Perfluoroalkyl Chemicals Market Size (2023 - 2030)

Global Perfluoroalkyl Chemicals Market is estimated to be worth USD 3.71 Billion in 2022 and is projected to reach a value of USD 5.58 Billion by 2030, growing at a CAGR of 6.0% during the forecast period 2023-2030.

Perfluoroalkyl chemicals, or more commonly perfluoroalkyl substances (PFAS), are a group of human-made chemicals that were created for a wide range of household and industrial applications. PFAS are capable of repelling oil, grease, and water, and due to these properties, they have been used in protective coatings for many different products, including food packaging, non-stick cookware, carpets, etc. Some of the more commonly known PFAS are perfluorooctane sulfonate (PFOS) and perfluorooctanoic acid (PFOA), perfluorobutanoic acid (PFBA), and perfluorodecanoic acid (PFDA). Anyone can be exposed to perfluoroalkyl substances (PFAS). The majority of people are exposed to PFAS through ingestion. This could be the result of eating contaminated seafood, drinking contaminated water, or storing or cooking food in materials that contain PFAS. Groundwater contamination poses a greater threat to residents who live close to PFAS production facilities or locations where PFAS-containing firefighting foams were utilized.

Global Perfluoroalkyl Chemicals Market Drivers:

The increasing demand for chemicals resistant to heat, oil, grease, and water is fuelling the growth of the global perfluoroalkyl chemicals market.

Perfluoroalkyl chemicals are well-known for their properties of resistance to heat, oil, grease, and water. Due to these properties, many companies incorporated these chemicals in the applications of non-stick cookware, firefighting foam, stain-resistant fabrics and carpets, food packaging, waterproof clothing, carpets and upholstery cleaners, dental floss, and some types of cosmetics. Therefore, this factor drives the demand for perfluoroalkyl chemicals. 

The advancements in the manufacturing process of perfluoroalkyl chemicals are another factor contributing to the growth of the global perfluoroalkyl chemicals market.

The advancements done by some major companies in the manufacturing process of perfluoroalkyl chemicals have led to enhanced product quality and efficiency and reduced production costs containing these chemicals. These advancements have helped companies in meeting the rising demand for perfluoroalkyl chemicals for use in a wide range of industries, including automotive, electronics, and textiles. Therefore, this factor also drives the demand for perfluoroalkyl chemicals.  

Global Perfluoroalkyl Chemicals Market Challenges:

The global perfluoroalkyl chemicals market is encountering challenges, primarily in terms of health hazards and the development of safer alternatives. It has been found that exposure to perfluoroalkyl chemicals causes several health problems, including prostate, kidney, and testicular cancer, preeclampsia, decreased fertility, elevated cholesterol levels, a weaker immune system for infants, altered hormone levels, altered liver, thyroid, and pancreatic function, and many more. Moreover, to reduce the exposure of perfluoroalkyl chemicals to humans and animals, governments around the world implemented strict rules and regulations regarding the use of these chemicals and following these, several companies started to develop alternatives that are safer than perfluoroalkyl chemicals. Thus, these challenges inhibit the growth of the global perfluoroalkyl chemicals market. 

Global Perfluoroalkyl Chemicals Market Opportunities:

The production of bio-based alternatives and the expansion to emerging markets present lucrative opportunities in the global perfluoroalkyl chemicals market. Given the rising health hazards of perfluoroalkyl chemicals to humans and animals and the increasing industrialization in rapidly developing countries, such as China, India, and Brazil, major perfluoroalkyl chemicals manufacturing companies can stand to gain significantly from this opportunity by making bio-based alternatives to perfluoroalkyl chemicals and expanding these chemicals to the developing countries in order to broaden their customer base and boost their overall revenue.

