Global HFO Refrigerant Market Research and Forecast 2022-2028

Global HFO Refrigerant Market by Refrigerant Type (R-1234YF, R-1234ZE, R-1234ZD), by Application (Refrigeration, Air-Conditioning), by End-User (Commercial, Domestic, Transportation, and Industrial) - Global Industry Share, Growth, Competitive Analysis and Forecast Period 2022-2028

The Global HFO Refrigerant market is growing at a significant CAGR during the forecast period. The HFO stands for hydro-fluoro olefin. HFOs have a comparatively lesser adverse effect on the climate as compared to that of the other refrigerants such as HFC, HCFC, and CFC. Higher rates of urbanization, rising income, and changing lifestyles of people are driving the HFO refrigerant market across the globe as the demand for a consumer product is at an all-time high in developing nations. Moreover, other factors driving the market growth include the adverse climatic effects and global warming caused by CFC, HFC, and HCFC. The global warming potential of the HFO refrigerant market is negligible as that of HFC, HCFC, and CFC. The less global warming potential of HFO is driving the market growth.

Further, to extend the life of the product and maintain its quality and reduce the wastage of commodities the demand for cold storage is rising and is driving the growth of the HFO refrigerant market across the globe. However, there are certain factors that are hindering the market. The high cost of refrigerants is one of the major restraints for the market. Regular changes in the choice of alternative refrigerants are also one of the restrains and these factors are hindering the growth of the HFO refrigerant market across the globe.

Segmental Outlook

The global HFO market is segmented on the basis of refrigerant type, application, and end-user. Based on refrigerant type, the market is segmented into R-1234Yf, R-1234Ze, R-1234Zd. Further, based on the applications, the market is segmented into refrigeration and air conditioning. Based on end-user, the market is segmented into domestic, commercial, industrial, and transportation.

Global HFO Refrigerant Market Share by Application, 2020 (%)

Global HFO Refrigerant Market Share by Application

Among these applications, air conditioning is projected to grow at a considerable rate during the forecast period. The market growth is attributed to the use of HFO refrigerant in air condition in the automotive application. Various well-known car models are using HFO refrigerant in their air conditioning units. Some of the models using HFO-1234yf include Cadillac XTS, Chevrolet Spark EV, BMW i3 and i8, Chrysler 200, Chrysler 300, Dodge Challenger, Dodge Charger, Dodge Dart, Dodge Durango, Jeep Cherokee, Jeep Wrangler, Ram 1500, Fiat 500, and 500L, Alfa Romeo 4C, Honda Fit EV, Tesla Model S, Range Rover, and Range Rover Sport

Regional Outlooks

Geographically, the global HFO refrigerant market covers the analysis of four regions including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and the Rest of the World. The Asia-Pacific is considered to be the fastest-growing market globally. The rising urbanization in Asia-Pacific has led to higher demand for a consumer product, raising awareness of global warming and harmful effects of CFC, HFC, and HCFC, and rising demand for cold storage across the globe is driving the growth of the market.

Market Players Outlook

Further, the report covers the analysis of various players operating in the market. Some of the key players of the HFO refrigerant market include A-Gas, Harp International Ltd., The Linde Group, Climalife Groupe Dehon, and Dupont Inc., among others. In order to survive in the market, these players adopt different marketing strategies such as a merger, acquisitions, product launch, and geographical expansion so on. In 2020, Honeywell launched its new non-flammable HFO named R515B as a replacement forR134a. R515B has a global warming potential of 299. The product is market in Orlando as Solstice N15 at the AHR Expo.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global HFO refrigerant market.
• Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.