Westford USA, Feb. 24, 2023 (GLOBE NEWSWIRE) -- North America is set to remain the major revenue contributor for the hydrofluoroolefin (HFO) market due to favorable environmental regulations. Exceptionally low GWP of HFOs when compared over HFCs and Hydrochlorofluorocarbons (HCFCs) and few facility amendments for a transition from HCFCs are some of the prominent factors driving the growth of this market. Improved attention on developing a substitute for HCFCs and HFCs and growing application in foam blowing and refrigeration are the key trends in this market.
According to SkyQuest, more than half of the world's population, approximately 4 billion people, currently live in cities. This trend towards urbanization is expected to continue, with an estimated 7 out of 10 people projected to live in urban areas by 2050. One of the significant impacts of urbanization is the rising demand for refrigeration and air conditioning, driven by the increasing living standards and modernization of lifestyle. The use of hydrofluoroolefin (HFO) refrigerants has become more prevalent in recent years due to their lower global warming potential compared to traditional refrigerants.
Browse in-depth TOC on the "Hydrofluoroolefin (HFO) Market"
- Pages - 273
- Tables - 94
- Figures - 66
The use of hydrofluoroolefins (HFOs) in mobile air conditioning systems has gained traction in recent years due to their environmental benefits. HFOs are considered the next-generation standard in mobile air conditioning due to their low GWP and zero ozone depletion potential (ODP). In addition, they offer a more sustainable alternative to traditional refrigerants, which is crucial to reducing the automotive industry's carbon footprint.
Prominent Players in Hydrofluoroolefin (HFO) Market
- Microsoft Corporation (US)
- 4Dviews (France)
- Intel Corporation (US)
- 8i (New Zealand)
- Solvay S.A. (Belgium)
- IO Industries Inc. (Canada)
- Danfoss (Denmark)
- Google LLC (US)
- Linde plc. (Ireland)
- Stereolabs Inc. (US)
- The Chemours Company (US)
- Unity Technologies (US)
- Canon Inc. (US)
- Verizon Communications (US)
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AC & Refrigeration Segment to Generate Higher Revenue Thanks to Increasing Adoption of HFOs in the Industry
As per recent market research, the AC & Refrigeration segment is dominant in the hydrofluoroolefin (HFO) market, with more than 65% share in 2021. The segment's value was estimated at USD 754.7 million in 2021, and it is projected to reach USD 2,902.5 million by 2029, growing at a CAGR of 18.4% during the forecast period 2022-2029. In addition, the growing demand for air conditioning and refrigeration systems, particularly in emerging economies, is expected to further boost the demand for HFOs in the AC & Refrigeration segment.
According to recent market research, North America's hydrofluoroolefin (HFO) market is thriving, with the region dominating the market with a 38% share in 2021. The value of the HFO market in North America was estimated to be USD 441.2 million in 2021, and it is projected to grow at a CAGR of 18.3% to reach USD 1688.9 million by 2029. The significant growth in the HFO market in North America can be attributed to the increasing demand for environmentally-friendly alternatives due to the introduction and adoption of environmental regulations to control global warming.
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Stringent Government Regulations Regarding the HFCs to Propel Demand for Hydrofluoroolefin (HFO)
Over the past few years, several European countries, including Germany, Italy, Spain, the United Kingdom, and France, have started shifting away from using hydrofluorocarbons (HFCs) in the automotive and construction industries, particularly for HVAC (heating, ventilation, and air conditioning) applications. The European Directive on Mobile Air-Conditioning Systems (MACs) has played a significant role in phasing out HFCs in passenger vehicles. The directive has gradually banned the use of HFCs in MACs, to reduce the environmental impact of these gases. This gradual ban has increased demand for hydrofluoroolefin (HFO) in the region, as it is a more environmentally friendly alternative to HFCs.
SkyQuest, a well-known research firm, has released an all-encompassing report on the hydrofluoroolefin (HFO) market, which serves as a comprehensive guide for market stakeholders. These stakeholders include market participants, investors, and policymakers who require an in-depth understanding of the HFO market to make informed decisions. By analyzing these strategies, stakeholders can gain insight into the market's direction and assess the opportunities and risks.
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Key Developments in Hydrofluoroolefin (HFO) Market
- Honeywell has announced that Food City, a leading grocery retailer, has recently installed Honeywell's Solstice® N71 (R-471A) refrigerant in its Kodak, Tennessee store. This innovative solution has been designed to cool the store's beverage line-up while reducing energy consumption and environmental impact. Solstice® N71 (R-471A) is optimized explicitly in supermarkets, cold storage warehouses, industrial process refrigeration, ice rinks, and convenience and drug stores.
- Navin Fluorine Industries, a leading chemical manufacturer in India, has inaugurated a new plant in Dahej to manufacture and supply Hydrofluoroolefins (HFOs). The new plant is expected to cater to the increasing demand for HFOs, particularly in the refrigeration and air conditioning industries, which are shifting towards more environmentally friendly alternatives. The Dahej plant is equipped with state-of-the-art technology and is designed to meet the highest safety and environmental standards.
- The Chemours Company, based in Wilmington, Delaware, has unveiled a new facility dedicated to expanding its hydrofluoroolefin (HFO) platform called Opteon1150, also known as HFO-1336mzzE. Opteon 1150 is an environmentally friendly product, as it is a non-ozone-depleting substance with a low global warming potential (GWP). With Opteon 1150, customers can enjoy a high-performing product that is also gentle on the planet, making it an ideal choice for companies that value sustainability and want to minimize their carbon footprint.
Key Questions Answered in Hydrofluoroolefin (HFO) Market Report
- What role do demographic changes, such as shifting population patterns or changes in consumer behavior, play in driving growth or decline in market segments?
- How do environmental factors, such as climate change, impact the hydrofluoroolefin (HFO) market, and what strategies can businesses use to maintain long-term sustainability?
- What impact do emerging markets or new competitors have on the target market, and how can businesses promptly prepare for and respond to these challenges?
- How do changes in consumer preferences and values impact market demand, and what strategies can businesses use to engage effectively with evolving consumer trends?
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