Octafluoropropane Market Trends

Growth Drivers

• Rising Smartphone Production and Demand for Electronics – On account of the growing phone usage across the globe, the market is expected to expand more in the upcoming years as octofluoropropane is considered a vital component in electrical design. Further, octofluoropropane is being utilized more often in semiconductor-based devices including computers, calculators, and cell phones which in turn boosts the demand for octofluoropropane. As of 2023, there are more than 6 billion smartphone users worldwide.
• Growing Prevalence of Eye Surgeries – The rising prevalence of eye-related diseases such as glaucoma, cataract, diabetic retinopathy, and others across the globe is estimated to drive octafluoropropane market growth. Furthermore, octofluoropropane gas is used to provide long-term tamponade during vitrectomy operations when a tear and retinal hole are healed. To keep the retina in place and lessen fluid leakage through the retinal aperture, octofluoropropane gas is utilized. Thus, the rising cases of eye-related diseases and surgeries, it is expected to bring lucrative growth opportunities for market growth during the forecast period. According to statistics, over 5 million cataract surgeries are carried every annually worldwide.
• Expanding Automotive Industry– Owing to the growing integration of electronic controls in today's generation of vehicles, the octofluoropropane market is predicted to grow as the automotive industry expands. In 2023, the market size for the Car & Vehicle Manufacturing sector has grown by more than 3% globally.
• Increasing Demand for Refrigerators – The demand for refrigerators is being driven by developing metropolitan regions and high-income consumers. In certain technologically-developed refrigerators, manufacturers mix octofluoropropane as a component. For instance, octofluoropropane is known to be an effective refrigerant. As per estimates, With India's refrigerator business is worth more than USD 4 billion.

Challenges

• Health Risks Might Result from Inhaling Fumes- The increasing concern amongst individuals for the health risks associated with inhaling fumes is one of the major factors predicted to slow down the market growth. For instance, certain negative consequences such as oxygen deficiency, which can result in suffocation are possible.
• Strict Government Rules for Usage in Certain Countries
• Need for Trained Workers for Handling and Storing