Global Octofluoropropane Market – Industry Trends and Forecast to 2029

Octofluoropropane Market Analysis and Size

Growing demand for octofluoropropane from the electrical industry generates a huge demand for electronics specialty gases, which will act as a dynamic factor for the growth of the octofluoropropane market. This is a nonflammable synthetic material with major applications in medicine and semiconductor production. It is also a tremendously potent greenhouse gas. Octafluoropropane can be formed either by the fowler process using cobalt fluoride or by electrochemical fluorination.

Data Bridge Market Research analyses that the octofluoropropane market is expected to undergo a CAGR of 6.40% during the forecast period. This indicates that the market value, which was USD 357.50 million in 2021, would rocket up to USD 587.23 million by 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Octofluoropropane Market Scope and Segmentation

Market Definition

Octafluoropropane is the perfluorocarbon counterpart of hydrocarbon propane, and the formula is (C3F8). Octafluoropropane is an odorless and colorless gas. It is a relatively inert gas. This chemical compound is nontoxic and non-flammable. Octafluoropropane can be manufactured either by  the Fowler process using cobalt fluorids or by electrochemical fluorination.

Global Octofluoropropane Market Dynamics

Drivers

• Highly used in refrigeration systems

Octafluoropropane acts as a coolant in refrigerants due to its compressibility. Octafluoropropane can be compressed at high pressure into a liquid. This compressed octafluoropropane is controlled by a refrigeration system allowing it to expand into a gas. This process occurs when heat is surrounded by the gas, which is absorbed. Refrigeration systems are highly used in commercial and industrial refrigeration purposes to maintain the temperature level. The major end-user industry of refrigeration systems is the food sector. Refrigeration systems are utilized to preserve the freshness of food products in stores, domestic houses, and others where food is handled. Thus, the growing demand for refrigerants increases the demand for octafluoropropane in the market.

• Rising demand of octafluoropropane in the automotive and electronics industry

The increasing fabrication of semiconductor constituents in vehicles is anticipated to proliferate. The rising integration of electronic controls which is embedded in the modern generation of automobiles has increased the demand for octofluoropropane in the market. Furthermore, the increasing use of octofluoropropane in specialty applications, such as an etching mechanism in the electronic industry, is anticipated to boost the growth rate of the octafluoropropane market,

Opportunities

• Growing demand of octofluoropropane in medical sector

In medical sector, octofluoropropane is used in the manufacture of medicines. Octafluoropropane may comprise microbubble contrast agents in the form of gas cores which are used in contrast-enhanced ultrasound. Octafluoropropane microbubbles can easily reflect sound waves and enhance the ultrasound signal backscatter in the medical sector. It is also used in eye surgery, for instance, in pars plana vitrectomy procedures, where retina tear or hole is repaired. This gas offers a long-term tamponade. Thus, the rising demand of octofluoropropane in the medical sector will create lucrative opportunities for market growth during the forecast period. Furthermore, rising modernization and ongoing research and development activities will further generate new and ample opportunities for the growth of the octofluoropropane market during forecast period of 2022-2029.

Restraints/Challenges

• Issues associated with octofluoropropane market

Octofluoropropane can have specific harmful effects, whereas using this octofluoropropane gas undergoing in ultrasound activity will act as a major factor among others acting as a market restraint, and further challenge the octofluoropropane market  during the forecast period.

This octofluoropropane market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the octofluoropropane market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Octofluoropropane Market Scope

The octofluoropropane market is segmented based on product type, application and channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• >99.99%
• <99.99%

 Application

• Semiconductor
• Liquid Crystals and LEDs
• Optical Fibers
• Transformers
• Others

Channel

• Direct Sales
• Distributor

Octofluoropropane Market Regional Analysis/Insights

The octofluoropropane market is analysed and market size insights and trends are provided by country, product type, application and channel as referenced above.

The countries covered in the octofluoropropane market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the octofluoropropane market in terms of revenue and market share due to the increasing presence of large number of manufacturers of electronic component and increased demand for the electronic components in this region.

Asia-Pacific is projected to grow during the forecast period of 2022-2029 due to increasing disposable income in this region. The growing manufacture of semiconductor chips and increasing use of octofluoropropane in specialty applications will likely boost the market's growth in this region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Octofluoropropane Market Share Analysis

The octofluoropropane market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to octofluoropropane market.

Some of the major players operating in the octofluoropropane market are:

• Praxair Technology  Inc., (U.S.)
• Air Liquide S.A. (France)
• Air Products Inc. (U.S.)
• Linde Plc (Ireland)
• Messer Group (Germany)
• SHOWA DENKO K.K. (Japan)
• Kanto Denka Kogyo Co., Ltd. (Japan)
• Electronic Fluorocarbons, LLC (U.S.)
• F2 Chemicals Ltd (U.K.)
• Guangdong Huate Gas Co.,Ltd (China)
• Fujian Yongjing Technology Co., Ltd. (China)

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