May 23, 2024
India Fluorinated Organic Compounds Market

India Fluorinated Organic Compounds Market is Thriving Due to Increasing Demand for Refrigerants

The India fluorinated organic compounds market comprises fluorinated hydrocarbon refrigerants, fluorinated ether refrigerants, and other fluorinated organic compounds that find extensive applications across various end-use industries such as refrigeration, air conditioning, consumer products, automotive, and more. Fluorinated organic compounds exhibit properties such as non-flammability, chemical stability, high dielectric strength, and low toxicity, which make them ideal for use as refrigerants, propellants, fire extinguishing agents, insulating gases, and cleaning agents. The rising demand for refrigerants from the food & beverage, healthcare, and construction industries is primarily driving the growth of the India fluorinated organic compounds market.

The Global India Fluorinated Organic Compounds Market is estimated to be valued at US$ 32536.38 Mn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the India fluorinated organic compounds market are Universal Health Services Inc., Springstone Inc., Niznik Behavioral Health, Magellan Health Inc., Behavioral Health Group, AAC Holdings, Acadia Healthcare, Haven Behavioral Healthcare Inc., Promises Behavioral Health, and Aurora Behavioral Health System, among others. The growing demand for refrigerants from end-use sectors such as food & beverages, healthcare, and construction is fueling the growth of the India fluorinated organic compounds market. Major players in the market are expanding their manufacturing facilities and distribution networks across different regions in India to cater to the rising demand for fluorinated organic compounds.

Market key trends

One of the key trends gaining traction in the India Fluorinated Organic Compounds Market Demand is the increasing replacement of chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs) with hydrofluorocarbons (HFCs), hydrofluoroolefins (HFOs), and other environment-friendly refrigerants. This is attributed to the phase-out of ozone-depleting substances (ODS) and low global warming potential (GWP) under the Montreal Protocol and the Kigali Amendment. HFCs and HFOs have negligible impact on ozone layer depletion and lower GWP compared to traditional refrigerants such as CFCs and HCFCs. Their higher adoption can significantly contribute to climate change mitigation efforts.

Porter’s Analysis

Threat of new entrants: Low barriers for new market entrants as the majority of manufacturing process and technology used is widespread.

Bargaining power of buyers: Large number of established buyers have a strong bargaining power over pricing and product design.

Bargaining power of suppliers: Few key suppliers exist for critical raw materials and technologies used which leads to a higher bargaining power for them.

Threat of new substitutes: Potential threat from new substituting products due to rapidly changing technology landscape and consumer preferences.

Competitive rivalry: Intense competition exists among established players to gain market share and leadership.

Geographical Regions

North America holds the major share of the India fluorinated organic compounds market currently, owing to the developed chemical industry and presence of leading players in the region.

Asia Pacific region is expected to witness the fastest growth during the forecast period due to rapid industrialization, growing end-use industries, and rising disposable income in developing countries such as India and China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it