Global Tetrafluoropropanol Market: Introduction
Tetrafluoropropanol is an important fluoride fine chemical, primarily used as a solvent of dyestuff for CD-R/DVD-R disks. It can also be applied for fabric finishing and as an intermediate in the production of medicines and insecticides. It is not harmful to the atmosphere and it is a substitute for Freon.
Global Tetrafluoropropanol Market: Trends & Developments
High resistance to organic solvents, acids, and bases offered by tetrafluoropropanol is expected to be a major factor driving the demand for tetrafluoropropanol for use in various applications during the forecast period. Demand for tetrafluoropropanol is expected to increase, owing to its convenient manufacturing process, which involves use of the photo-activated persulfate oxidation technology for efficient mineralization of tetrafluoro-1-propanol (TFP). Increasing use of tetrafluoropropanol in agrochemical applications is expected to act as a major driving factor for the global tetrafluoropropanol market in the next few years. Adoption of various regulations regarding restriction on chemicals with high global warming potential (GWP), in Europe and North America, is expected to negatively impact the tetrafluoropropanol market in these regions during the forecast period.
Global Tetrafluoropropanol Market: Segmentation
The global tetrafluoropropanol market can be segmented based on application and region. Based on application, the tetrafluoropropanol market can be divided into pharmaceuticals, agrochemicals, CD/DVDs, and others. The agrochemicals segment dominated the market in 2018 Demand for tetrafluoropropanol in the pharmaceuticals segment is expected to rise significantly during the forecast period.
Global Tetrafluoropropanol Market: Regional Outlook
Based on region, the global tetrafluoropropanol market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The tetrafluoropropanol market in Asia Pacific is expected to expand significantly during the forecast period, owing to growth of end-user industries and increase in usage of tetrafluoropropanol in agricultural products in the region. The tetrafluoropropanol market in Europe and Middle East & Africa is expected to expand at a significant pace during the forecast period, owing to growth of the pharmaceutical industry in these regions.
Abundant supply of raw materials in China, India, and Australia along with the regulatory inclination to promote usage of tetrafluoropropanol is expected to increase its usage in these countries in the near future. However, the U.S. Government has announced to limit the usage of certain chemicals including tetrafluoropropanol, This factor is expected to restrain the tetrafluoropropanol market in the country during the forecast period.
Global Tetrafluoropropanol Market: Key Players
Major companies operating in the global tetrafluoropropanol market are Gujarat Fluorochemicals Ltd., Huanxin Fluoro Material, China Haohua Chemical, Sanhuan Chemicals, and Zhejiang Juhua.