MUMBAI, India, May 30, 2018 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research reports 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”, estimates that the global market of hydrofluoroolefin (HFO) is expected to reach more than 5 billion by 2023 and to grow at a CAGR of more than 20% during the period 2017 - 2023. Due to growing customer awareness towards environment safety combined with stringent protocols on the use of toxic and hazardous refrigerants in refrigeration and mobile air-conditioning, the global HFO market is witnessing increased growth. Growing ultimatum from blowing and chillers agent applications is anticipated to drive the HFO-1234ze sector throughout the forecast period.
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Refrigerants Driving Growth of Hydrofluoroolefin (HFO)
The growth in global economy and rising per capita disposable income in emerging economies is expected to drive the demand for refrigerants extensively and thus, is projected to flourish in coming years. Moreover, increasing consumption of refrigerants in several end-use industries such as automobiles sector and food & beverages along with the growing consumption of refrigerants due to rise in living standards is driving the necessity for air conditioners, and in turn supporting to the growth of HFO market, globally. In addition, the use of mobile air-conditioning has augmented the growth of HFOs specially in high-pressure chillers in commercial refrigeration application. Besides, the environmental concerns such as global warming and depletion of ozone layer related with the traditional refrigerants usage has initiated the strict protocols and regulation formation, and is supporting the growth of low GWP alternative such as HFOs.
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Insights on Market Segments
Global market for hydrofluoroolefin is segmented into product, application, and geography. On the basis of product, global hydrofluoroolefin market is segmented into HFO-1336mzz, HFO-1234ze, HFO-1233zd, HFO-1234yf, and Others. Based on application the market is bifurcated into mobile air-conditioning systems (MACs), aerosol propellants, foam blowing agents, domestic refrigeration, commercial refrigeration, precision solvent cleaners and others. Furthermore, foam blowing agents by application segment is further sub-classified into PU spray, rigid PUF injected, rigid PUF continuous laminate/boardstock, rigid PUF residential appliances, XPS and others. Geographically, the global hydrofluoroolefin market can be segmented into North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and South America.
HFO-1234yf Product Achieving High Acceptance
Based on product, HFO-1234yf dominated the global hydrofluoroolefins (HFOs) market in 2016 and is estimated to continue its dominance throughout forecast period. The growth in this segment is recognized with high acceptance of foam blowing and mobile air conditioning refrigerant coupled with widespread acceptance in industrial refrigeration. On May 16th, 2017, Honeywell International Inc. has announced the commercial operations execution at its new manufacturing unit in Geismar, Louisiana, U.S.A, to compete the increasing global demand for HFO-1234yf.
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.
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