The global market is likely to attain a market value of USD 1.19 billion in 2027 from USD 0.60 billion in 2020. The CAGR for this market is expected to reach over 12.1% from 2021 to 2027.
Octafluorocyclobutane is a non-flammable and colorless gas studied as a possible dielectric gas substitute for sulfur hexafluoride. The compound has also been studied as a refrigerant substitute for ozone-depleting chlorofluorocarbon refrigerants. Although octafluorocyclobutane has been identified as one of the most dangerous gases, it is still used in large quantities in semiconductor devices. The gas can irritate the lungs and cause coughing and shortness of breath when inhaled. Higher levels of exposure to the gases can cause pulmonary edema and even death. Credence Research is offering holistic information and absolute accuracy in the report titled "Global Octafluorocyclobutane Market."
Key Market Drivers and Restraints
Factors that greatly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify revenue generation.
Increasing Demand for Cold Chain
A cold chain is a supply chain that maintains a specific temperature range through a series of storage and distribution activities. It is divided into two sections: refrigerated transportation, which includes refrigerator vans, containers, buses, and rail, as well as surface storage, which includes refrigerated warehouses for storing perishable goods. The food and pharmaceutical industries are the primary end-users of the cold chain, which is driving up demand for the octafluorocyclobutane market.
Asia-Pacific to Dominate the global market
On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the global market. Asia-Pacific topped the market by acquiring a 32% share in 2020.
Electronics lead Global Market in terms of the Application Industry.
Food, Electronics, and Others are the end-use Industries of the global market. In 2020, electronics acquired the highest share in the global market. Semiconductors, particle accelerators, and integrated circuits all use electronic grade octaflurocyclobutane. The semiconductor industry is often used as a chamber cleaning gas. The market for electronic-grade octaflurocyclobutane is driven by the gas producing an optimal amount of F radicals for removing Si-based layers from plasma chamber walls.
Semiconductor Devices will dominate the global market in 2020 in terms of Applications.
Semiconductor Devices, Refrigerants, and Others are three various market applications. Semiconductor Devices dominated the market in 2020 due to their high Application in LEDs, which are widely used for general lighting, automotive lighting, and signage displays. LEDs are made up of compound semiconductor materials and elements from the periodic table's groups III and V. It is also expected to have rapid growth in the upcoming years.
