Global HFO (hydrofluoro-olefin) Refrigerants Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global HFO (hydrofluoro-olefin) Refrigerants Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

HFO (hydrofluoro-olefins) Refrigerants are the fourth generation of fluorine-based gases. HFO refrigerants are composed of hydrogen, fluorine and carbon atoms but contain at least one double bond between the carbon atoms. HFO refrigerants are categorised as having zero ODP (Ozone Depletion Potential) and low GWP (Global Warming Potential) and so offer a more environmentally friendly alternative to CFCs, HCFCs and HFCs. HFOs are mainly used in vehicle air conditioning systems and in chillers.

Market Overview:

The latest research study on the global HFO (hydrofluoro-olefin) Refrigerants market finds that the global HFO (hydrofluoro-olefin) Refrigerants market reached a value of USD 2932.32 million in 2022. It’s expected that the market will achieve USD 4709.6 million by 2028, exhibiting a CAGR of 8.22% during the forecast period.

The market is developing steadily. HFO refrigerants are ideal high-pressure working fluids due to their zero ozone-depleting substances (ODS) and extremely low greenhouse effect potential (GWP) values, and have huge market potential in refrigeration as a fourth-generation refrigerant. With the aggravation of global warming, the implementation of carbon neutrality goals in various countries, and the vigorous development of the new energy vehicle industry, the downstream market demand for the HFO refrigerant market continues to increase, which promotes the sustainable development of the industry.

Drivers

Under the trend of global warming, HFO (hydrofluoroolefin) has broad prospects as a fourth-generation refrigerant.
The vigorous development of the new energy vehicle industry drives the development of the HFO refrigerant industry.
Classified as having zero ODP (Ozone Depletion Potential) and low GWP (Global Warming Potential), HFO refrigerants are more environmentally friendly products, while reducing electric vehicle heating energy consumption and extending electric vehicle range. With the continuous development of the new energy vehicle industry, it will bring great growth potential for HFO refrigerants.

Restraints

High barriers to HFO refrigerant industry.
The current HFO refrigerant industry has high barriers. The global HFO refrigerant market is dominated by Chemours, Honeywell and Arkema. The leading companies have accumulated many years of technical patents, human resources, and a large amount of capital investment. Market concentration is high. High production costs and related patents, intellectual property and equipment costs limit the entry of new entrants.
Raw material prices fluctuate.

Region Overview:

Asia Pacific had the highest growth rate of all regions

In global comparison, a significant portion of the revenue was generated in Europe (48.74% in 2021).

Company Overview:

Honeywell
Honeywell International Inc. is an American publicly traded, multinational conglomerate corporation headquartered in Charlotte, North Carolina. It primarily operates in four areas of business: aerospace, building technologies, performance materials and technologies, and safety and productivity solutions.

Chemours

Chemours, is an American chemical company that was founded in July 2015 as a spin-off from DuPont. It has its corporate headquarters in Wilmington, Delaware, United States.
Chemours is a different kind of chemistry company, driven by their purpose to create a better world through the power of their chemistry. With a world-class portfolio, they provide solutions for industries ranging from automotive, paints, and laminates to advanced electronics, construction, energy, and telecommunications, helping to make a world that is more colorful, capable, and cleaner.

Honeywell is one of the major players operating in the HFO (hydrofluoro-olefin) Refrigerants market, holding a share of 45.03% in 2022.

Honeywell, Chemours, Arkema, AGC Group, Zhejiang Huanxin Fluoro Material are the five key players in the global HFO (hydrofluoro-olefin) Refrigerants market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global market in the past 5 years.

Segmentation Overview:

HFO-1234yf Refrigerant
2,3,3,3-Tetrafluoropropene, HFO-1234yf, is a hydrofluoroolefin (HFO) with the formula CH2=CFCF3. It is also designated R-1234yf as the first of a new class of refrigerants: it is marketed under the name Opteon YF by Chemours and as Solstice YF by Honeywell.

HFO-1234ze Refrigerant

1,3,3,3-Tetrafluoropropene (HFO-1234ze, R-1234ze) is a hydrofluoroolefin. It was developed as a fourth generation refrigerant to replace fluids such as R-134a, as a blowing agent for foam and aerosol applications, and in air horns and gas dusters.

HFO-1233zd Refrigerant

1-chloro-3,3,3-trifluoropropene (HFO-1233zd) belongs to a new family of HFOs (hydro-fluoro-olefins) that have low GWP. R-1233zd is used in low pressure centrifugal chillers for large air conditioning installations.

By type, HFO-1234yf Refrigerant segment accounted for the largest share of market in 2021.

Application Overview:

Automobile Air Conditioner
HFO refrigerants have the characteristics of zero ozone potential, slightly flammable, low global warming potential, high refrigeration energy efficiency, and high safety, and are mainly used in automotive air conditioners.

Fixed Air Conditioner

HFO refrigerants are classified as having zero ozone depletion potential (ODP) and low global warming potential (GWP), thus offering a greener alternative to CFC, HCFC and HFC refrigerants. Widely used in Fixed Air Conditioner.

Others


HFO refrigerant has appropriate freezing point and boiling point, can be used for refrigeration at ordinary temperature, has the prospect of being used as a foaming agent, and can also be used in the insulating foam, food industry, building materials, etc.

The market's largest segment by application is the segment Automobile Air Conditioner, with a market share of 71.31% in 2021.

Key Companies in the global HFO (hydrofluoro-olefin) Refrigerants market covered in Chapter 3:

Chemours
Zhejiang Huanxin Fluoro Material
Arkema
Honeywell
AGC Group

In Chapter 4 and Chapter 14.2, on the basis of types, the HFO (hydrofluoro-olefin) Refrigerants market from 2018 to 2029 is primarily split into:

HFO-1234yf Refrigerant
HFO-1234ze Refrigerant
HFO-1233zd Refrigerant

Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the HFO (hydrofluoro-olefin) Refrigerants market from 2018 to 2029 covers:

Automobile Air Conditioner
Fixed Air Conditioner

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)