Chlorine Trifluoride Market Size Is Expected To Reach USD 62.98 Million By 2028
Chlorine Trifluoride Industry Overview
The global chlorine trifluoride market size was valued at USD 45.48 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.2% from 2021 to 2028. It is an inter-halogen compound in the gaseous form that is colorless, extremely reactive, and corrosive. The versatile application of chlorine trifluoride (CIF3) in the semiconductor industry for cleaning purposes is anticipated to drive market growth. The introduction of the 5G has increased the popularity of semiconductors in the field of computing and communication industries. High disposable income coupled with increased expenditure on consumer electronic products is likely to enhance the demand for semiconductor manufacturing, which is expected to influence the ClF3 industry growth positively.
Increasing demand for clean power coupled with decreasing fossil fuel reserves is projected to raise concerns related to the availability of energy sources in the future. Such concerns are encouraging government authorities and energy companies to invest in the nuclear energy market, increasing the production of uranium, which is expected to enhance the demand for Uranium Hexafluoride (UF6) in nuclear power generation, thereby boosting the growth of the ClF3 gas market.
Gather more insights about the market drivers, restraints and growth of the Global Chlorine Trifluoride Market
The nuclear fuel processing cycle majorly comprises front-end and back-end processes, wherein, preparation of uranium for the nuclear reactors is the front-end process, followed by management, disposal, and preparation of radioactive waste spent in nuclear fuels is monitored under the back-end process. The significant use of chlorine trifluoride in converting uranium into a gaseous form of hexafluoride uranium in the nuclear fuel processing sector is anticipated to boost its demand.
The high growth of semiconductors was initially observed between 1997 and 2007 with high demand for personal computers for public and private utility, which later on shifted to rapid demand generation of semiconductors from smartphones since the introduction of the iPhone. However, in the coming years, the market is likely to be driven by the adoption of Artificial Intelligence (AI) with applications in automobiles, smartphones, laptops, television, and more and is projected to record sales of USD 30 billion by the end of 2022. These factors are anticipated to fuel the product demand in the semiconductor cleaning industry over the coming years.
Chlorine trifluoride has a robust range of applications across an array of industries, the substance is categorized as extremely toxic, which limits its utility in multiple geographies. Consistent contact with the substance can cause eye damage, lung irritation, corneal ulceration, severe skin irritation, and more. According to the New Jersey Department of Health and Senior Services under the U.S. Department of Health, CIF3 is considered a highly reactive chemical capable of causing dangerous explosion hazards.
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Chlorine Trifluoride Industry Segmentation
Grand View Research has segmented the global chlorine trifluoride market on the basis of application and region:
CIF3 Application Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)
- Semiconductor Manufacturing
- Nuclear Fuel Processing
- Rocket Propellant Systems
- Others
Chlorine Trifluoride Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- MEA (Middle East & Africa)
Market Share Insights:
- July 2021: Linde started up an air separation unit and a new nitrogen generator in Taiwan to cater to the rising demand from its end users in the electronics sector.
- October 2020: Air Products formed a joint venture with ACWA Power to expand its production capacities by acquiring ACWA Power’s gasification, power, and industrial gas assets.
Key Companies profiled:
Some prominent players in the global Chlorine Trifluoride Industry include
- Central Glass
- Air Products and Chemicals, Inc.
- Air Liquide
- Advance Research Chemicals, Inc.
- Kanto Denka Kogyo Co. Ltd.
- Taiyo Nippon Sanso Corporation
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