USD 1161.1 million
Report ID: SQSG15E2035 | Region: Global | Published Date: November, 2022 | Pages: 273 | Tables: 94 | Figures: 83
Hydrofluoroolefin (HFOs) Market was valued at USD 1161.1 million in 2021 and is expected to reach USD 4416.5 million by 2029, growing at a CAGR of 18.2% during the forecast period. (2022-2029).
HFOs are composed from hydrogen, fluorine and carbon compounds similar to HFCs, but they are structurally different. HFOs have very short atmospheric life leading to distinct environmental benefits. HFOs are subject to all the legislation that applies to the supply and use of chemicals, including REACH in the EU. As HFCs cause ozone layer depletion due to emission of harmful greenhouse gases, the need for a sustainable alternative is boosting the demand for HFOs in the global market. Fourth generation HFOs are efficient and safer alternatives thus, gaining players in the market have lucrative growth opportunities in the coming years. They are also used in insulation, foam, aerosols, air-conditioners, and solvents apart from refrigerators.
Based on SkyQuest’s analysis, HFO manufacturing is expected to increase significantly due to continued demand in the European Union and the US automotive sector ahead of the implementation of SNAP Rule 20.
US Hydrofluoroolefin (HFO) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1161.1 million
AC & Refrigeration
AC & Refrigeration
To get more reports on the above market click here to Buy The Report
The Global Hydrofluoroolefin (HFO) market is segmented based on type, application, end-user industry, and region. Based on the applications, the Hydrofluoroolefin (HFO) market is segmented into AC & Refrigeration, Foam Blowing Agents, Aerosol Propellants, Precision Solvent Cleaners, and Others. Based on the Type, the Hydrofluoroolefin (HFO) market is segmented into HFO-1234ze, HFO-1233zd, HFO-1234yf, and HFO-1336mzz. Based on the End-User Industry, the Hydrofluoroolefin (HFO) market is segmented into automobiles, construction, polymers & plastics, and others. Based on region the global Hydrofluoroolefin (HFO) market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Hydrofluoroolefin (HFO) market Analysis by Application
Based on the applications, the market is segmented into AC & Refrigeration, Foam Blowing Agents, Aerosol Propellants, Precision Solvent Cleaners, and Others. Among these, the AC & Refrigeration segment dominated the market with more than 65% share in 2021. The segment was valued at USD 754.7 million in 2021 which is projected to reach USD 2,902.5 million by 2029, growing at a CAGR of 18.4% during the forecast period 2022-2029. The various refrigeration and air conditioning system manufacturers are currently promoting HFOs (Hydrofluoroolefin) as low-GWP refrigerants. HFOs have the same atoms as HFCs: carbon (C), hydrogen (H), and fluorine (F), but they are unsaturated organic compounds, thus the suffix "olefin." HFOs currently on the market are based on alkenes such as propene (e.g., HFO-1234yf or HFO-1234ze) and, in some cases, butene (e.g., HFO1336mzz) or ethene (HFO-1132a).
To get detailed analysis on other segments, Request For Sample Report
The global HFO market is segmented based on region as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Among these, the North American segment dominated the market with a 38% share in 2021. The region was valued at USD 441.2 million in 2021 which is projected to reach USD 1688.9 million by 2029, growing at a CAGR of 18.3% during the forecast period. In addition, the region registered a volume of 5566.4 tonnes in 2021 which is projected to reach up to 23586.7 tonnes in 2029, with a CAGR of 19.8% during the forecast period 2022-2029. The introduction and adoption of environmental regulations to control global warming, such as the EPA's Significant New Alternatives Policy (SNAP) Program, is increasing the demand for HFOs in North America, particularly in the United States.
In recent years, European countries such as Germany, Italy, Spain, the United Kingdom, and France have begun to move away from the use of HFCs in the automotive and construction industries for HVAC applications. The European Directive on Mobile Air-Conditioning Systems (MACs) imposed a gradual ban on these gases in passenger vehicles, which is increasing the demand for Hydrofluoroolefin in the region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Hydrofluoroolefin (HFO) market Driver
Demand from Automotive Industry to Boost Sales of Hydrofluoroolefin
Major Shift of Population to urban areas.
Approximately 4 billion people, or 56% of the world's population, now reside in cities. Additionally, by 2050, approximately 7 out of 10 people will live in cities, with the urban population predicted to double its current count.The use of refrigerant is on the peak in urban areas as a result of increasing living standards and major upgrades in lifestyle. This major factor is increasing the need for air conditiioner that inturn rises the demand for HFCs
Hydrofluoroolefin (HFO) market Restraint
Safety Hazards Associated with HFOs to Hinder Market Growth
Hydrofluoroolefins are easily decomposable at high temperatures, just like all halogenated hydrocarbons, and their high solubility creates acid, which can irritate the skin, eyes, and throat and even be lethal.
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
Hydrofluoroolefin (HFO) manufacturers continue to prioritize technological advancements in the product. Such developments, combined with competitive pricing, are likely to help them increase their market share during the forecast period. Companies are investing heavily in R&D to overcome the challenges associated with using Hydrofluoroolefin (HFO) and to improve product quality. There are currently a limited number of HFO producers supplying in the global market, which is driven by regulation and incentives, as well as the existence of patents for the production process. HFO application (use) patents held by a small number of producers limit market competition and the ability of new players to enter. Based on our research, we discovered that majority of these patents will expire after 2023, creating a lucrative opportunity for new players to enter the global Hydrofluoroolefin market.
Hydrofluoroolefin (HFO) market Top Player's Company Profiles
Hydrofluoroolefin (HFO) market Recent Development
Numerous Players are Prioritizing Patent to Stay Ahead in the Competition
Marine heavy fuel oil (HFO), a petroleum-based product, is the most common propulsion fuel in ships, accounting for a great deal of the emissions from maritime operations. Like other industries, transitioning to low-carbon, renewable energy sources is crucial for maritime decarbonization. For this, the industry is looking up to electric propulsion technologies, biofuels, wind energy, solar power, and hydrogen fuel. Many startups already offer retrofittable devices to electrify boats. To strengthen this transition, large marine companies need to integrate low-carbon fuels throughout their fleet. Biofuels are an economical and low-carbon choice for a start as it readily replaces HFO without any structural upgrades. The overall trend is moving towards electric and hydrogen propulsion as they have huge impacts on emissions without affecting vessel productivity.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that the limited number of current producers supplying rapidly growing markets in Europe and North America is a result of regulation and incentives. The major producer holds more than 70% of the global supply of HFOs. Those major manufacturers are Chemours, Honeywell, Arkema, and Central Glass co. We also found that Anti-dumping lawsuits filed against Chinese imports have had a significant impact on the industry. Decisions on HFC imports have generally favored American firms, establishing an important precedent for any future HFO-related trade disputes.
|Market size value in 2021||USD 1161.1 million|
|Market size value in 2029||USD 4416.5 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Hydrofluoroolefin (HFO) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Hydrofluoroolefin (HFO) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Hydrofluoroolefin (HFO) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Hydrofluoroolefin (HFO) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.