USD 1161.1 million
Hydrofluoroolefin (HFO) Market Size, Share, Growth Analysis, By Type(HFO-1234ze, HFO-1233zd, HFO-1234yf, HFO-1336mzz), By Application(AC & Refrigeration, Foam Blowing Agents, Aerosol Propellants, Precision Solvent Cleaners), By End-Use Industry(Automobile, Construction, Polymers & Plastics, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQSG15E2035 |
Region:
Global |
Published Date: July, 2036
Pages:
273
|Tables:
94
|Figures:
83
Hydrofluoroolefin (HFO) Market Insights
Hydrofluoroolefin (HFOs) Market was valued at USD 1161.1 million in 2019 and is expected to reach USD 4416.5 million by 2031, growing at a CAGR of 18.2% during the forecast period. (2022-2029).
HFOs are composed from hydrogen, fluorine and carbon compounds similar to HFCs, but they are structurally different. HFOs have very short atmospheric life leading to distinct environmental benefits. HFOs are subject to all the legislation that applies to the supply and use of chemicals, including REACH in the EU. As HFCs cause ozone layer depletion due to emission of harmful greenhouse gases, the need for a sustainable alternative is boosting the demand for HFOs in the global market. Fourth generation HFOs are efficient and safer alternatives thus, gaining players in the market have lucrative growth opportunities in the coming years. They are also used in insulation, foam, aerosols, air-conditioners, and solvents apart from refrigerators.
Based on SkyQuest’s analysis, HFO manufacturing is expected to increase significantly due to continued demand in the European Union and the US automotive sector ahead of the implementation of SNAP Rule 20.
US Hydrofluoroolefin (HFO) Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
AC & Refrigeration
Fastest Growth
AC & Refrigeration
Growth Rate
18.2% CAGR
Global Hydrofluoroolefin (HFO) Market 2024-2031 ($ Bn)
Country Share for North America Region- 2024-2031(%)
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Hydrofluoroolefin (HFO) Market Segmental Analysis
The Global Hydrofluoroolefin (HFO) market is segmented based on type, application, end-user industry, and region. Based on the applications, the Hydrofluoroolefin (HFO) market is segmented into AC & Refrigeration, Foam Blowing Agents, Aerosol Propellants, Precision Solvent Cleaners, and Others. Based on the Type, the Hydrofluoroolefin (HFO) market is segmented into HFO-1234ze, HFO-1233zd, HFO-1234yf, and HFO-1336mzz. Based on the End-User Industry, the Hydrofluoroolefin (HFO) market is segmented into automobiles, construction, polymers & plastics, and others. Based on region the global Hydrofluoroolefin (HFO) market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Hydrofluoroolefin (HFO) market Analysis by Application
Based on the applications, the market is segmented into AC & Refrigeration, Foam Blowing Agents, Aerosol Propellants, Precision Solvent Cleaners, and Others. Among these, the AC & Refrigeration segment dominated the market with more than 65% share in 2021. The segment was valued at USD 754.7 million in 2021 which is projected to reach USD 2,902.5 million by 2029, growing at a CAGR of 18.4% during the forecast period 2022-2029. The various refrigeration and air conditioning system manufacturers are currently promoting HFOs (Hydrofluoroolefin) as low-GWP refrigerants. HFOs have the same atoms as HFCs: carbon (C), hydrogen (H), and fluorine (F), but they are unsaturated organic compounds, thus the suffix "olefin." HFOs currently on the market are based on alkenes such as propene (e.g., HFO-1234yf or HFO-1234ze) and, in some cases, butene (e.g., HFO[1]1336mzz) or ethene (HFO-1132a).
Global Hydrofluoroolefin (HFO) Market By Application, 2024-2031 (%)
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Hydrofluoroolefin (HFO) Market Regional Insights
The global HFO market is segmented based on region as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Among these, the North American segment dominated the market with a 38% share in 2021. The region was valued at USD 441.2 million in 2021 which is projected to reach USD 1688.9 million by 2029, growing at a CAGR of 18.3% during the forecast period. In addition, the region registered a volume of 5566.4 tonnes in 2021 which is projected to reach up to 23586.7 tonnes in 2029, with a CAGR of 19.8% during the forecast period 2022-2029. The introduction and adoption of environmental regulations to control global warming, such as the EPA's Significant New Alternatives Policy (SNAP) Program, is increasing the demand for HFOs in North America, particularly in the United States.
