APAC and LATAM R22 (Chlorodifluoromethane) for Feedstock Market size are forecast to reach $6,435.27 million by 2030, after growing at a CAGR of 5.2% during the forecast period of 2020-2030. The growth of R22 (Chlorodifluoromethane) for feedstock Market is driven by factors such as the rise in consumption of R-22 PTFE feedstock in the automotive, transportation, and electronics sector. Besides, PTFE is known as a problem solver and is the ideal material for a wide variety of industries and environments that need it. A technology based on photosensitive liquid PTFE resin which has already been successfully adopted by some customers operating in various industrial sectors from components that must guarantee high chemical resistance to applications in the electronic field. Hence, the following factors overall increase the growth of the APAC and Latin America R22 (Chlorodifluoromethane) Industry over the forecast period.
Report Coverage
The report “APAC and LATAM R22 (Chlorodifluoromethane) for Feedstock Market– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the APAC and LATAM R22 (Chlorodifluoromethane) for Feedstock Market.
By Feedstock: Polytetrafluoroethylene (PTFE) and Hexafluoropyropylene (HFP)
By Geography: Latin America and Asia Pacific.
Key Takeaways
- For instance, 3M developed their 3D printing technology which enabled the development of PTFE components with complex geometries and precise information that goes beyond the capabilities of traditional processing techniques.
- The growing use of monomer TFE and HFP and its further produced TPFE material across different end-use industries leads to increased growth of chemical feedstock’s which tends to increase the market growth.
- Increasing use of PTFEin coatings for fittings, pipes, valves, and other pump parts, and in seats and plugs is anticipated to boost the market in the forecast period.
- The greatest use of chloroform is in chlorodifluoromethane preparation. Due to the COVID-19 pandemic, chloroform production has been severely affected in recent times due to the temporary shutdown of industries and production facilities. It further affected the production and supply and demand chain of chlorodifluoromethane across diverse verticals. Thus, restricting the growth of the APAC and LATAM R22 (Chlorodifluoromethane) for Feedstock Market.
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Feedstock - Segment Analysis
Polytetrafluoroethylene (PTFE) held the largest share in APAC and LATAM R22 (Chlorodifluoromethane) for Feedstock Market in 2019 and is expected to rise at a CAGR of 5.4% in terms of revenue during the forecast period from 2020-2030. Polytetrafluoroethylene (PTFE) is a silicone-based plastic fluoropolymer compound that contains both carbon and fluorine. PTFE is commonly used in various applications in the core and healthcare industries due to its highly unique properties such as resistivity to UV light, sunlight, and weathering, strong anti-adhesion properties, highly versatile, efficient fatigue resistance under low stress, low water adsorption and others. PTFE is usually found in insulation in the electrical industry, as well as in semiconductor parts and flexible printed circuit boards, whereas PTFE can be found in bearing and non-stick surfaces in the engineering sector. Also, R22 or HCFC-22 plays a major role in the development of polytetrafluoroethylene (PTFE). Hence, after getting phased out from the refrigeration applications, R22 still can present in the feedstock market and is expected to drive the R22 (Chlorodifluoromethane) market during the forecast period.
Geography- Segment Analysis
Asia-Pacific dominated the APAC and LATAM R22 (Chlorodifluoromethane) for Feedstock Market with a share of 94% in 2019 and is projected to dominate the market during the forecast period (2020-2030). Asia-Pacific is the major PTFE market, which accounted for nearly half of the total global demand. The region is further expected to display very high growth in the future, mainly due to the Chinese market's high growth potential. Currently, China consumes about 70% of the HCFC-22 it produces, and of that fraction, about 60% goes to emissive uses (e.g., refrigeration), while the remaining 40% is used as a feedstock (e.g., in the production of PTFE). Also, The Dongyue plant in Shandong used PFOA to make more than 49,000 tons of Teflon in 2013 as well as four other products, including PVDF, a compound used in the semiconductor, medical, and defence industries.Globally, China was the dominant consumer of PTFE in 2019. Japan is growingly specialized in non-PTFE fluoropolymers. During the forecast period, Japanese consumption of both PTFE and other fluoropolymers will continue to grow moderately. Furthermore, the COVID-19 impact on the chemical industry has experienced a huge crisis due to lockdown, owning to this, the production level of PTFE have been reduced, and thus the market of R22 is getting reduced just for current years, but will increase in upcoming years.
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