Octafluoropropane Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is estimated to dominate majority revenue share of 35% by 2035, attributed to increasing production of semiconductor chips. The growth of the market can be attributed majorly to the increasing production of semiconductor chips. For instance, China is recognized as the world's largest manufacturer of silicon, which is needed to create semiconductors, making it the leading producer of semiconductors. Further, the growing consumption of consumer electronics in the region is also anticipated to contribute to market growth in the region. Octofluoropropane is used for various semiconductor applications such as reactive ion etching, as it is a combination source of highly reactive trifluoromethyl, difluorocarbenyl, and fluorine radicals. As per data, more than 60% of the world's semiconductors and approximately 90% of the most sophisticated chips are produced in Taiwan.
North American Market Insights
The North American octafluoropropane market is estimated to be the second largest, registering a share of about 24% by the end of 2035. The growth of the market can be attributed majorly to the surging demand for electronic components. For instance, more and more people in the region are shifting towards new product innovations. Also, the growth of smart workplaces and smart homes has increased demand for consumer electronics products such as smart Televisions, refrigerators, air conditioners, and more, which in turn will rise the demand for octafluoropropane in the area, as it is used in the electronics industry as an etching agent for SiO2 layers in semiconductor applications when mixed with oxygen.
Europe Market Insights
Further, the octafluoropropane market in the European region, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035, backed by the higher use of octofluoropropane in both semiconductors and the automotive industry, and the growth expected to witness in both these industries in the region over the coming years. Besides this, the surge in the focus of the government of the European Union in raising its share in the global semiconductor industry, which is expected to reach close to 29% by the end of 2030, up from about 10% in the current year, is also anticipated to add to the market growth in the region. Recently, the digital transformation in Europe has helped in revitalizing the semiconductor industry, and the region has been rethinking its approach to the manufacturing of microchips and placing itself as a competitor in the global arena. Further, the world-famous European automotive industry, which occupies a majority of the share of the global automotive industry, is witnessing an increase in the adoption of driver assistance systems, as well as fully autonomous vehicles. According to the European Commission, on May 17th, 2018, a proposition for strategizing automated and connected mobility systems by the Commission was raised which was aimed to make the region a world leader in automated mobility systems.
