The latest market report published by Credence Research, Inc. “Hydrofluoroolefins Market, By Type (HFO-1234yf, HFO-1234ze, Others), Application (Air Conditioning, Refrigeration, Aerosols, Blowing agents, and Others) and Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”.
The global market for hydrofluoroolefins is projected to see robust growth during the forecast period due to the growing demand for refrigerators and air-conditioning equipment, particularly for industrial applications, coupled with the use of environmentally friendly refrigerants mainly in North America and Europe.
Environmental regulations such as SNAP, EPA, F-Gas Regulations, Montreal Protocol, EU legislation and so on focus on global warming mitigation, which in turn stimulated the development and use of fourth generation low-GWP refrigerants across the end-use industry. Governments are aiming to phase-down the emission of HFCs, as it is detrimental to the environment, and are expected to create opportunities for the HFO market to grow as a substitute for HFCs in many applications.
Although the availability of natural refrigerants coupled with high price of HFOs is expected to impede market growth. In addition, the toxic flammability of HFO-1234yf as well as the development of toxic by-products such as trifluoroacetic acid (TFA) is expected to be a key challenge for market growth throughout the forecast period.
Market players focus heavily on R&D activities to develop and commercialize various formulations of hydrofluoroolefins appropriate for different applications. Advances in technology as well as increasing investment in R&D for the development of more powerful and cost-effective hydrofluoroolefins are expected to fuel demand for products over the forecast period.
Investments in developing new hydrofluoroolefin blends and increasing production capacity to meet the growing demand for low GWP refrigerants are expected to be a major strategy pursued by market giants over the forecast period.
Some of the major players operating in the global hydrofluoroolefins market include Chemours, Huntsman, Arkema, Dupont, Gas Servei, S.A., National Refrigerants, Solvay, Harp International among others.
- Increasing investments on the development of new low GWP refrigerants
- Increasing demand for hydrofluoroolefins from emerging applications such as thermal insulation and solvents
- Increasing demand for air conditioning and refrigeration from Asia Pacific region