NEW YORK, Aug. 17, 2018 (GLOBE NEWSWIRE) -- The global hydrofluoroolefins (HFOs) market is expected to grow at a CAGR of 20.8% during 2017 – 2023 to reach USD 5,784.3 Million by 2023. Factors propelling the growth of HFOs market include exceptionally low GWP compared with HFCs and HCFCs, few facility modifications required to transition from HCFCs, EU regulations phasing out HFO from other fluorinated greenhouse gases, and low to mild flammability.
The report segments the hydrofluoroolefins (HFOs) market by Product (HFO-1234ze, HFO-1234yf, HFO-1233zd, HFO-1336mzz, and Others), by Application (Commercial Refrigeration, Domestic Refrigeration, Foam Blowing Agents, Aerosol Propellants, Mobile Air-Conditioning Systems, Precision Solvent Cleaners, and Others), and by Region (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The report studies the global hydrofluoroolefins (HFOs) market over the forecast period (2017-2023).
Hydrofluoroolefins (HFOs) are unsaturated organic compounds comprising of hydrogen, fluorine and carbon. Unlike traditional hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs), which are saturated, HFOs are olefins, otherwise known as alkenes. HFOs are being developed as "fourth generation" refrigerants with extremely low global-warming potential which is 0.1% of HFCs. HFO products have short atmospheric lifetimes and are categorized as having zero ODP (Ozone Depletion Potential) and low GWP (Global Warming Potential), providing a more environmentally friendly alternative to CFCs, HCFCs and HFCs.
Key Findings of the Global Hydrofluoroolefins (HFOs) Market
- On the basis of product, HFO-1234yf was dominating the hydrofluoroolefins (HFOs) market, in 2016 and is anticipated to dominate the market, throughout the forecast period. The growth of this segment is attributed to its high acceptance in foam blowing and as a refrigerant in mobile air conditioning and industrial refrigeration
- On the basis of application, foam blowing was holding the largest share of global hydrofluoroolefins market, in 2016 and is expected to remain the largest market, throughout the forecast period. Polyurethane foam produced using HFOs as blowing agent is widely used in automobile and construction sectors in the form of flexible and rigid foams is driving the growth of the HFO market
- Mobile air-conditioning is expected to be the fastest growing application of hydrofluoroolefins, over the forecast period. The growth in the aforementioned segment is primarily attributed to EPA’s Significant New Alternative Policy (SNAP) program
- Geographically, North America was holding the largest market share for hydrofluoroolefins (HFOs), in 2016 and is anticipated to dominate the market, throughout the forecast period. Growth of hydrofluoroolefins (HFOs) market in this region is attributed to the stringent environmental regulations leading to replacement of HFCs and HCFCs
- On May 16th, 2017, Honeywell International Inc. announced the starting of its commercial operations at its new manufacturing plant in Geismar, Louisiana., U.S.A, to meet the growing global demand for HFO-1234yf
- Key players in hydrofluoroolefins (HFOs) market are Arkema S.A. Corporation, Honeywell International Inc., DowDuPont, The Chemours Company, Linde Group, Haltermann GmbH, Solvay S.A., Foam Supplies Inc., Lambiotte and Cie S.A/ N.V, Danfoss A/S, among others
Hydrofluoroolefins (HFOs)- Market Insight
Hydrofluoroolefins are unsaturated hydrocarbons that are fast replacing HFC and other fluorinated compounds. The environmental regulations are phasing out the use of HFC and HCFC. HFOs with low global warming potential (GWP), low ozone depletion potential (ODP) and low volatile organic compound (VOC) is a suitable substitute of HFC and HCFC. One of the main commercial interest of the regulatory bodies in HFO is that it breaks down to trifluoroacetic acid (TFA) in atmosphere. TFA is flushed out from the atmosphere into the aqueous environment, where it is already present in small quantity, thus making HFO an exception from other fluorinated gasses. The increasing use of HFO in refrigeration, mobile air conditioning and foam are attracting the investors to generate business from HFO market. Moreover, environmental issues have made these industries to transit from HCFC to HFO. The companies are now taking lead in manufacturing HFO grades. Industry pioneers have patented HFO and markets them under a brand for instance Honeywell markets HFO under the name of Solstice and Arkema markets HFO as Forane. On the consumer side HFOs are being blended with hydrocarbons and water in order to reduce the incremental operating cost.
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Hydrofluoroolefins (HFOs) Market- Regional Insight
North America was holding the largest market share of hydrofluoroolefins (HFOs) market, in 2016 and is anticipated to continue holding the major market share, throughout the forecast period. The introduction and adoption of environmental regulations to control the global warming, such as Significant New Alternatives Policy (SNAP) Program of EPA is boosting the demand for HFOs in the region. Europe was holding the second largest market share of global HFOs market, in 2016. European countries have already started to phase out HFCs from automobile and other industries for HVAC applications. The European Directive on Mobile Air-Conditioning Systems (MACs) introduced a gradual ban on these gases in passenger cars is boosting the demand for HFOs in the region. Asia-Pacific market for HFOs is expected to grow at a significant rate, during the forecast period. Additionally, Asia-Pacific is a major market for HFOs as blowing agents. The growing automotive industry and increasing construction activities in the emerging economies are expected to foster the market growth of HFOs in the region.
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