PUBLISHER: The Business Research Company | PRODUCT CODE: 1391094
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391094
“Chlorine Trifluoride Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on chlorine trifluoride market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for chlorine trifluoride? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The chlorine trifluoride market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Chlorine trifluoride is a colorless gas or green liquid with a pungent odor, commonly used as a fluorinating agent. It serves as an igniter and propellant in rockets, especially in plasma-free cleaning and etching processes. The compound is produced by heating a mixture of fluorine and chlorine to around 280 °C in a nickel or copper vessel and is also referred to as ClF3 or CTF.
The main grades of chlorine trifluoride include electronic grade and industrial grade. Electronic grade chlorine trifluoride is utilized in the electronic industry, particularly in the fabrication of semiconductors and microprocessors. Chlorine trifluoride is available in gas, liquid, and solid forms, and it finds applications in various industries such as semiconductor manufacturing, nuclear fuel processing, rocket propellant systems, and more.
The chlorine trifluoride market research report is one of a series of new reports from The Business Research Company that provides chlorine trifluoride market statistics, including chlorine trifluoride industry global market size, regional shares, competitors with a chlorine trifluoride market share, detailed chlorine trifluoride market segments, market trends and opportunities, and any further data you may need to thrive in the chlorine trifluoride industry. This chlorine trifluoride market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The chlorine trifluoride market size has grown strongly in recent years. It will grow from $62.68 billion in 2023 to $67.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The expansion observed in the historic period can be attributed to various factors, including increased semiconductor manufacturing activities, a rise in chemical synthesis processes, heightened material processing demands, growth in the aerospace industry, and increased investment in research and development.
The chlorine trifluoride market size is expected to see strong growth in the next few years. It will grow to $94.36 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The anticipated growth in the forecast period can be attributed to factors such as the increasing manufacturing activities in electronics and microelectronics, the rise in demand for energy storage technologies, the growth of green chemistry initiatives, the adoption of sustainable and safe handling practices, and increased research in advanced battery technologies. Major trends expected in the forecast period include the development of advanced materials, innovative applications of nanotechnology, technological advancements, the introduction of innovative solutions, and strategic collaborations within the industry.
The growth of the semiconductor industry is expected to drive the chlorine trifluoride market. Chlorine trifluoride (ClF3) is utilized in the semiconductor industry for cleaning and etching silicon wafers due to its highly reactive and selective nature. This property helps create precise microstructures and remove unwanted materials. In April 2022, the global semiconductor industry reported sales of $50.9 billion, reflecting a 21.1% increase over April 2021. Additionally, the International Energy Agency reported a 3.5% growth in global nuclear power generation in 2021 over the previous year, further contributing to the positive outlook for the semiconductor industry and subsequently boosting demand for chlorine trifluoride in the forecast period.
The increasing demand for the chemical industry is expected to propel the growth of the chlorine trifluoride market. The chemical industry involves the large-scale production of various chemicals and chemical products, serving sectors such as manufacturing, agriculture, and healthcare. Chlorine trifluoride is a key component in the production of chemicals, including fluorine compounds used in applications like refrigeration and air conditioning. According to the American Chemistry Council in June 2023, global chemical production is projected to increase by 0.6% in 2023, with more robust expansion of 3.5% anticipated in 2024, particularly in Asia/Pacific, Africa, the Middle East, and former Soviet Union nations. This increasing demand from the chemical industry is a significant driver for the chlorine trifluoride market.
The growing aerospace industry is expected to propel the growth of the chlorine trifluoride market. The aerospace industry, covering vehicular flight within and beyond Earth's atmosphere, relies on chlorine trifluoride (ClF3) as a powerful oxidizer and propellant component. Its ability to ignite and sustain combustion in the absence of oxygen makes it valuable for rocket propulsion systems and spacecraft applications. In January 2023, Airbus SE reported delivering 661 commercial aircraft to 84 customers in 2022, marking an 8% increase from the 611 units sold in 2021. This growth in the aerospace industry is a key factor driving the demand for chlorine trifluoride, solidifying its role in rocket propulsion systems and spacecraft applications.
Semiconductor fabrication has emerged as a prominent trend driving the chlorine trifluoride market. This process involves constructing semiconductor devices through a series of nanofabrication techniques applied to highly pure single crystal silicon substrates known as wafers. These wafers, including the 300 mm type for advanced miniaturization and the 200 mm type suitable for Internet of Things (IoT) devices, play a crucial role in semiconductor manufacturing. Texas Instruments, a US-based semiconductor manufacturing company, exemplifies this trend with the announcement in November 2021 of the semiconductor wafer fabrication of a 300-millimeter semiconductor at their newly developed plant in Sherman, Texas. In response to the ongoing growth in the semiconductor industry, particularly in industrial and automotive markets, Texas Instruments plans to introduce up to four newly developed fabs to meet increasing demand.
In December 2021, Inhance Technologies, LLC, a US-based provider of sustainable polymer material science solutions, strategically acquired Advance Research Chemicals, Inc. The acquisition, conducted for an undisclosed amount, positions Inhance Technologies, LLC as a market leader in environmentally friendly specialty chemicals and materials. This move brings together the extensive research and development resources, expertise, and geographic reach of Advance Research Chemicals, Inc., further solidifying Inhance Technologies' standing in the market. Advance Research Chemicals, Inc., a US-based producer of specialty chemicals, adds valuable capabilities to Inhance Technologies' portfolio, contributing to the company's growth and leadership in the realm of sustainable and specialty chemical solutions.
Major companies operating in the chlorine trifluoride market include Advance Research Chemicals Inc., Air Products and Chemicals Inc., Kanto Denka Kogyo Co Ltd., Linde PLC, Mott Corporation, Praxair Technology Inc., Air Liquide SA, Versum Materials Inc., Showa Denko Materials Co Ltd., Matheson Tri-Gas Inc., Gujarat Fluorochemicals Ltd., Parad Corporation, Merck KGaA, Iwatani Corporation, Awishkar Chemical Industries, Taiyo Nippon Sanso Corporation, DOD Technologies Inc., Central Glass Co Ltd., Linde AG, Air Products and Chemicals Inc., AgroLiquid, Agrium Advanced Technologies Inc., Mott Corporation, Fertiberia Sociedad Anonima, Haifa Chemicals Ltd.
Western Europe was the largest region in the chlorine trifluoride market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the chlorine trifluoride market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the chlorine trifluoride market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The chlorine trifluoride market consists of sales of chlorine trifluoride for used as fluorinating agent and in rocket fuels. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.