COVID-19 Impact on the Global Perfluoroalkyl Chemicals Market:

The outbreak of the COVID-19 pandemic substantially impacted the global perfluoroalkyl chemicals market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of perfluoroalkyl chemicals. Moreover, the demand for perfluoroalkyl chemicals decreased due to the reduced utilization of consumer products, including paper, cardboard, leather, textiles, electronics, etc. These factors negatively impacted the growth of the global perfluoroalkyl chemicals market. Despite these challenges, the global perfluoroalkyl chemicals market is projected to recover and grow in the coming years.

Global Perfluoroalkyl Chemicals Market Recent Developments:

• In December 2022, 3M Company, an American multinational conglomerate, announced that it will discontinue the production of perfluoroalkyl substances (PFAS) by the end of 2025. The company will also stop the utilization of PFAS across its product portfolio by the end of the same year.
• In September 2022, Ionomr Innovations Inc. unveiled Pemion, a hydrocarbon-based proton exchange membrane, and polymer, a ground-breaking development in materials for heavy-duty industrial applications of green hydrogen fuel cells. Due to its superior performance and favorable effects on the environment, Pemion is a brilliant alternative to perfluorinated materials.
• In May 2022, Maura Healey, the Attorney General of Massachusetts, United States, announced a major lawsuit against several major manufacturers of perfluoroalkyl substances (PFAS), such as 3M, Arkema, DuPont de Nemours Inc., Clarinet Corporation, etc., which are used in the application of firefighting foam.

PERFLUOROALKYL CHEMICALS MARKET REPORT COVERAGE:

Global Perfluoroalkyl Chemicals Market Segmentation: By Type

• Perfluorooctane Sulfonate (PFOS)

• Perfluorooctanoic Acid (PFOA)

• Perfluorobutanoic Acid (PFBA)

• Perfluorodecanoic Acid (PFDA)

• Others

 In 2022, the perfluorooctanoic acid (PFOA) segment held the highest market share. The growth can be attributed to the vast applications of PFOA, including non-stick cookware and kitchen utensils, dental floss and tape, tread sealant and tape, apparel membranes, and some types of tubing. In the past, PFOA was used extensively, but many countries have restricted its use and production due to concerns about its potential effects on health and the environment. Despite this, PFOA remains in the environment and persists for a considerable amount of time, making it an ongoing concern for stakeholders and regulators.

Global Perfluoroalkyl Chemicals Market Segmentation: By Application

• Coatings

• Electronics

• Packaging

• Textiles

• Others

In 2022, the coatings segment held the highest market share. The growth can be attributed to the rising adoption of perfluoroalkyl chemicals for the manufacturing of coatings for use in vast applications in the industrial as well as consumer sectors. Perfluoroalkyl chemicals help to make the coatings resistant to heat, oil, grease, stains, and water. Due to these aforementioned properties, perfluoroalkyl chemicals are widely used in the applications of non-stick cookware.

Global Perfluoroalkyl Chemicals Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• Rest of the World

In 2022, the region of North America held the largest share of the global perfluoroalkyl chemicals market. The growth can be attributed to the rising demand for perfluoroalkyl chemicals in the applications of coatings, electronics, packaging, textiles, etc. The United States is one of the largest producers of perfluoroalkyl and polyfluoroalkyl substances (PFAS), which further propels the region's growth. In addition, the region is home to several significant market players, including 3M, The Chemours Company, Halocarbon Products Corporation, Solvay Specialty Polymers USA, LLC, and Solenis LLC.  Asia-Pacific is anticipated to be the fastest-growing region during the forecast period, owing to the rising demand for perfluoroalkyl chemicals in a wide range of industries, including automotive, electronics, and textiles.  

Global Perfluoroalkyl Chemicals Market Key Players:

1. 3M (United States)
2. Clariant AG (Switzerland)
3. Arkema S.A. (France)
4. The Chemours Company (United States)
5. Daikin Industries, Ltd. (Japan)
6. Solvay (Belgium)
7. F2 Chemicals Ltd (United Kingdom)
8. Asahi Kasei (Japan)
9. Halocarbon Products Corporation (United States)
10. BASF SE (Germany)