Hydrofluoroether (HFE) Market Size Worth USD 204.34 Million by 2027 | CAGR: 8.3%: Astute Analytica
NEW DELHI, Aug. 31, 2021 /PRNewswire/ -- As per the report "Global Hydrofluoroether (HFE) Market – Industry Dynamics, Market Size, and Opportunity Forecast to 2027" published by Astute Analytica, the global hydrofluoroether market size is expected to reach USD 204.34 Million by 2027, growing at a CAGR of 8.3% from 2021 to 2027.
HFEs (hydrofluoroethers) are a type of organic solvent. They were created as a replacement for CFCs, HFCs, HCFCs, and PFCs since they do not deplete the ozone layer. There are rising expenditures in research & development of efficient manufacturing techniques to overcome the post-processing issues faced by current production methodologies. Cleaning agent, vapor degreasing solvent, refrigerant, and heat-transfer fluid are just a few of the industrial applications for this solvent. Alternatives to CFCs and aqueous cleaning procedures must provide the best balance of safety, environmental, and performance. Low-cost solvents may include hidden costs that balance out the raw ingredient's initial low cost. In HFEs, these three characteristics are well-balanced. Cleaning solutions based on HFE address worker safety and environmental concerns while performing similarly to CFCs.
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The research study analyzes the impact of some of the major market drivers such the increasing recognition of immersion cooling techniques. The advent of the digital economy is fundamentally altering human behavior, and the interdependent world is forcing businesses to work more quickly. Growth in number of data centers due to data generation from smart gadgets, houses, towns, to autonomous vehicles are impacting the overall demand of HFEs. However, large data centers come at a high price in terms of energy use, water consumption, footprint, and other factors. Organizations can better prepare for the tremendous performance needs of the future while managing costs and impacts on current natural resources by switching data centers from traditional cooling methods to immersion cooling employing liquids such as hydrofluoroether. Furthermore, it has a far lower global warming impact than chlorofluorocarbons and partly halogenated chlorofluorocarbons and has no ozone depleting qualities. Such reasons, as well as the use of hydrofluoroethers as a substitute for chlorofluorocarbons and hydro chlorofluorocarbons, are likely to propel the market forward throughout the forecast period. Customers may prefer different chemical compounds with equal features but more favorable rules due to the absence of standardization and inadequate control surrounding the use of hydrofluoroether. This is expected to hamper the global HFE market's growth throughout the forecast period.
With the growing need for hydrofluoroether in precision cleaning, 3M, a market leader in the chemical, presented a paper highlighting the possible use of separated HFEs for electronic packaging cleaning. The researchers found that segregated hydrofluoroethers could help clean electronic packaging components more effectively. Exacerbating research into the use of hydrofluoroethers as an industrial lubricant gained tremendous popularity after a study conducted by Bournemouth University evaluated the chemical compound's tribological performance in various industrial systems and concluded that it could eventually replace chlorofluorocarbon-based lubricants.
Despite of many uses, there are certain environmental risks associated with HFEs as well. Several anthropogenic compounds, such as HFEs, are produced into the atmosphere and have the potential to cause global warming, often known as the greenhouse effect. Furthermore, HFEs may reside in the low temperature after being released into the environment, where they are photochemically oxidized into a range of breakdown products.
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Consistent R&D investments in modern production methods generates profitable opportunities in the market
Increasing investments in research and development of efficient manufacturing processes to address the post-processing issues that existing manufacturing approaches confront. As administrative authorities all over the world pass legislation restricting the use of chlorofluorocarbons and hydro chlorofluorocarbons, the need for hydrofluoroether is predicted to increase in heat transfer solutions, aerosol formulation, lubricants, and cleaning applications. Because of their non-flammability, low surface tension, low viscosity, and low freezing temperatures, hydrofluoroether is becoming more popular as an electrolyte in lithium-ion batteries. In the recent years, two factors have slowed demand for lithium-ion batteries: safety and performance efficiency. Hydrofluoroether has the ability to assist lithium-ion battery makers in overcoming issues, which will likely improve the hydrofluoroether industry.
North America Hydrofluoroether (HFE) industry: Top-tier region in the global market
The potential opportunities in the global HFE market are thoroughly examined in this research report. To track development potential, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America accounted for more than 40% of the global hydrofluoroether sales in 2020. An increase in demand for hydrofluoroether in the electronics sector cleaning products, such as digital washing devices and cloud computing facilities in North America, has propelled the regional growth. Because of the significant demand for cloud computing technology in the country for data storage, management, and processing, the United States will grow at the fastest CAGR over the forecast period in North America.
During the projected period, the Asia Pacific region will develop at the highest CAGR of 10.4% in the global hydrofluoroether market. During the projected period, rising demand for lithium-ion batteries in China, Japan, and South Korea is likely to drive up the demand for HFE. Furthermore, the market is likely to be propelled by rising industrial production across industries such as autos and electronics.
Competitive Landscape
3M Company, AGC, Inc., Tianhe Chemicals Group Limited and Shandong Huaxia Shenzhou New Material Co. dominate the global HFE chemical sector, which is a highly competitive market. They're also incorporating customers in their innovation and expansion initiatives, ensuring that they stay competitive with the leading companies. Market companies' primary strategies include new product development, agreements/partnerships, expansions, mergers, and acquisitions.
Segment Outline
Market size analysis based on revenue and volume in several categories is included in the report's market segments. For example, in the product group, co-solvent systems are expected to grow at the fastest rate of 9.4% throughout the projection period, while pure HFEs are expected to have the largest market share of more than 88.5% in 2020.
Similarly, cleaning solvents dominated the market with a 39.3% share in 2020, while dry etching agents are expected to rise at the quickest CAGR of 9.3% throughout the forecast period.
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The report provides thorough analysis of Global Hydrofluoroether Market – Industry Dynamics, Market Size and Opportunity Forecast to 2027, based on the following segments:
- By Product Type
- Pure HFEs
- HFE Blends
- Co-solvent systems
- By Packaging
- Cleaning solvent
- Blowing agents
- Refrigerants
- Dry etching agents
- Coating and lubricants
- Heat transfer
- Others
- By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Italy
- Spain
- Russia
- Poland
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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