Hydrofluoroolefins Market - Industry Size, Share, Growth & Forecast 2027 | UnivDatos

 

Global treaty signed by the countries to phase out the production and consumption of ozone depleting substances (ODS) like hydrochlorofluorocarbons (HCFCs) and chlorofluorocarbons (CFCs), has forced the countries to adopt substances which are considered as a better replacement and does less harm to the environment such as hydrofluorocarbons (HFCs). This has significantly reduced the consumption of ODS.

For instance, according to Our World in Data, the consumption of ODS has fallen to 0.33 in 2018 from 127.65 in 1989, wherein global consumption of ODS, measured relative to the year 1986 (where consumption in 1986 is equal to 100). Furthermore, in order to maintain the global temperature below 2 degrees Celsius, on October 15, 2016, Parties to the Montreal Protocol adopted the Kigali Amendment to phase down production and consumption of HFCs worldwide. This new amendment is creating opportunity for the substances which have zero ozone depletion potential (ODP) and low global warming potential (GWP) like hydrofluoroolefins. Hydrofluoroolefins are the fourth generation of fluorine-based gases and are categorized as having zero ODP and low GWP and so offer a more environmentally friendly alternative to CFCs, HCFCs and HFCs.

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According to UnivDatos Market Insights (UMI)’ research report “Global Hydrofluoroolefins Market”, the market is expected to showcase robust growth during the forecast period 2021-2027. Global target to phase-down the HFCs, large and growing refrigerant end-use industries, and stringent environment regulations are some of the key attributable factors for the growth of the market

Based on type, the market is categorized into HFO-1234yf, HFO-1234ze, HFO-1336mzz, HFO-1233zd, and others. Among these, HFO-1234yf accounted for the prominent share in the market and is expected to grow at a considerable growth rate during the forecast period. HFO-1234yf is widely used by the automobile manufacturer in order to comply with the EU low GMP requirements. Moreover, it provides similar cooling capacity and energy efficiency to R134a, a commonly used gas in MACs. Also, it has a GWP of 4 which is 99.7% lower than R134a

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Based on end-user, the market is categorized into HVAC, automobile, polymers & plastics, aerosol, industrial, and others. Among these, HVAC held the prominent share in the market. This can be attributed to the requirement of large amount of refrigerant for the proper operation of HVAC products. Further, increasing global temperature and growing consumer disposable power is increasing the demand of cooling products. This in turn increase the demand of refrigerant. Since manufacturer are shifting towards low-GMP refrigerant in order to comply with international amendments and for sustainable future, demand of hydrofluoroolefins gas is expected to showcase considerable growth rate during the forecast period

Europe accounted for the significant share in the Hydrofluoroolefins market

Based on region, the report provide detail analysis for overall adoption of Hydrofluoroolefins in major region including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Europe held the strong position in the global hydrofluoroolefins market on account of stringent regulation to phased down the HFCs and ratification to Kigali Amendment. According to European Environment Agency, fluorinated greenhouse gas (F-gas) emissions decreased for the first time between 2014 and 2015 in the European Union and decreased by about 5% in 2019. This can be partly attributed to the European Union HFCs phase-down set out in the F-gas Regulation (HFCs account for around 90% of F-gas emissions), which aims to reduce F-gas emissions and mitigate global warming. It is also aiming to meet the targets and phase down HFCs use by 2030.

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Further, European Union issued a directive mandating automobile manufacturer to use low-GMP (less than 150) air conditioning gases. This is further creating demand for hydrofluoroolefins.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global Hydrofluoroolefins market are Some of the major players operating in the market include Honeywell International Inc., The Chemours Company, Daikin Industries Ltd., Arkema S.A., Linde plc, Zhejiang Huanxin Fluoro Material Co. Ltd., and Beijing Yuji Science & Technology. These companies are taking several strategic decisions to meet the growing demand and increase their market share. For instance:

• In November 2021, Honeywell International Inc. announced the expansion of its facility in Baton Rouge, Louisiana, US. to double the capacity of its Solstice ze (1234ze), an ultra-low-global-warming-potential (GWP) solution. Solstice ze is used in foam insulation, as a propellant in personal and household care products, and in refrigeration and air conditioning applications

“Global Hydrofluoroolefins Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.  

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Market Segmentation:

1. By Type (HFO-1234yf, HFO-1234ze, HFO-1336mzz, HFO-1233zd, and Others)
2. By Application [Refrigerant (Commercial, Industrial, Residentials, Mobile Air-Conditioning Systems (MACs)), Blowing Agents, Propellants, Solvents, and Others]
3. By End-User (HVAC, Automobile, Polymers & Plastics, Aerosol, Industrial, and Others)
4. By Region (North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
5. By Company (Honeywell International Inc., The Chemours Company, Daikin Industries Ltd., Arkema S.A., Linde plc, Zhejiang Huanxin Fluoro Material Co. Ltd., and Beijing Yuji Science & Technology)

Key questions answered in the study:

1. What are the current and future trends of the global Hydrofluoroolefins industry?
2. How the industry has been evolving in terms of type, application, and end-user?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the global Hydrofluoroolefins industry?
5. What are the customer orientation, purchase behavior, and expectations from the global Hydrofluoroolefins suppliers across various region and countries?

Table of Content –

1 MARKET INTRODUCTION

2 RESEARCH METHODOLOGY OR ASSUMPTION

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL HYDROFLUOROOLEFINS MARKET COVID-19 IMPACT

6 GLOBAL HYDROFLUOROOLEFINS MARKET REVENUE (USD MN), 2019-2027F

7 MARKET INSIGHTS BY TYPE

8 MARKET INSIGHTS BY APPLICATION

9 MARKET INSIGHTS BY END-USER

10 MARKET INSIGHTS BY REGION

11 HYDROFLUOROOLEFINS MARKET DYNAMICS

12 HYDROFLUOROOLEFINS MARKET OPPORTUNITIES

13 HYDROFLUOROOLEFINS MARKET TRENDS

14 LEGAL & REGULATORY FRAMEWORK

15 DEMAND AND SUPPLY SIDE ANALYSIS

16 VALUE CHAIN ANALYSIS

17 COMPETITIVE SCENARIO

18 COMPANY PROFILED

19 DISCLAIMER

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