Rapid industrialization across the globe has positively impacted the market for elemental fluorine in the recent times. Along with this, several inventions such as technological developments in the manufacturing procedure of elemental fluorine has driven the market demand significantly. This chiefly owes to the augmented feasibility of fluorine gas after implementation modern production processes.
According to the projections, fluorine is anticipated to gain significant demand in the coming years due to its light weight. Fluorine is exceptionally effective in the process of dry chamber cleaning. This may act as the stimulating factor for the market growth. In the coming times, markets looking for the large scale use of elemental fluorine may gain profits owing to the cost effectiveness of the gas.
Although, the market may observe hampering growth in the coming years owing to the intricate production process of elemental fluorine. The global market demand for elemental fluorine is currently valued at US$ 621 million. According to the further estimations, the overall market is anticipated to cross revenues worth US$ 1,077 during the forecast period (2016-2024). The industry is expanding at the strong CAGR of 7.1 during the aforementioned period.
Asia Pacific to Witness Most Lucrative Growth for Elemental Fluorine in the Coming Years
Nuclear fuel application is projected to dominate the market further. It contributed approximately 50% of the total revenue shares in Asia Pacific in the year 2016. Further, it is anticipated to attain around 150 BPS throughout the assessment period. Additionally, the regional demand will be stimulated by augmented need for sulfur hexafluoride and nuclear energy mainly in the electrical sector.
Demand for elemental fluorine will also surge owing to the rise in the electronic and semiconductor segment in this region. These aforesaid sectors are expected to escalate moderately with the growth rate of around 9.5% in the near future.
In terms of demand and production both, Asia Pacific is said to be the prominent market. Sales revenues in this region are estimated to consume around 45% of total market value by the end of the forecast period. Favorable regulations associated with the manufacturing of elemental fluorine is also expected to fuel the market demand in the coming years. Europe, on the other hand, will observe lowest CAGR value of around 3.5% during the predicted period. North America will display a sluggish growth with growing CAGR close to 6.6%.
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Uranium Hexafluoride Demand Is Expected To Upsurge with Rising Demand for Nuclear Energy
Uranium hexafluoride is derived from elemental fluorine. The rising demand for this compound is significantly affecting the market for elemental fluorine. The expanding demand for electricity in emerging regions such as India and China will boost the market for electrical equipment, this, in turn, will spur the demand for fluorine gas in these regions. Chemical processes, during the nuclear fuel cycle, transform uranium oxide to uranium hexafluoride. It is said to be the kind of uranium. It can further be enhanced during the afterward stage of nuclear fuel production process. Further, the market for uranium hexafluoride is likely to be influenced by escalating demand for nuclear fuel, further stimulating the demand for fluorine principally in Asia Pacific.