Luton, Bedfordshire, United Kingdom, Nov. 25, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the HFC refrigerant Market.
The global HFC refrigerant market is expected to grow at 3.8 % CAGR from 2020 to 2029. It is expected to reach above USD 581.30 Million by 2029 from USD 415.55 Million in 2020.
HFC Refrigerant Market Overview
In the refrigeration cycle of air conditioners and heat pumps, refrigerants are working fluids that typically go through numerous phase changes from a liquid to a gas and back again. Due to their toxicity, flammability, and roles in ozone depletion and climate change, CFC and HCFC refrigerants as well as HFC refrigerants are extensively controlled. A class of industrial compounds known as hydrofluorocarbons (HFCs) are largely utilised in cooling and refrigeration. As part of the Montreal Protocol on Chemicals that Deplete the Ozone Layer, HFCs were created to replace stratospheric ozone-depleting substances that are currently being phased out.
HFCs are excellent refrigerant materials in many ways. In terms of security, dependability, effectiveness, accessibility, and price, they satisfy the demands of the sector.
The rising demand for consumer goods like air conditioners and refrigerators, as well as the rising demand for various refrigerator models from various end-use sectors, are important factors anticipated to propel market revenue growth throughout the forecast period. HFC refrigerants are also widely employed in commercial refrigeration applications and present less environmental risk. This is also anticipated to support future market revenue growth.
Hydrofluorocarbon (HFC), any of several organic compounds composed of hydrogen, fluorine, and carbon. HFCs are produced synthetically and are used primarily as refrigerants. They became widely used for this purpose beginning in the late 1980s, with the introduction of the Montreal Protocol, which phased out the use of chemicals such as halons and chlorofluorocarbons (CFCs) that contribute to the depletion of Earth's ozone layer.
HFC refrigerants (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. Refrigerants in this group are applicable to refrigeration plants and air conditioning units designed specifically for their use. In addition, they can serve as drop-in replacements for older CFCs and HCFCs. Freons or hydrofluorocarbons (HFC) are the most widespread refrigerant gases in the market today. They have replaced chlorofluorocarbons (CFC) and hydrochlorofluorocarbons (HCFC), which damage the ozone layer.
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The market for chilled and frozen food and drink items has seen a growth in demand, which has led to a rise in the need for various refrigerants. HFCs are advantageous as a refrigerant since they don't contain chlorine and don't affect the stratospheric layer of the ozone layer, which contributes less to ozone layer destruction. The more environmentally dangerous older CFCs and HCFCs are also replaced with it.
Based on Type
The market share of the R32 segments was over 25% in 2021, and it is anticipated that they would expand at a considerable CAGR over the course of the projection period. R-32 is the refrigerant that is getting the most attention among the other varieties. The R-32 refrigerant effectively moves heat while consuming up to 10% less electricity. In 2020, the R134a sector will hold a sizable market share. It was primarily created to replace R12 in coolers and AC systems for cars. Since the 1990s, R134a has been the refrigerant most frequently used in MVAC systems. It is the most prevalent HFC in the atmosphere.
Based on Blend Type
- R-410A and
Due to the rising demand for R-410A refrigerant as an alternative to R-22 in commercial and domestic air conditioners around the world, the R-410A segment revenue is anticipated to grow at a strong revenue CAGR over the projected period. When compared to R-22, R-410A allows for a greater SEER rating while using less power. It also does not contribute to ozone depletion. The use of R-140A has increased globally due to the possibility that R-410A systems will have less of an overall negative impact on global warming as a result of reduced power consumption.
Based on Application
- Refrigeration system
- Air conditioning system
62% of the total cooling demand in 2021 was met by home refrigeration and residential air conditioning. During the projection period, the industrial and transportation refrigeration industries will expand quickly. The market share of air conditioning systems, which was about 32% in 2021, is expected to increase significantly over the course of the projected period. For the forecast period of 2021-2026, the HFC Refrigerants and Air Conditioning market, the North American region is anticipated to be the key manufacturing hub.
Since they can be utilised for more effective cooling and heating than other refrigerants, HFCs are a common choice for refrigerants. Because HFCs don't include chlorine, they have a smaller effect on the ozone layer. HFCs are also utilised in the manufacture of polymer foams as blowing agents, for fire protection, as solvents in cleaning goods, and for plasma etching in the creation of semiconductors. HFCs also break down very fast once they are released into the atmosphere, causing less harm to the atmospheric layers as a result. These crucial elements are anticipated to boost the demand for HFCs and support future market revenue growth.
