Global Fluorinated Lubricants Market: Introduction
- Fluorinated lubricants are synthetically produced, fully fluorinated materials that are primarily used for lubrication or for coating applications. Demand for fluorinated lubricants is rising across different industries, as they are used in a wide range of machineries.
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- Fluorinated lubricants are capable of performing under conditions in which conventional and other synthetic lubricants fail. They can be used at temperatures as low as −90°C, while several petroleum-based lubricants can operate at temperatures of up to −18°C only.
- Fluorinated lubricants are non-flammable, non-reactive, and longer lasting in comparison to their conventional counterparts. These properties enhance the performance of not only the lubricant but also the machinery or equipment in which they are used.
Key Drivers of Global Fluorinated Lubricants Market
- Rapid industrialization is expected to drive the global fluorinated lubricants market during the forecast period. Industrialization is growing at a rapid pace, especially in developing economies such as China, India, and Brazil. Favorable business terms and initiatives by governments to attract foreign investors to boost the economy of their countries is a key factor driving the industrialization, especially in developing countries. Industrialization would result in installation of new equipment and machineries, which would require lubricants for effective and efficient running. This would, in turn, create high demand for fluorinated lubricants in the near future.
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- Advantages offered by fluorinated lubricants over the conventional and other synthetic lubricants is another key driver of the global fluorinated lubricants market. Fluorinated lubricants provide steady performance over a long period of time with a low rate of evaporation or oxidation degradation. Moreover, they can be used over a wider range of operating temperatures in comparison to their conventional counterparts. They are fire resistant. Fluorinated lubricants are non-toxic, safe, and capable of being used in environments that involve exposure to solvent or chemical splashes. They can also be used for rubber and plastic lubrication.
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Key Developments in Global Fluorinated Lubricants Market
- In May 2019, Daikin Industries, Ltd. announced to have passed a resolution to establish a new subsidiary in China for the manufacture and sale of fluorochemical products in the country. The subsidiary would strengthen fluorochemical product manufacturing and sales activities of the company in the country. The company took this step in order to meet the demand from the semiconductor & battery materials sector in China, which is expected to substantially expand in medium and long terms.
- In March 2018, The Chemours Company announced global price hike of around 10% for its products including Krytox lubricants, Nafion Membranes & Dispersions, Viton FKM Fluoroelastomer products, Capstone repellents & surfactants, Teflon PTFE and Melts, and Teflon coatings. The company said that the price hike would enable it to continue investments and provide a high level of product quality, service, and innovations in order to meet customer requirements.
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North America Expected to Dominate Global Fluorinated Lubricants Market
- Based on region, the global fluorinated lubricants market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America held a dominant share of the global fluorinated lubricants market in 2019. Moreover, the region is expected to maintain its dominance during the forecast period. This is primarily attributable to increasing investments in the oil & gas industry and high demand from the automotive sector in the region. The U.S. dominated the North America fluorinated lubricants market in 2019.
- Europe and Asia Pacific are anticipated to follow North America in the global fluorinated lubricants market in the next few years. However, the Asia Pacific market is likely to expand at a rapid pace during the forecast period. This can be ascribed to increasing demand for fluorinated lubricants from developing economies, especially China and India.
- Middle East & Africa and Latin America accounted for marginal shares of the global fluorinated lubricants market in 2019.
Key Players Operating in Global Fluorinated Lubricants Market
The global fluorinated lubricants market witnesses presence of a large number of international and regional players. Major players operating in the global fluorinated lubricants market are:
- Halocarbon
- 3M
- Solvay
- DAIKIN INDUSTRIES, Ltd.
- The Chemours Company
- IKV
- Metalubgroup
- SUMICO LUBRICANT CO., LTD.
