New York, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global Hydrofluoroolefins (HFOs) market size is expected to expand at ~ 15.1% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 10,516.6 million by the end of 2033, up from a revenue of ~USD 2,301.1 million in the year 2022. The market growth is driven by rising concerns about growing greenhouse gas emissions along with increasing levels of global warming. The decade from 2012 to 2011 had the hottest temperatures, followed by 2020 with the second-warmest temperatures. Globally, average surface temperatures have increased by 0.17°F a decade on average since 1901.
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HFOs have a high thermal stability, which means they don't break down into other substances when exposed to heat. This makes them much less likely to contribute to global warming than HFCs, which have a much lower thermal stability and break down into other substances when exposed to heat. Furthermore, their use has prevented an increase in CO2 emissions, which are a major contributor to climate change. For instance, HFO refrigerants and blowing agents have prevented 170 million metric tons of CO2e emissions from entering the atmosphere, the same number of emissions that 35 million automobiles produce each year.
Global Hydrofluoroolefins (HFOs) Market: Key Takeaways
- Market in Asia Pacific to grow at a highest growth rate
- The HFO-1234yf segment to have the highest growth
- Market in North America to propel highest growth
Growing Population in Urban Areas and Increased Infrastructure Construction to Boost Market Growth
As people move to urban areas and their living standards increase, they require cooling solutions to improve their comfort. This leads to increased demand for air conditioners, which need refrigerants to function. As a result, the demand for Hydrofluoroolefins (HFOs) Market, which are used in refrigerants, has grown significantly. There are approximately 4 billion people living in cities today, or 56% of the world's population. Furthermore, the urban population is predicted to double by 2050, with approximately 7 out of 10 living in cities. HFOs are more environmentally friendly than other refrigerant fluids due to their low global warming potential (GWP). They are also more energy efficient, meaning they can help reduce energy costs for buildings. Additionally, their use in the manufacturing of polyurethane foams makes them highly useful for industries such as construction and automobile manufacturing. These factors are expected to drive up the demand for Hydrofluoroolefins (HFOs) Market in the near future. After declining by nearly 14% in 2020, construction activity in France increased by about 11% in 2021. Moreover, European construction investments reached USD 2 trillion in 2021, around 11% of GDP, up nearly 5% from the previous year.
Global Hydrofluoroolefins (HFOs) Market: Regional Overview
The global hydrofluoroolefins (HFOs) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Ever Expanding Railway Network to Drive Market Growth in the Asia Pacific Region
The hydrofluoroolefins (HFOs) market in the Asia Pacific region is estimated to garner the highest market revenue of USD 4,490.6 million by the end of 2033. Moreover, the region held 925 million USD in market share in 2022 and is forecast to grow 15.7% CAGR over the forecast period. HFOs are used as refrigerants in air conditioning systems and automotive applications, so as the demand for these services and products increases, so does the demand for HFOs. Additionally, since air conditioning systems and automobiles are largely powered by electricity, the expanding railway network in the region has also helped further the growth of the Hydrofluoroolefins (HFOs) Market in the region. The Chinese high-speed rail network covers approximately 24,000 miles, and the country plans to invest USD 46 billion over the next ten years. India's passenger car sales increased by 14% during the fiscal year of 2022. Furthermore, around 3 million passenger cars were sold in the south Asian country in 2022. Moreover, the rapid industrialization and increasing investments in the development of new technologies, along with an increasing focus on reducing emissions and the growing demand for energy-efficient vehicles, are also anticipated to drive regional market growth.
