Overview and Scope
HFO-1234YF refers to a type of hydrofluoroolefin refrigerant that is designed as a low-global warming potential (GWP) alternative to previous generations of refrigerants, such as hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), which have higher GWPs and contribute to climate change. It is highly energy-efficient and used in R134a-compatible systems with only minor adjustments.
Sizing and Forecast
The hfo- 1234yf market size has grown rapidly in recent years. It will grow from $0.94 billion in 2023 to $1.05 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to environmental regulations (eu mac directive), montreal protocol and phase-out of ozone-depleting substances, automotive industry’s sustainability commitments, growing consumer awareness, risk of supply chain disruptions.
The hfo- 1234yf market size is expected to see rapid growth in the next few years. It will grow to $1.59 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to stricter environmental regulations, rising consumer demand for sustainable products, governmental incentives and subsidies, focus on corporate sustainability initiatives, international collaborations for environmental goals. Major trends in the forecast period include focus on waste management and recycling, shift towards energy-efficient systems, customized application solutions, adoption in emerging markets, research for next-generation refrigerants.
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Segmentation & Regional Insights
The hfo- 1234yf market covered in this report is segmented –
1) By Type: Automotive Air Conditioning, Domestic Refrigeration, Industrial Refrigeration, Stationary Air Conditioning
2) By Component: Cylinders, Valves, Refrigerant Hose
3) By Sales Channel: OEM (Original Equipment Manufacturers), Aftermarket
4) By Application: Personal, Commercial, Other Applications
North America was the largest region in the HFO-1234YF market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hfo- 1234yf market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in use of air conditioning is expected to propel the growth of the HFO 1234YF market going forward. Air conditioning refers to the cooling and conditioning of the air inside a cabin or room to create a comfortable and pleasant environment for the occupants. It is a system designed to regulate temperature, humidity, airflow, and air quality within the vehicle. HFO-1234YF is primarily used as a refrigerant in air conditioning systems. It is being used as a replacement for R-134a as a refrigerant in air conditioners. For instance, in January 2022, according to a report published by LG Electronics, the LG Home Appliance and Air Solution segment had a record-breaking year in 2021, with revenues of KRW 27.11 trillion (USD 22.92 billion), a 21.7% rise over the previous year. Therefore, the rise in the use of air conditioning is driving the growth of the HFO 1234YF market.
Key Industry Players
Major companies operating in the hfo- 1234yf market report are Honeywell International Inc., The Chemours Company, E. I. du Pont de Nemours and Company, Asahi Glass Co Ltd., SRF Ltd., The Lubrizol Corp, The Messer Group GmbH, Emerson, AGC Chemicals, Zhejiang Juhua Co Ltd, Shanghai 3F New Material Co Ltd., Linde PLC, Navin Fluorine International Limited, Daikin Industries Ltd., Rhodia Chemicals Ltd., 3M, Quanzhou Yuji New Material Technology Co Ltd., Mexichem Fluor Inc., Arkema, Wurth USA, National Refrigerants Ltd., SRF Limited, Hunan Jiahang Chemical Industry Co. Ltd., J&H CHEM Co. Ltd, Solvay SA.
The hfo- 1234yf market report table of contents includes:
1. Executive Summary
2. HFO- 1234YF Market Characteristics
3. HFO- 1234YF Market Trends And Strategies
4. HFO- 1234YF Market – Macro Economic Scenario
5. Global HFO- 1234YF Market Size and Growth
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32. Global HFO- 1234YF Market Competitive Benchmarking
33. Global HFO- 1234YF Market Competitive Dashboard
34. Key Mergers And Acquisitions In The HFO- 1234YF Market
35. HFO- 1234YF Market Future Outlook and Potential Analysis
36. Appendix
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