Octafluoropropane Market Size

Octafluoropropane Market size was over USD 401.66 Million in 2023 and is anticipated to reach USD 825.72 Million by 2036, growing at around 5.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of octafluoropropane is estimated at USD 423.32 Million. The growth of the octafluoropropane market can be attributed to the growing demand for self-driving cars. Further, the rising demand for premium cars in both developed and emerging countries among people across the globe is also expected to add to the market growth. Additionally, octofluoropropane is utilized in semiconductors, which are used in the production of self-driving automobiles, as a plasma etching material. As per data, more than 1,000 self-driving cars are now operating on American roadways.

In addition to these, factors that are believed to fuel the market growth of the octofluoropropane market include the increasing need for octofluoropropane in the medical industry. For instance, in the world of medicine, the gas cores of the tiny contrast agents used in contrast-enhanced ultrasonography may be made of octafluoropropane. Furthermore, to enhance the backscatter of the ultrasonic signal, octafluoropropane microbubbles are utilized. Additionally, in echocardiography, activated octafluoropropane improves pictures of the borders or inner boundaries of the heart, creating a better picture that could help doctors diagnose patients more accurately. It is used in patients who have unsatisfactory echocardiograms to opacify the left ventricular chamber.