The latest market report published by Credence Research, Inc. “Hydrofluoroolefins Market, By Type (HFO-1234yf, HFO-1234ze, Others), Application (Air Conditioning, Refrigeration, Aerosols, Blowing agents, and Others) and Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”.
Browse the full Hydrofluoroolefins Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025 report at http://www.credenceresearch.com/report/hydrofluoroolefins-market
The global hydrofluoroolefins market is projected to witness a robust growth during the forecast period due to growing demand for refrigerators and air-conditioning equipment especially from industrial applications coupled with the use of environment friendly refrigerants mainly in North America and Europe region. Environmental regulations such as SNAP, EPA, F-gas regulations, Montreal protocol, EU legislation etc. are focusing on global warming mitigation, which in turn stimulated the development and use of fourth generation of low-GWP refrigerants across end-use industry. Governments are aiming to phase-down the emission of HFCs as it is detriment to the environment, is anticipated to create opportunity for HFO market to grow as a replacement of HFC in many application. Although, availability of natural refrigerants coupled with high cost of HFOs are estimated to hinder the market growth. Moreover, toxic flammability of HFO-1234yf as well as production of toxic by-products such as trifluoroacetic acid (TFA) expected to be a key challenge for the market growth throughout the forecast period. Market players are extensively focusing on R&D activities to innovate and commercialize different blends of hydrofluoroolefins suitable for different applications. Advancements in technology as well as rising investments in R&D for the introduction of more efficient and cost effective hydrofluoroolefins is expected to propel the product demand over the forecast period.
Investments in development of new hydrofluoroolefin blends and increasing production capacity to cater the growing demand for low GWP refrigerants is estimated to be major strategy followed by market giants over the forecast period. Some of the major players operating in the global hydrofluoroolefins market include Chemours, Huntsman, Arkema, Dupont, Gas Servei, S.A., National Refrigerants, Solvay, Harp International among others.
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- Increasing investments on the development of new low GWP refrigerants
- Increasing demand for hydrofluoroolefins from emerging applications such as thermal insulation and solvents
- Increasing demand for air conditioning and refrigeration from Asia Pacific region