Fluorinated organic compounds find widespread applications in various end-use industries such as automotive, construction, electrical & electronics, and others owing to their excellent properties such as chemical stability, low surface tension, and high resistance to chemical reactions. They are used as refrigerants in air conditioners and refrigerators, solvents in the electrical industry, propellants in aerosol sprays, fire extinguishing agents, and foam blowing agents. The growing industrial sector in India is driving the demand for various industrial applications, thereby propelling the growth of the fluorinated organic compounds market.
The global India Fluorinated Organic Compounds Market is estimated to be valued at US$ 28243.38 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing industrial sector in India offers significant growth opportunities for the fluorinated organic compounds market. India is witnessing rapid industrialization, especially in sectors such as automotive, construction, pharmaceuticals, electronics, etc. which is expected to augment the demand for fluorinated organic compounds from these end-use industries. For instance, according to India Brand Equity Foundation (IBEF), India's construction industry is estimated to grow at 6-7% CAGR between 2022-2026 to reach US$ 1.4 trillion by 2028. Growing construction activities will propel the consumption of fluorinated organic compounds in insulation, casting, and other applications. Hence, the growing industrial sector in India is projected to offer attractive opportunities for fluorinated organic compounds market over the forecast period.
Porter’s Analysis
Threat of new entrants: The India Fluorinated Organic Compounds market has moderate threat of new entrants as significant capital is required for R&D of new compounds. However, presence of specialty chemical players increases threat.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of several manufacturers. However, requirement of technical expertise for application development increases buyers dependency on manufacturers.
Bargaining power of suppliers: Suppliers have high bargaining power due to involvement of few suppliers for critical raw materials like difluoroethane, hexafluoropropene, and hydrochlorofluorocarbons. Suppliers can influence prices.
Threat of new substitutes: Low threat as Fluorinated Organic Compounds have properties like non-toxicity, electrical resistance, and chemical inertness that are difficult to substitute.
Competitive rivalry: High as market is fragmented with presence of global as well as domestic players competitive on pricing and product innovation.
SWOT Analysis
Strength: Demand from end use industries like automotive, medical devices, and electrical & electronics. Growing focus on health and hygiene post-Covid drives usage.
Weakness: Stringent regulations on chemicals affecting environment and stringent emission standards for use of greenhouse gases. High R&D costs for development of bio-based and greener compounds.
Opportunity: Growth in automotive and healthcare industries. Rising urbanization increases demand for durable and medical goods. Growing usage of specialty chemicals in agriculture for pest control.
Threats: Economic slowdowns impacting end use industries. Volatility in raw material prices pressures margins. Substitute threat from emerging greener technologies.
Key Takeaways
Global India Fluorinated Organic Compounds Market Growth is expected to witness high growth during the forecast period of 2023-2030 supported by rising applications across industries like automotive, healthcare and agriculture in India. The global India Fluorinated Organic Compounds Market is estimated to be valued at US$ 28243.38 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The India market accounts for over 10% share of the Asia Pacific Fluorinated Organic Compounds market currently. Growth prospects remain strong in India given rising income levels, increasing health awareness and expanding middle class driving demand for medical devices, automobiles and specialty chemical applications.
Regional analysis indicates South India to be the fastest growing region backed by strong economic growth, increasing industrialization and presence of specialty chemical companies in regions like Tamil Nadu and Andhra Pradesh. Western India currently dominates market share led by Maharashtra state but northern regions are emerging rapidly.
Key players operating in the India Fluorinated Organic Compounds market are Cerner Corporation, Allscripts, Apple Inc, Telefonica S.A., McKesson Corporation, Epic Systems Corporation, QSI Management, LLC, AT&T, Vodafone Group, Airstrip Technologies, Google, Inc, Samsung Electronics Co. Ltd, HiMS, Orange, Qualcomm Technologies, Inc, Softserve, MQure, Computer Programs and Systems, Inc, Vocera Communications, IBM Corporation, CISCO Systems, Inc. The market remains competitive with global players focused on expanding specialty chemical portfolio and domestic manufacturers targeting cost.
Get More Insights On This Topic: https://www.ukwebwire.com/india-fluorinated-organic-compounds-market-overview/