In 2023, Honeywell was granted the biggest application-specific HFC production licence, and the business is still actively supporting the coordinated switch from high-GWP HFCs to lower-GWP alternatives.
Arkema Group., Daikin Industries, Ltd., Dongyue Group, Foam Supplies, Inc., Harp International Ltd., Honeywell International Inc., Linde AG, Mexichem S.A.B. de C.V, National Refrigerants, Inc., ZheJiangYonghe Refrigerant Co., Ltd., Xiamen Juda Chemical & Equipment Co., Ltd., SOL Hellas A.E., Shandong Yuean New Material Co., Ltd., The Chemours Company FC, LLC.
- 11/21/2022, Arkema increases its bio-based offer with a new range of mass balance acrylic materials.
- 18 November 2022, Daikin Industries, Ltd. has recently decided to establish a new factory for residential air conditioners in the Republic of Indonesia at the Greenland International Industrial Center (GIIC), which is located near the capital of Jakarta. The new production base is being built in response to the rapidly growing demand in the Indonesian air conditioner market. Operations are planned to start in December 2024.
- November 16, 2022, The Chemours Company ("Chemours") (NYSE: CC), and Honeywell (NASDAQ: HON), announced the launch of a new pilot program to enable qualified companies to recycle and reclaim R-448A, also known as Honeywell Solstice(R) N40, and R-449A, also known as Opteon(TM) XP40, patented HFO refrigerant blends in the European Union and the United Kingdom.
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
During the projection period, the Asia Pacific area is anticipated to rise at a strong CAGR of 2.5%. In a strict sense, China will be the demand driver. Other markets, like India and Indonesia, are anticipated to expand more quickly. Due to rigorous government laws and regulations, it is predicted that the HFC refrigerant business in North America will drop. The United States Environmental Protection Agency said in September 2016 that certain refrigerants, such as R134a and R410A, could no longer be used in new chillers.
To lessen emissions that contribute to greenhouse gases, New York State declared a ban on the use of HFC refrigerants in September 2020. Additionally, the National Aeronautics and Space Administration (NASA) analysis predicts that increasing HFC consumption will hasten the chemical process that destroys the ozone layer, which will accelerate global warming in 2050, if not already.
Hydrofluorocarbons (HFCs), another type of synthetic refrigerant with no ozone depletion potential (ODP = 0), were used as CFC and HCFC replacements. Sadly, HFCs also contribute to global warming, which has since grown to be a serious environmental concern.
Other Factors Influencing the Growth
In addition to applying a similar methodology to allocate HFCs for 2024-2028, there are other changes that EPA is looking to make in this rule. These include:
- Adjusting the consumption baseline to reflect corrected data;
- Confirming that entities may confer or transfer allowances as soon as allowances are allocated;
- Codifying requirements related to the expenditure of allowances for import; and
- Clarifying and revising recordkeeping and reporting requirements, including a new requirement to report emissions from HFC production facilities.
The top 5 players in the HFC Refrigerants Industry are -
1. Honeywell International
2. Zhejiang Juhua
Considerations for utilising A2L substitutes in your move to lower-GWP refrigerants
A2L refrigerants are widely acknowledged as prospective replacements for high-global warming potential (GWP) hydrofluorocarbon (HFC) refrigerants in the commercial refrigeration sector. Some A2L refrigerants are among the lowest-GWP options available, with GWP ratings below 300 and, in some cases, below 150.
Within the refrigerant landscape, A2L refrigerants present an original solution. In self-contained applications, A2Ls represent a potentially higher-capacity option because their charge limitations exceed those authorised for R-290. They may also be utilised in dispersed systems in smaller-format outlets or remote outdoor condensing units (OCUs). Whichever A2L applications are used more widely, they provide businesses new ways to comply with regulations and satisfy operational sustainability objectives.
- What is the expected growth rate of the refrigerants market?
- Which key companies are profiled in the global HFC refrigerant market?
- What are the key types of HFC refrigerants?
- What is the size of the Asia Pacific HFC refrigerant industry?
- What are some of the market's driving forces?
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