Stringent Regulations Governing Use of Chemicals Entailing Hazardous Emissions Driving Up Demand for Less Toxic Hydrofluoroether
Rockville , Oct. 31, 2023 (GLOBE NEWSWIRE) — Fact.MR, a market research and competitive intelligence provider, in its recently published study, reveals that the global hydrofluoroether market is estimated at US$ 543 million in 2023 and is projected to advance at a stellar CAGR of 13.1% from 2023 to 2033.
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Use of hydrofluoroether (HFE) as a cleaning solvent is predicted to increase because of the rising need for different precision cleaning procedures in the aerospace, analytical equipment, military, and medical industries. Several governing authorities around the world are implementing guidelines to reduce the use of chlorofluorocarbons, hydrochlorofluorocarbons, and hydrofluorocarbons, which is predicted to further cushion the demand for hydrofluoroether due to its low toxicity. It is used extensively in aerosol formulations, lubricants, and heat transfer solutions, which is projected to widen revenue generation opportunities for players in the coming decade.
| Report Attribute | Details |
| Value Projection (2033) | US$ 1.86 Billion |
| Growth Rate (2023-2033) | 13.1% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 57 Tables |
| No. of Figures | 54 Figures |
Key Takeaways from Market Study
- The global hydrofluoroether market was valued at US$ 480 million in 2022.
- Worldwide demand for hydrofluoroether stands at a market value of US$ 543 million in 2023.
- The market is set to reach US$ 1.86 billion by the end of 2033.
- Sales of hydrofluoroether are predicted to rise at a CAGR of 13.1% from 2023 to 2033.
- Based on application, cleaning solvents are forecasted to account for 35% market share by 2033.
- Pure HFEs are predicted to hold 80% of the global market share by 2033.
- North America accounts for 30% revenue share in 2023.
“Numerous beneficial attributes of hydrofluoroether, including low toxicity, non-flammability, zero ODP (ozone depletion potential), chemical inertness, and non-corrosiveness contributing to its increased demand,” says a Fact.MR analyst.
Environment-friendly Nature and Low Toxicity of Hydrofluoroether Propelling its Demand as Cleaning Solvent
The cleaning solvents segment is predicted to account for a 35% market share in 2033. The widespread use of hydrofluoroether as a cleaning solvent stems from its safety credentials as a less toxic and less flammable substance. Furthermore, the environmentally friendly nature of hydrofluoroether is expected to enhance its adoption globally.
Leading Market Players
- Tianhe Chemicals Group Limited,
- Juhua Group Corporation,
- SICONG Chemical,
- China Fluro Ltd.,
- Shandong Huaxia Shenzhou New Material Co., Ltd.,
- AGC Inc.,
- 3M,
- The Chemours Company,
- Solvay SA,
- Honeywell International Inc.,
- Halocarbon Products Corporation,
- Daikin Industries Ltd.,
- AGC Inc.,
- Shanghai 3F New Materials Company Limited.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the hydrofluoroether market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights into the market based on product (pure HFEs, HFE blends, co-solvent systems) and application (cleaning solvents, refrigerants, blowing agents, dry etching agents, heat transfer, coatings & lubricants), across six major regions of the world (North America, Europe, East Asia, Latin America, South East & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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