Iodine Pentafluoride (If5) Market is Expected to Boom The Market Over the Forecast Period Owing To High Demand From Various Applications
The Global Iodine Pentafluoride (If5) Market was valued at USD 4,400 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.4% between 2021 to 2028. Iodine pentafluoride (If5) is a liquid which is neutral in nature and has a strong odor. The liquid is highly responsive and play a significant role in the synthesis of compounds that are used for the manufacturing of polymers. It has extensively been used in the production of alkyl iodides containing fluoride and intermediates in the synthesis of organic compounds.
The major factors driving the market across the globe is the extensively increasing application of the iodine pentafluoride in specialized synthesis processes for the synthesis of perfluoro organic compounds that are in turn used for its wide range of application across the industrial sector. Moreover, the increasing demand for the perfluoro compounds in non-aqueous storage batteries and the increasing demand for energy storage batteries is giving a boost to the global iodine pentafluoride market.
Moreover, with the COVID-19 pandemic there has been a significant decline in the value chain and supply chain. Moreover, industries have seen a halt in operation due to the restrictions being imposed to curb the infection which has resulted in a downfall of the market.
Furthermore, the market is constantly under developmental process and is expected to show high demand with the increasing trend of process development which turn out to be an opportunity for the growth of the overall market. However, owing to its property of being highly responsive is augmented to hamper the growth of the market.
Globally, the highest growth of the market is augmented in Europe, and it is expected to dominate the global iodine pentafluoride If5 market over the next 5 years which is attributable to the increasing awareness about iodine deficiency which is supplemented with the regulations by global organizations such as UNICEF and WHO.
Major market key players in the global Iodine pentafluoride market are ABCR GmBR Co, Shanghai 3F New Material, Solvay, and Juhua Group.
Browse the full Report - Iodine Pentafluoride (If5) Market by Type (Purity 99.5%, Purity 99.0%, Others) by Application (Li Battery Material, Organic Fluoride, Inorganic Fluoride) , by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa): Global Market Assessment, 2021 – 2028