The Rising Demand Of Household Appliances Such As AC’s And Refrigerators To Boost Chlorofluorocarbon Market Growth

Chlorofluorocarbon Market
Chlorofluorocarbon Market

Chlorofluorocarbon Market: By Type( CFC-11, CFC-12, CFC-113, CFC-114, CFC-115, Others) By Application (Solvent, Aerosol Propellants, Blowing Agent, Refrigerants, Others) And by Region (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) - Outlook, Size, Share and Opportunity Analysis 2023 – 2030

The global Chlorofluorocarbon Market is estimated to be valued at US$ 22.79 billion in 2020 and is expected to exhibit a CAGR of 5.5 % over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Chlorofluorocarbons is a nonhazardous, noninflammable chemical that consist atoms of carbon, Cl, and Fl. They are employed in the production of aerosol sprigs, blowing agents for sprays and packaging substances, as solvents, and as coolants. Chlorofluorocarbons are emitted into the atmosphere due to Air conditioners, refrigerators and other elements. They release harmful greenhouse gases.

Competitive Landscape:

Key players involved in the growth of global Chlorofluorocarbon Market. The Chemours Company, Gujarat Fluorochemicals Limited, Honeywell International Inc and others.

Market Key Drivers:

The rising demand of household appliances such as AC’s and refrigerators are expected to augment the growth of global Chlorofluorocarbon for Market. For instance, as per the facts and figures report around 215 million refrigerators were sold globally.

Rising industrialization and a growth in the automotive industry across the globe is projected to propel the growth of global Chlorofluorocarbon for Market. For instance, SPF produced from CFC-11 has better resistivity to heat compared to HCFC-141b.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Chlorofluorocarbon Market due to a reduction in the sales for every industry owing to the imposition of lockdown to curb the spread of virus. The restriction on movement of people hampered the consumption and employment of things or transportation facilities. The measures declared by several nations to curb COVID-19 had halted the manufacturing causing a disruption in supply chain globally.

Key Takeaways:

The global Chlorofluorocarbon Market is expected to exhibit a CAGR of 5.5 % during the forecast period due to rising investment for the product expansion.

For instance, as per IBEF, Haier- a major producer of refrigerators, TVs and ACs has invested US$ 415.80 million in 2020 to expand its revenue.

Among regions North America, Asia Pacific and Europe are anticipated to witness robust growth in the global Chlorofluorocarbon for Market owing to the rise in household appliances, rising disposable income, increasing investments and expenditure. For instance, in 2018, India’s washing machine, AC, refrigerator and TVs market was valued around US$ 1.9 billion, US$ 3.3 billion and US$ 3.1 billion respectively.

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