Global Hydrofluoroolefin (HFO) Market Expected To Reach More Than 5 Billion By 2023: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Hydrofluoroolefin (HFO) Market
(Product: HFO-1234ze, HFO-1234yf, HFO-1233zd, HFO-1336mzz, Others; Application: Commercial Refrigeration, Domestic Refrigeration, Foam Blowing Agents, Aerosol Propellants, Mobile Air-Conditioning Systems (MACs), Precision Solvent Cleaners, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 - 2023, forecasts that the global market for hydrofluoroolefins (HFO) is expected to grow at a CAGR of more than 20% from 2017 to 2023 and is expected to reach over 5 billion by 2023.
Hydrofluoroolefins (HFOs) are unsaturated organic compounds containing carbon, fluorine and hydrogen. Despite traditional chlorofluorocarbons (CFCs) and hydrofluorocarbons (HFCs), which are saturated compounds, HFOs are primarily olefins compounds, also identified as alkenes. Hydrofluoroolefins are being technologically advanced and thus known as “fourth generation” refrigerants with tremendously truncated global-warming potential (GWP) which is mostly 0.1% of HFCs. HFO products have petite atmospheric lifespans and are considered as having zero low global warming potential (GWP) and ozone depletion potential (ODP), providing more eco friendly substitute to HFCs, HCFCs and CFCs.
In 2016, North America held largest market share and is expected to continue dominate the market during the forecast period. The adoption and introduction of environmental regulations to regulate global warming, such as Environmental Protection Agency (EPA) initiated Significant New Alternatives Policy (SNAP) program, is enhancing the ultimatum for HFOs. Also, in 2016 Europe held second largest market share in global HFOs market. Asia-Pacific market for HFOs is anticipated to grow at a noteworthy rate throughout the forecast period. In addition, Asia-Pacific is a chief market for the use of HFOs as blowing agents. The increasing automotive industry and growing construction activities in developing economies are anticipated to nurture the growth of this market.
High Acceptance for Hydrofluoroolefins over Saturated Components
Hydrofluoroolefins are replacing HFC and other fluorinated compounds rapidly, and are known as saturated hydrocarbons. The use of HFCs and HCFCs are phased out with environmental regulations. Low ozone depletion potential (ODP), low global warming potential (GWP) and low volatile organic compound (VOC) are some of the factors of HFOs those are being accurate substitute for HCFCs and HFCs. One of the main interests of the regulatory bodies is that, HFO breaks trifluoroacetic acid (TFA) down in atmosphere, which is a key commercial attraction for regulatory bodies. The mounting use of HFO in mobile air conditioning, refrigeration and foam are drawing the investors’ attention to produce business in HFO market. Moreover, environmental issues have emphasized on these industries to shift to HFO from HCFC. Currently, the companies are dominating in manufacturing HFO grades. Industry creators have patented HFO and promote it under a brand; for instance, Honeywell markets HFO under the name ‘Solstice’ and Arkema advertises HFO as ‘Forane’. HFOs are being blended with water and hydrocarbons to reduce the incremental operating cost.
The major companies profiled in the report include Lambiotte and Cie S.A/N.V, Solvay S.A., Haltermann Carless Deutschland GmbH, The Linde Group, The Chemours Company, DowDuPont Inc., Honeywell International Inc., Arkema S.A. Corporation, Foam Supplies, Inc., and Danfoss A/S, among others.
The report is readily available and can be dispatched immediately after payment confirmation.