Fast-paced Growth in Commercial Industries to Drive Market Growth in the North American Region
The hydrofluoroolefins (HFOs) market in the North American region is estimated to garner the highest CAGR by the end of 2033. The demand for refrigeration and air conditioning equipment in the region is driven by the need to combat extreme climates. North America also has more stringent environmental regulations in place compared to other regions, which compels companies to use alternatives with low global warming potential. This has created a larger market for low-GWP alternatives in the region, which is driving the growth of the market. HFOs do not deplete the ozone layer and have lower global warming potential than CFCs, making them a safer and more environmentally friendly option. The growing commercial sector in the United States and environmental regulations, companies are incentivized to use low carbon alternatives, driving the market for refrigeration and air conditioning equipment. Private service-producing industries increased by 4.9 percent, and government services increased by 0.6 percent, according to the Bureau of Economic Analysis. A total of 16 of 22 industry groups contributed to the increase in real GDP in the third quarter. As businesses expand, more office buildings, warehouses, and other commercial facilities need to be constructed, which necessitates air conditioning and other cooling systems. These systems use HFO refrigerants, which are expected to drive regional market growth over the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Hydrofluoroolefins (HFOs), Segmentation by Product Type
- HFO-1234ze
- HFO-1234yf
- Others
The HFO-1234yf segment is anticipated to hold the largest market share of USD 5060.9 million by the end of 2033, growing at a CAGR of 14.7% during the forecast period. Furthermore, the segment generated a revenue of USD 1,149.8 million in 2022. The segment growth is primarily driven by its potential to replace hydrochlorofluorocarbons (HCFCs) in a variety of applications, such as automobile air conditioning, domestic refrigeration, and foam blowing. Additionally, HFO-1234yf offers low global warming potential and low ozone depletion potential, making it an attractive alternative to HCFCs. Moreover, the increasing use of hydrofluoroolefina HFO-123yf in automobiles is projected to augment segment growth in the coming years. Hydrofluoroolefin HFO-1234yf refrigerant is used by the automotive industry more than 190 million times a year, up from 0 million units ten years ago. In Japan and South Korea, it is anticipated that more than 95% of light vehicles will be equipped with HFO-1234yf by the end of 2023. The HFO-1234yf has a much lower global warming potential than other refrigerants, making it an ideal choice for automotive applications. Additionally, HFO-1234yf has a low toxicity rating and does not pose a significant risk to human health or the environment.
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Global Hydrofluoroolefins (HFOs), Segmentation by Application
- Refrigeration
- Foam Blowing Agents
- Mobile Air-Conditioning Systems
- Others
The mobile air-conditioning systems segment is anticipated to hold the largest share of USD 4,743.6 million by the end of 2033, growing at a CAGR of 14.6% during the forecast period. In addition, the segment generated USD 1090.8 million in revenue in 2022. The segment growth is fueled by the increased comfort for passengers and drivers, as well as the safety of the goods being transported. Furthermore, the development of new technologies, such as electric vehicles, has necessitated the need for mobile air conditioning systems in order to keep the cabin temperature at an optimal level. The number of electric cars deployed around the world in 2021 was nearly 12 million, and it is estimated that 54 million electric cars will be introduced into the world by 2025. In the transportation industry, mobile air conditioning systems are necessary to maintain the comfort and safety of passengers and drivers. They provide a cool environment in the summer and help to reduce the levels of condensation, dust, and other pollutants in the air. Additionally, car manufacturers are investing more in the development of efficient and eco-friendly air-conditioning systems, which is driving up demand for these systems.
Few of the well-known market leaders in the global hydrofluoroolefins (HFOs) market that are profiled by Research Nester are Honeywell International Inc., Arkema, DuPont de Nemours Inc., The Chemours Company, Danfoss, Linde plc, and other key market players.
Recent Development in the Global Hydrofluoroolefins (HFOs) Market
- CHEMOURS Company has expanded its OpteonTM 1150 platform, known as HFO-1336mzzE, into a non-ozone depleting, low global warming potential hydrofluoroolefin platform. El Dorado is the location of the new production line, which was inaugurated on January 1, 2022.
- A new hydrofluoroolefin (HFO)-based refrigerant for the automotive market in Europe, Solstice 456A, has been introduced by Honeywell International Inc. More than 50% of greenhouse gas emissions can be reduced with this refrigerant
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