by Fluorinated organic compounds have wide range of applications in various end use industries such as pharmaceutical, food packaging, electrical and electronics among others. Key uses in pharmaceutical industry include drug formulation for neurological disorders treatment, anesthetics and radiopharmaceuticals. The extensive use of fluorinated drugs and therapeutics for treatment of life-threatening diseases like cancer and cardiac disorders is propelling the demand for advanced fluorinated organic compounds. The global pharmaceutical industry in India has been witnessing strong growth over the past few years on the back of increasing healthcare spending, generic drug exports and rise of contract manufacturing organizations. The country’s biologics market is also booming which has increased the requirement for high performing compounds in drug development activities.
The global India Fluorinated Organic Compounds Market is estimated to be valued at US$ 28243.38 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing pharmaceutical industry driven by rise in healthcare spending as mentioned in the heading is one of the key driver fueling the India fluorinated organic compounds market growth. As per the Union Budget of India 2022-23, the total healthcare spending is projected to increase to Rs. 86,201 crores which is expected to boost research and innovation in domestic drug manufacturing. Another major driver is increasing use of these compounds as alternatives to traditional gases like CFCs in various applications like solvents, refrigerants, propellants due to their low ozone depletion potential and global warming potential. However, stringent regulatory policies around usage of fluorinated gases and compounds due to environmental hazards may hinder the market expansion over the forecast period.
Segment Analysis
The India fluorinated organic compounds market is dominated by the firefighting foams sub-segment. Firefighting foams containing fluorinated organic compounds are highly effective in extinguishing liquid fuel fires as these compounds spread easily over the fuel surface to cut off oxygen supply. Their low surface tension enables better coverage of fire compared to conventional foams. This makes them indispensible for oil and gas industries as well as defense.
PEST Analysis
Political: Rules on use and disposal of persistent organic pollutants are being strengthened which can impact market.
Economic: Growth of end use industries like oil & gas, automotive will drive demand for high performance products. However, rising raw material prices can increase product costs.
Social: Concerns around health impact of PFAS containing compounds may lead to preference for green substitutes.
Technological: Continuous innovation to develop short chained and bio-based alternatives with better environmental and performance profile.
Key Takeaways
Global India Fluorinated Organic Compounds Market Growth is expected to witness high growth over the forecast period supported by increase in disposable incomes and industrialization.
Regional analysis:
The global India Fluorinated Organic Compounds Market is estimated to be valued at US$ 28243.38 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.
The western region of India currently dominates the market and is expected to maintain its lead supported by presence of major end use industries in states like Gujarat and Maharashtra. The southern region is anticipated to be the fastest growing market propelled by industrialization in states like Karnataka and Tamil Nadu.
Key players:
Key players operating in the India fluorinated organic compounds market are Cerner Corporation, Allscripts, Apple Inc, Telefonica S.A., McKesson Corporation, Epic Systems Corporation, QSI Management, LLC.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
