Economic: With rising industrialization and construction activities, the demand for cooling appliances, insulating materials and cleaning agents is growing rapidly. The manufacturing sector contributes over 18% to India’s GDP, thus supporting the market growth.
Social: Increasing awareness about hygiene and food safety is raising the uptake of fluorinated organic cleaning agents in the food industry. Also, growth in nuclear families and working women population is propelling the sales of home and commercial appliances.
Technological: Manufacturers are focusing on developing more energy efficient equipment using eco-friendly refrigerants with low global warming potential like hydrofluoroolefins (HFOs). Advancements in material science are also allowing wider application of fluoropolymers in electrical, construction and automotive industries.
Key Takeaways
The Global India Fluorinated Organic Compounds Market Size is expected to witness high growth at a CAGR of 4.8% during the forecast period of 2024 to 2031.
Regional analysis: The India market currently dominates South Asia with a share of over 80% in terms of both production and consumption of fluorinated organic compounds. Growing at a CAGR of around 5%, Western India has emerged as the largest as well as the fastest growing regional market in the country. This can be attributed to presence of major manufacturing hubs in states like Gujarat and strong government support for industries.
Key players: Key players operating in the India fluorinated organic compounds market include Honeywell International Inc, Arkema, Dongyue Group, Daikin Industries Ltd, Pelchem, Solvay SA and Mitsui Chemicals Inc. These players are focused on advancing their product portfolios and offering fluorocarbon refrigerants, specialty fluorochemicals, fluoropolymers and water and oil repellents.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