In recent years, European countries such as Germany, Italy, Spain, the United Kingdom, and France have begun to move away from the use of HFCs in the automotive and construction industries for HVAC applications. The European Directive on Mobile Air-Conditioning Systems (MACs) imposed a gradual ban on these gases in passenger vehicles, which is increasing the demand for Hydrofluoroolefin in the region.
Global Hydrofluoroolefin (HFO) Market By Geography, 2024-2031
- Largest
- Fastest
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Hydrofluoroolefin (HFO) Market Dynamics
Hydrofluoroolefin (HFO) market Driver
Demand from Automotive Industry to Boost Sales of Hydrofluoroolefin
- Hydrofluoroolefins (HFO) has emerged as the next-generation standard in mobile air conditioning. According to the EU MAC Directive, all new vehicle types are prohibited from using a refrigerant with a global warming potential (GWP) greater than 150, which has increased the demand for HFOs. Although the vast majority of automobile manufacturers in developed countries have already switched to HFO-1234yf or are planning to do so, there is still some interest in other alternatives, particularly for heavy trucks and off-road vehicles. In addition, two German automakers (Audi and Daimler) have announced plans to use R-744 (carbon dioxide, GWP=1) as a coolant in a number of their larger vehicle models. In India, TATA Motors Limited (TML)/MAHLE/IGSD has received funding for a demonstration project of a secondary loop MAC (SL-MAC) system using either HFC-152a (GWP=138) or HFO-1234yf (GWP1).
- Various refrigerants are being closely examined all over the world to demonstrate their environmental impact and sustainability credentials. Cooling gases used in their refrigeration systems account for approximately one-fourth of their carbon footprint before accounting for the energy used to power equipment. Players are constantly working to improve technologies and create environmentally friendly products. For example, Honeywell introduced Genetron Performax LT (R-407F), a long-term alternative to R-22 that does not deplete the ozone layer, particularly in low-temperature applications. Because it closely resembles R-22, Genetron Performax LT can be used as a retrofit fluid in applications that currently use R-22. The company also claims that the refrigeration meets energy efficiency, carbon footprint reduction, operating costs, and safety standards. This type of product innovation will drive the market over the forecast period.
Major Shift of Population to urban areas.
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Approximately 4 billion people, or 56% of the world's population, now reside in cities. Additionally, by 2050, approximately 7 out of 10 people will live in cities, with the urban population predicted to double its current count.The use of refrigerant is on the peak in urban areas as a result of increasing living standards and major upgrades in lifestyle. This major factor is increasing the need for air conditiioner that inturn rises the demand for HFCs
Hydrofluoroolefin (HFO) market Restraint
Safety Hazards Associated with HFOs to Hinder Market Growth
- Concerns about flammability extend beyond whether or not certain types of refrigerant leakage situations cause equipment and buildings to catch fire. This, however, is one of the major issues severely affecting the market. The HFO refrigerants HFO-1234yf and HFO-1234ze have an A2L safety classification, which means they are low in toxicity but slightly flammable. A2L and B2L are low-flammability refrigerants with maximum burning speeds of 10 cm/s or 3.9 inches per second (in./s). "Lower" flammability is represented by the letter "L." There are A1 (non-flammable) HFOs; however, more research and testing with these refrigerants are required. HFOs are stable in systems, but they degrade in the atmosphere over a few days, giving them global warming potential (GWP) ratings ranging from 150 to less than 1.
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Hydrofluoroolefins are easily decomposable at high temperatures, just like all halogenated hydrocarbons, and their high solubility creates acid, which can irritate the skin, eyes, and throat and even be lethal.
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Hydrofluoroolefin (HFO) Market Competitive Landscape
Hydrofluoroolefin (HFO) manufacturers continue to prioritize technological advancements in the product. Such developments, combined with competitive pricing, are likely to help them increase their market share during the forecast period. Companies are investing heavily in R&D to overcome the challenges associated with using Hydrofluoroolefin (HFO) and to improve product quality. There are currently a limited number of HFO producers supplying in the global market, which is driven by regulation and incentives, as well as the existence of patents for the production process. HFO application (use) patents held by a small number of producers limit market competition and the ability of new players to enter. Based on our research, we discovered that majority of these patents will expire after 2023, creating a lucrative opportunity for new players to enter the global Hydrofluoroolefin market.
