The octofluoropropane market is predicted to grow at a 4% CAGR from 2022 to 2032, rising from US$ 95 billion in 2022 to a valuation of US$ 140.62 billion by 2032. Octofluoropropane market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape.
Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Octofluoropropane market.
Global Octofluoropropane Market: Introduction
The energy deficit and the increasing power consumption across the world calls for increased electricity supply. Rising demand for electrical industry generates the demand for electronics specialty gases such as octofluoropropane.
Octofluoropropane is colorless gas and odorless gas, having molecular formulae – C3F8 and has 90% purity range. Alternative names of octofluoropropane is halocarbon 218, halon-38, perfluoropropane, etc. It is produced by fluorination or the fowler process.
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In term of physical properties, octofluoropropane is a high molecular weight inert gas with low solubility in the water and a low diffusion coefficient. Owing to its superior properties, it finds wide range of applications across the end-use industries especially electronics, medical and other physical industries.
Primary applications of octofluoropropane includes – ingredient in refrigeration mixtures and in contrast-enhanced ultrasound and in plugging procedures in medical sector.
Global Octofluoropropane Market: Market Dynamics
Semiconductors, apart from their mainstays, which include smartphones and consumer electronics are finding newer application areas such as in the automobile infotainment systems. The fabrication of semiconductor components in automobiles is expected to rise at a rapid rate owing to the increased integration of electronic controls being embedded in the current generation of automobiles thus fueling the need of octofluoropropane.
In addition, the impending arrival of self-driving cars is also expected to contribute greatly to the growth of the semiconductor industry. Increasing production is semiconductor chips is the primary growth driver for octofluoropropane as these gas is used in etching and cleaning of semiconductor surfaces.
Octofluoropropane is being increasingly used in specialty applications such as an efficient cleaning and etching mechanism. These novel applications of electronic specialty gases i.e. octofluoropropane can be capitalized on by producers and companies can concentrate on selling their products to companies which have a presence in these product domains.
The application of octofluoropropane in electronics have showcased their potential to exceed supply requirements in comparison to other end use sectors which make use of these gases in order to meet their production needs. Thus, lucrative opportunities for octofluoropropane manufactures presented by growth of the semiconductor market.
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Global Octofluoropropane Market: Regional Outlook
Geographically, the global octofluoropropane market can be segmented into seven key regions including North America, Europe and Asia of which East and South Asia are are estimated to be the major markets for octofluoropropane owing to the presence of large electronic component manufacturers in the region.
Countries such as China, Taiwan, Japan and South Korea are embarking of electricity production capacity addition by developing solar parks. This is being supported by Governments through subsidies and grants. In addition, huge scale residential projects are also making measures to incorporate solar power generation infrastructure in order to decrease the reliance of such large scale projects on the national grid
Sales of electronic specialty gases in South Asia is forecast to increase at the significant CAGR over the forecast period. The market demand for octofluoropropane in South Asia region is largely reflected by development activities, predominantly in the electronics manufacturing sector.
Additionally, the demand for octofluoropropane in the other regions is projected to be moderate by end of forecast period. Due to the steady growth of semiconductor industry in the regions.
Global Octofluoropropane Market: Industry Participants
The global octofluoropropane market has numerous small-scale and international manufactures at regional level. Few industry players are identified across the value chain of the global octofluoropropane market which are – Linde AG, Messer Austria GmbH, PanGas AG, Praxair, Inc., SHOWA DENKO, Kanto Denka Kogyo, F2 Chemicals Ltd, Electronics Fluorocarbons LLC, Air Products and Chemicals, Inc., Halopolimer Perm Electronic Fluorocarbons LLC, and among others.
The global Octofluoropropane research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
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Global Octofluoropropane market also contains projections using a suitable set of assumptions and methodologies. The research report on global Octofluoropropane market provides analysis and information according to market segments such as geographies, application, and industry.
Global Octofluoropropane Market: Market Segmentation
The global octofluoropropane market can be segmented on the basis of product type, application and regions.
On the basis of product type, the global octofluoropropane market can be segmented as mentioned below:
- >99.99%
- <99.99%
On the basis of applications, the global octofluoropropane market can be segmented as mentioned below:
- Semiconductor
- Liquid Crystals and LEDs
- Optical Fibers
The global Octofluoropropane research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
Global Octofluoropropane market also contains projections using a suitable set of assumptions and methodologies. The research report on global Octofluoropropane market provides analysis and information according to market segments such as geographies, application, and industry.
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