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
Octafluoropropane Market: Key Insights
Growth Drivers
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Increasing Production of Smart Phones – Octofluoropropane is increasingly used in semiconductor applications such as calculators, computers, and mobile phones. An estimated 1.6 billion smartphones are sold every year, which generates a revenue of almost USD 500 Billion, as per the latest survey
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Growing Automobile Industry - Octofluoropropane is likely to be used exponentially in the automobile industry in the coming years as electronic controls and other electronic components get incorporated into motorized vehicles. The growth of the automobile industry is expected to drive the octofluoropropane market growth. For instance, India alone has been steadily increasing exports of automobiles in the past few years. In the year 2022, it has exported more than 5 million vehicles, according to the India Brand Equity Foundation (IBEF).
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Use in Eye Surgeries – In case of vitrectomy procedures in which tear and retina hole is repaired, octafluoropropane gas are used for providing long term tamponade. Nearly 2.5 million eye injuries occur in the United States every year
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Demand for Use in Ultrasound – Octafluoropropane gas is used as a diagnostic drug in contrast-enhanced ultrasound. An escalating global population, which currently stands at more than 7.9 billion, as per the United States Census Bureau, and is increasing every second
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Growing Demand in Refrigeration – Some refrigerator mixtures consist of Octafluoropropane gas, and it is anticipated to drive the growth of the market. According to data, nearly 220 million refrigerators are sold across the globe every year
Challenges
- Stringent Government Regulations for Use in Some Countries
- Inhaling Fumes May Cause Health Hazards
- Requirement of Well-trained Personnel in Handling and Storage
The global octofluoropropane market is segmented and analyzed for demand and supply by application segment into semiconductor, liquid crystals & LEDs, optical fibers, refrigerant, medical, transformers, and others. Out of these sub-segments, the semiconductor segment is expected to garner the largest market share during the forecast period on the back of an increasing production of semiconductor chips where the octofluoropropane gas is employed in the etching and cleaning of its surfaces and it is projected to boost the market growth. According to the Semiconductor Industry Association, the global sales of semiconductor chips increased from about USD 412.3 Billion in 2019 to 440 Billion in 2020 representing 6.8 percent increase across the globe.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.8% |
|
Base Year Market Size (2024) |
USD 424.96 million |
|
Forecast Year Market Size (2037) |
USD 884.43 million |
|
Regional Scope |
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