Hydrofluoroolefin (HFO) market Top Player's Company Profiles
- Honeywell International, Inc.
- Arkema, Inc.
- The Chemours Company
- Linde PLC
- Daikin Industries, Ltd.
- Central Glass Co.
- AGC Chemicals Americas Inc.
- Mitsubishi Corporation
- Dow Inc.
- Climalife (Dehon Group)
- Shanghai Yuji Sifluo Co., Ltd. (Yuji SiFluo )
- Danfoss
- Mexichem S.A.B. de C.V.
- SRF Limited
- GFL Environmental Inc.
- Harp International Ltd.
- Gujarat Fluorochemicals Limited (GFL)
- Zhejiang Yonghe Refrigerant Co. Ltd.
- Shanghai 3F New Materials Co. Ltd.
- Tazzetti S.p.A
- Quzhou Jinyuan Hongtai Refrigerant Co., Ltd.
- Shandong Yuean Chemical Industry Co., Ltd.
- Dongyue Group Ltd.
- Navin Fluorine International Limited
- Changshu 3F Zhonghao New Chemical Materials Co., Ltd.
- Asahi Glass Co., Ltd.
- Kirloskar Chillers (Kirloskar Proprietary Limited)
Hydrofluoroolefin (HFO) market Recent Development
- In July 2022, Honeywell and Navin Fluorine International Limited, a subsidiary of the Padmanabh Mafatlal Group, announced a collaboration to produce Honeywell's proprietary Solstice range of Hydrofluoroolefin (HFO) in India. Production at NFIL's Gujarat manufacturing facility is expected to begin in Q2-2022.
- In April 2022, Forane 1233ZD HFO was introduced in the North American market by Arkema SA. The launch is crucial in expanding spray foam availability and increasing sustainability in the building and construction market. This is the first of many shipments that will help Arkema better serve our customers and the environment.
- In April 2022, Linde plc announced plans to expand its La Porte, Texas, facility, effectively doubling its merchant liquid production capacity. Beginning in 2024, the increased capacity will assist Linde in meeting the growing demand from the petrochemicals, clean energy, manufacturing, food, and aerospace sectors along the Gulf Coast of the United States.
Hydrofluoroolefin (HFO) Key Market Trends
Numerous Players are Prioritizing Patent to Stay Ahead in the Competition
- The manufacturing of HFO-1234yf is still a relatively new industry, the majority of information on its production is still regarded as proprietary and confidential. The major producers of HFO-1234yf have filed patents that reveal a large portion of the relevant intellectual property. There were around 83 new patents granted in the year 2020 which is around 2 times of patents granted in the year 2019. The number of patents granted has increased to 150 in the year 2021, with a whopping 80% increase in the numbers. The higher number of patents will indirectly affect the freedom of entrance of new players in the global Hydrofluoroolefin market.
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Marine heavy fuel oil (HFO), a petroleum-based product, is the most common propulsion fuel in ships, accounting for a great deal of the emissions from maritime operations. Like other industries, transitioning to low-carbon, renewable energy sources is crucial for maritime decarbonization. For this, the industry is looking up to electric propulsion technologies, biofuels, wind energy, solar power, and hydrogen fuel. Many startups already offer retrofittable devices to electrify boats. To strengthen this transition, large marine companies need to integrate low-carbon fuels throughout their fleet. Biofuels are an economical and low-carbon choice for a start as it readily replaces HFO without any structural upgrades. The overall trend is moving towards electric and hydrogen propulsion as they have huge impacts on emissions without affecting vessel productivity.
Hydrofluoroolefin (HFO) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that the limited number of current producers supplying rapidly growing markets in Europe and North America is a result of regulation and incentives. The major producer holds more than 70% of the global supply of HFOs. Those major manufacturers are Chemours, Honeywell, Arkema, and Central Glass co. We also found that Anti-dumping lawsuits filed against Chinese imports have had a significant impact on the industry. Decisions on HFC imports have generally favored American firms, establishing an important precedent for any future HFO-related trade disputes.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1161.1 million |
| Market size value in 2031 | USD 4416.5 million |
| Growth Rate | 18.2% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hydrofluoroolefin (HFO) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hydrofluoroolefin (HFO) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hydrofluoroolefin (HFO) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hydrofluoroolefin (HFO) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hydrofluoroolefin (HFO) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hydrofluoroolefin (HFO) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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