Global HFO Refrigerant Market Size Study, By Type, By Application, By End-User Industry, and Regional Forecasts 2022-2032

Description

The Global HFO Refrigerant Market is valued at approximately USD 2.5 billion in 2023 and is expected to grow with a healthy CAGR of 24% over the forecast period from 2024 to 2032. HFO (Hydrofluoroolefins) refrigerants have emerged as a sustainable alternative to traditional refrigerants like HCFCs and HFCs, which are known for their high global warming potential (GWP) and ozone depletion effects. HFOs are significantly more environmentally friendly due to their lower GWP, making them an attractive solution for reducing the environmental impact of cooling systems.

Environmental regulations, particularly the global phase-out of HCFCs and HFCs, are major drivers of the HFO refrigerant market. The rising demand for air conditioning and refrigeration systems, fueled by global population growth and increasing temperatures, is also boosting market growth. HFO refrigerants are also becoming popular in the automotive sector, as many automotive manufacturers switch to low-GWP alternatives for air conditioning systems in vehicles. Additionally, advancements in refrigerant technology have enabled the development of highly efficient and environmentally friendly HFOs, further propelling market demand. However, despite the positive outlook, the high cost of HFO refrigerants and the complexity of retrofitting existing systems to accommodate HFOs present challenges. Additionally, competition from other refrigerant technologies, such as natural refrigerants like ammonia and carbon dioxide, poses a threat to market expansion. Nonetheless, with growing global efforts to combat climate change and stricter energy efficiency standards, the market is poised for significant growth.

The key regions considered in the study include Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The Asia Pacific region is expected to lead the market, driven by rapid industrialization, increased demand for air conditioning and refrigeration systems, and government initiatives promoting the use of eco-friendly refrigerants. North America and Europe are also key regions, benefiting from strong regulatory frameworks and growing investments in energy-efficient technologies.

Major market players included in this report are:

Chemours (DuPont)
Honeywell International Inc
Arkema S.A.
The Linde Group
Daikin Industries Ltd
Zhejiang Huanxin Fluoro Material Co., Ltd.
Mexichem (Mexico)
Gujarat Fluorochemicals Ltd. (India)
Solvay S.A.
SRF Limited
Daikin Industries, Ltd.
Dongyue Group Ltd.
Sinochem Group
Mexichem Fluor
SRF Limited

The detailed segments and sub-segments of the market are explained below:

By Type of HFO Refrigerant

HFO-1234yf
HFO-1234ze
HFO-1336mzz
Others

By Application

Air Conditioning
Refrigeration
Heat Pumps
Others

By End-User Industry

Automotive
Commercial
Industrial
Residential

By Region

North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional-level analysis for each market segment.
Detailed analysis of the geographical landscape with country-level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of the competitive structure of the market.
Demand-side and supply-side analysis of the market.

Chapter 1. Global HFO Refrigerant Market Executive Summary

1.1. Global HFO Refrigerant Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Type of HFO Refrigerant
- 1.3.2. By Application
- 1.3.3. By End-User Industry
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global HFO Refrigerant Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global HFO Refrigerant Market Dynamics

3.1. Market Drivers
- 3.1.1. Environmental Regulations Promoting Low-GWP Refrigerants
- 3.1.2. Rising Demand for Air Conditioning and Refrigeration Systems
3.2. Market Challenges
- 3.2.1. High Cost of HFO Refrigerants
- 3.2.2. Retrofitting and Compatibility Issues with Existing Systems
3.3. Market Opportunities
- 3.3.1. Growing Adoption in the Automotive Industry
- 3.3.2. Expansion of Cold Chain Infrastructure

Chapter 4. Global HFO Refrigerant Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global HFO Refrigerant Market Size & Forecasts by Type of HFO Refrigerant (2022-2032)

5.1. Segment Dashboard
5.2. Global HFO Refrigerant Market Revenue Trend by Type (2022 & 2032)
- 5.2.1. HFO-1234yf
- 5.2.2. HFO-1234ze
- 5.2.3. HFO-1336mzz
- 5.2.4. Others

Chapter 6. Global HFO Refrigerant Market Size & Forecasts by Application (2022-2032)

6.1. Segment Dashboard
6.2. Global HFO Refrigerant Market Revenue Trend by Application (2022 & 2032)
- 6.2.1. Air Conditioning
- 6.2.2. Refrigeration
- 6.2.3. Heat Pumps
- 6.2.4. Others

Chapter 7. Global HFO Refrigerant Market Size & Forecasts by End-User Industry (2022-2032)

7.1. Segment Dashboard
7.2. Global HFO Refrigerant Market Revenue Trend by End-User Industry (2022 & 2032)
- 7.2.1. Automotive
- 7.2.2. Commercial
- 7.2.3. Industrial
- 7.2.4. Residential

Chapter 8. Global HFO Refrigerant Market Size & Forecasts by Region (2022-2032)

8.1. North America HFO Refrigerant Market
- 8.1.1. U.S. HFO Refrigerant Market
  - 8.1.1.1. Type Breakdown, Size & Forecasts (2022-2032)
  - 8.1.1.2. Application Breakdown, Size & Forecasts (2022-2032)
- 8.1.2. Canada HFO Refrigerant Market
8.2. Europe HFO Refrigerant Market
- 8.2.1. UK HFO Refrigerant Market
- 8.2.2. Germany HFO Refrigerant Market
- 8.2.3. France HFO Refrigerant Market
- 8.2.4. Italy HFO Refrigerant Market
- 8.2.5. Spain HFO Refrigerant Market
- 8.2.6. Rest of Europe HFO Refrigerant Market
8.3. Asia-Pacific HFO Refrigerant Market
- 8.3.1. China HFO Refrigerant Market
- 8.3.2. India HFO Refrigerant Market
- 8.3.3. Japan HFO Refrigerant Market
- 8.3.4. Australia HFO Refrigerant Market
- 8.3.5. South Korea HFO Refrigerant Market
- 8.3.6. Rest of Asia-Pacific HFO Refrigerant Market
8.4. Latin America HFO Refrigerant Market
- 8.4.1. Brazil HFO Refrigerant Market
- 8.4.2. Mexico HFO Refrigerant Market
- 8.4.3. Rest of Latin America HFO Refrigerant Market
8.5. Middle East & Africa HFO Refrigerant Market
- 8.5.1. Saudi Arabia HFO Refrigerant Market
- 8.5.2. South Africa HFO Refrigerant Market
- 8.5.3. Rest of Middle East & Africa HFO Refrigerant Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Chemours (DuPont)
- 9.3.2. Honeywell International Inc
- 9.3.3. Arkema S.A.
9.3..4 The Linde Group
- 9.3.5. Daikin Industries Ltd
- 9.3.6. Zhejiang Huanxin Fluoro Material Co., Ltd.
- 9.3.7. Mexichem (Mexico)
- 9.3.8. Gujarat Fluorochemicals Ltd. (India)
- 9.3.9. Solvay S.A.
- 9.3.10. SRF Limited
- 9.3.11. Daikin Industries, Ltd.
- 9.3.12. Dongyue Group Ltd.
- 9.3.13. Sinochem Group
- 9.3.14. Mexichem Fluor
- 9.3.15. SRF Limited

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes