The global Hexafluoroacetone Derivatives market generated revenue of around USD 101.2 million in 2020 and anticipated to grow at a CAGR of over 7.2% during the forecast period from 2021 to 2027 to reach around USD 164.6 million in 2027.
Hexafluoroacetone is a chemical compound which has formula (CF3)2CO and has a similar structure to acetone. Hexafluoroacetone derivatives are the compounds which are derived while preparing hexafluoroacetone or when other compound is reacted with hexafluoroacetone. These derivatives are inflammable, colourless and hygroscopic in nature due to which they have many applications.
Key Trends in Global Hexafluoroacetone Derivatives Market
Use in Textile Industry
Hexafluoroacetone derivative possesses high reactive properties with water which creates corrosive acids and creates wide scope for synthesis. Low cost fabrics are generally coated with hexafluoroacetone derivatives to increase the performance of the textile and also provide high value to the manufacturers. Hexafluoroacetone derivatives increase the functional performance of the textile. Also, the increase in disposable income is increasing the demand for textiles with high performance. This fuels the growth of the hexafluoroacetone derivatives market.
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Impact of COVID 19 on Global Hexafluoroacetone Derivatives Market
In the wake of the COVID-19 situation, the growth of hexafluoroacetone derivative market was hampered adversely. Due to the rules and regulations issued by various countries on manufacturing units, transportation, and social distancing, the growth of the market was affected. Also, the regulations for ban of import from various countries have affected the transportation of the product. The rules for operation of manufacturing units and factories in different countries have also affected the demand for hexafluoroacetone derivatives. COVID 19 has resulted in decline of about 18% in total revenue generated by the global Hexafluoroacetone Derivatives market as compare to 2019.
Global Hexafluoroacetone Derivatives Market by Product Type Insights
On the basis of product type, the hexafluoroacetone derivatives market is segmented into reagents, industrial grade, and others. Industrial Grade segment is anticipated to dominate the product segment of hexafluoroacetone derivatives market. Use of these hexafluoroacetone derivatives in polymer industry and rapid industrialization in developing countries is anticipated to drive the growth of industrial grade hexafluoroacetone derivatives market.
Global Hexafluoroacetone Derivatives Market by Application Insights
Based on application, the Hexafluoroacetone Derivatives market is segmented into textile coating, adhesives, solvents, pharmaceuticals and others. Solvents segment is anticipated to dominate the application segment of hexafluoroacetone derivatives market. These are used in production of high performance solvent due to its properties such as fatigue resistance and high wear resistance.
Global Hexafluoroacetone Derivatives Market by Regional Insights
The largest market for Hexafluoroacetone Derivatives is North America and it accounted for about 32% of the total revenue generated. The highly developed technologies for textile industries, various base for production of solvents, presence of various chemical industries with developed technologies, and industrialization is expected to fuel the growth of North America hexafluoroacetone derivatives market. Asia Pacific market is expected to show high growth rate owing to rapid industrialization in countries like India and China, low labor cost, expanding chemical industry and rapid development in technologies.
Global Hexafluoroacetone Derivatives Market Competitive Landscape
The main players of the global Hexafluoroacetone Derivatives market include Halocarbon Products Corporation, Zhejiang Sanhe Pharmachem Co., Ltd., Sigma-Aldrich Corporation, E. I. du Pont de Nemours and Company, Central Glass Co., Ltd., Hangzhou Dayangchem Co. Ltd., Sinochem Lantian Co., Ltd., Leap Labchem Co., Ltd, Solvay S.A., Parchem Fine & Specialty Chemicals and Others. The report covers detailed profiles of the key players.
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