Hydrofluoroolefin (HFO) Market (Product: HFO-1234ze, HFO-1234yf, HFO-1233zd, HFO-1336mzz, Others; Application: Commercial Refrigeration, Domestic Refrigeration, Foam Blowing Agents, Aerosol Propellants, Mobile Air-Conditioning Systems (MACs), Precision Solvent Cleaners, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast 2023

 

Hydrofluoroolefins (HFOs) are the combination of components such as fluorine, carbon compounds and hydrogen analogous to hydrofluorocarbons (HFCs); however they are structurally dissimilar from each other. Also, HFCs are saturated compounds whereas HFOs are unsaturated compounds. HFOs have very small atmospheric lifetime and also, are prominent to distinct environmental assistances. HFO fulfills all the regulation that spread over to the use and supply of chemicals, comprising REACH (regulation) in the European Union. Fourth generation of refrigerants is HFOs; every generation have step-change enhancement over the previous generation. HFO when compared with HFCs, display similar kind of properties, but with very low zero ozone depletion potential (ODP) and global warming potential (GWPs). 

 

 

Exceptionally low GWP of HFOs when compared over HFCs and Hydrochlorofluorocarbons (HCFCs) and few facility amendments for transition from HCFCs are some of the major factors driving the growth of this market. In addition, EU regulations phasing out HFO from other fluorinated greenhouse gases and low to mild flammability property are also contributing to the growth of this market. Only restraining factor associated with HFOs is high cost of HFOs. An improved attention on developing substitute for HCFCs and HFCs and growing application in foam blowing and refrigeration are the key trends in this market. Favorable environmental regulations and HFO combination with water and hydrocarbon are expected to propel the growth of this market in near future.

 

 

Based on application, the largest share of global hydrofluoroolefins market was held by foam blowing, in 2016 and is estimated to continue its dominance throughout the forecast period. Polyurethane foam is manufactured as blowing agent using HFOs and is broadly used in construction and automobile segments in the form of elastic and rigid foams. Mobile air-conditioning application segment is anticipated to be fastest growing market over the forecast period. The progression in aforementioned segment is chiefly attributed to Environmental Protection Agency’s (EPA’s), and Significant New Alternative Policy (SNAP) program. Based on product, hydrofluoroolefins (HFOs) market was dominated by HFO-1234yf and is also estimated to dominate the market over forecast period. Penetration in foam blowing segment is driven by highly accepted refrigerant in mobile air conditioning and industrial refrigeration. Geographically, it is observed that North America led the hydrofluoroolefins (HFOs) market in 2016 and is estimated to further dominate throughout the forecast period. Also, stringent environmental regulations in this region are further attributed to lead the market growth of hydrofluoroolefins (HFOs) by replacing HFCs and HCFCs.

 

Report coverage

Market	Global Hydrofluoroolefin Market
Analysis Period	2013 – 2023
Historic Data	2013 – 2015
Base Year	2016
Forecast Data	2017 – 2023
Market Stratification	Product, Application, Geography
Regional Scope	North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and South America
Report Coverage	Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis, Player Profiling, Value Chain Analysis