Global HFC Refrigerant Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global HFC Refrigerant Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

HFC refrigerant (hydrofluorocarbons) is the third generation of fluorinated refrigerants. Recognized as Ozone Depleting Potential (ODP) and Global Warming Potential (GWP), they represent a greener alternative to CFC and HCFC.

Market Overview:

The latest research study on the global HFC Refrigerant market finds that the global HFC Refrigerant market reached a value of USD 3956.12 million in 2022. It’s expected that the market will achieve USD 4965.19 million by 2028, exhibiting a CAGR of 3.86% during the forecast period.

Damage to the environment

Due to the continuous discharge of CFCs and other chemical wastes from all over the world, they enter the atmosphere, form chlorine, bromide ions, float around, and combine with oxygen ions. The oxygen ions in the atmosphere gradually decrease, causing the ozone layer to be destroyed. It will increase the amount of ultraviolet radiation reaching the earth by 5% to 10%, causing direct damage to humans, animals and plants. At the same time, CFCs, HCFCs and HFCs refrigerants are considered greenhouse gases.

Policy restrictions

The US Environmental Protection Agency (EPA) has introduced regulations to phase out certain HFCs refrigerants in many applications. Some regulations based on the SNAP policy have been formally implemented, and more regulations will be fully implemented in the next seven years. Therefore, the US HVAC industry is continuing to study safety equipment using new refrigerants.

Large demand in emerging countries

With the economic development of developing countries such as China and India, the commercial and automotive industries are developing rapidly, and the development of these industries will lead to an increase in the demand for HFC refrigerants. On the other hand, the improvement of people's living standards in developing countries has led to an increase in demand for household appliances such as air-conditioners and refrigerators, which has led to an increase in demand for HFC refrigerants.

Region Overview:

In global comparison, a significant portion of the revenue was generated in China (47.64% in 2022).

Company Overview:

Chemours is one of the major players operating in the HFC Refrigerant market, holding a share of 11.06% in 2023.

Chemours

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through three segments: Fluoroproducts, Chemical Solutions, and Titanium Technologies.

Arkema

Arkema Inc. manufactures and supplies diversified chemicals. It offers industrial chemicals, including acrylic monomers, emulsion systems, fluorochemicals, fluoropolymers, functional additives, hydrogen peroxide, PMMA, specialty polyamides, and thiochemicals; coating solutions, such as acrylics, and coating resins and additives; and high-performance materials, which include specialty adhesives, technical polymers, and performance additives.

Segmentation Overview:

As for product types, the R410A segment held the largest market share in 2022.

Application Overview:

By application, the Air Condition segment occupied the biggest share from 2018 to 2022.

Key Companies in the global HFC Refrigerant market covered in Chapter 3:

Honeywell
Daikin
Zhejiang Juhua
Sanmei
Arkema
Mexichem
Dongyue Group
Sinochem Group
Chemours
Meilan Chemical

In Chapter 4 and Chapter 14.2, on the basis of types, the HFC Refrigerant market from 2018 to 2029 is primarily split into:

R134a
R407C
R410A
R125
R32
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the HFC Refrigerant market from 2018 to 2029 covers:

Air Condition
Automotive Air Conditioner
Refrigerator
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)