Global HFC Refrigerant Market Research and Forecast 2022-2028

Global HFC Refrigerants Market Size, Share & Trends Analysis Report by Refrigerant Type (HFC-134a, HFC-125, HFC-143a, HFC-32, HFC-152a, and Others), By Application (Air Conditioner, Automotive Air Conditioner, Refrigerators, and Others), Forecast Period 2022-2028

The global HFC refrigerants market is anticipated to exhibit a CAGR of 3.7% during the forecast period (2022-2028). The considerable rise in urbanization has created high demand for air conditioners for offices, buses, homes, and many more places and thereby has created the demand for different refrigerants. Furthermore, the rising demand for chilled and frozen food and beverage products has increased the demand for the cold chain market which is further creating the demand for different refrigerants. HFCs offers several benefits as a refrigerant; as it contributes less to depleting of the ozone layer as it does not contain chlorine and does not deplete the stratosphere layer of the ozone layer. It is also used for replacements for older CFCs and HCFCs that are more hazardous to the environment.

However, the rising adoption of refrigeration gases as the best available alternative over HFCs by key manufacturers of AC and refrigerators is likely to make a negative impact on the growth of the HFC refrigerant market across the globe. Moreover, stringent government regulations prohibiting the use of the HFCs, CFCs, and HCFCs are estimated to restrain and challenge the growth of the HFC refrigerant market share during the forecast period. For instance, in September 2020, New York State announced to ban the use of HFC refrigerants to reduce the emissions that lead to greenhouse gases. Moreover, according to the report published by NASA (National Aeronautics and Space Administration), excessive use of HFCs is expected to contribute most to global warming in 2050 if not now, by speeding up the chemical reaction destroying the ozone layer.

Segmental Outlook

The market is segmented based on type and applications. Based on type, the market is segmented into HFC-134a, HFC-125, HFC-143a, HFC-32, HFC-152a, and others. Based on the application segment, the market is bifurcated into the air conditioner, automotive air conditioner, refrigerators, and others.

Global HFC Refrigerant Market Share by Type, 2020 (%)

Global HFC Refrigerant Market Share by Type

R134a segment holds a significant market share in 2020. The market growth is driven by its uses in air conditioners, automotive air conditioners, and medium temperature refrigeration across the globe. It was generally developed to replace R12 in car AC systems and coolers. The R134a is the most abundant HFC in the atmosphere and is the most common refrigerant used in MVAC systems since the 1990s. The companies involved in the manufacturing of R134a HFC refrigerators include Harp International Ltd., Daikin Industries, Ltd., Linde AG, and Mexichem S.A.B. de C.V.

Regional Outlooks

The global HFC refrigerant market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is bifurcated into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific is estimated to be the fastest-growing region during the forecast period due to emerging economies like Japan, China, and India leading to high growth of urbanization in this region. North America is estimated to have a decline in the HFC refrigerant market owing to strict government policies and regulations. In September 2016, the United States Environmental Protection Agency announced that specific refrigerants including R134a and R410A can no longer be used in new chillers.

Global HFC Refrigerants Market Growth, by Region 2022-2028

Global HFC Refrigerant Market Share by region

Market Players Outlook

Key players of the global HFC refrigerant market are Linde AG, Arkema Group, Daikin Industries, Ltd., Honeywell International Inc., The Chemours Company FC, LLC, and Zhejiang Yonghe Refrigerant Co., Ltd. To survive in the market these players adopt different marketing strategies such as a merger, acquisitions, product launch, and geographical expansion so on.

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 HFC refrigerants 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.