The Hydro fluorocarbon is an organic compound composed of three components such as hydrogen, fluorine primarily employed as a refrigerant in various end user segments such as automobiles and air conditioners .Hydro fluorocarbons also find and carbon. Hydro fluorocarbon does not include ozone depleting chlorine. Hydro fluorocarbon is used as solvents and blowing agents in several industries such as pharmaceutical, electronics, etc. Refrigerant is the leading application segment for hydro fluorocarbons and is anticipated to continue for upcoming years.
Market Size and Forecast
The global hydro fluorocarbon market has been anticipated to grow at a CAGR around 5.5% during 2017-2027. The growth in automotive industry is anticipated to increase the market of hydro fluorocarbon over the forecast period. Additionally, the major suppliers are continuously investing in R&D in order to develop wide range of substitute refrigerants and maintaining their supply worldwide.
The global hydro fluorocarbon market has been segmented based on type and application. On the basis of type, the global hydro fluorocarbon market has been sub-segmented into R-134a, R-410a, R-407c, R-143a, and R-404a. On the basis of application type, global hydro fluorocarbon market has been segmented into refrigeration and air Conditioning. Refrigeration is the leading segment on the account of high demand from various applications such as commercial and domestic.
By region, global hydro fluorocarbon market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia Pacific leads the global hydro fluorocarbon market. The demand for refrigerants is greatly dependent on the total economic growth rate, increasing industrial investments and rising disposable income of the upper middle class population. The demand for hydro fluorocarbon in Asia Pacific is primarily fuelled by the increasing demand for hydro fluorocarbon in Asia Pacific countries such as India and China. The growing demand for cooling equipment in Asia-Pacific region is expected to remain the driving force for hydro fluorocarbon demand over the forecast period.
Our in-depth analysis segmented the global hydro fluorocarbon market in the following segments:
By Application Type:
Global hydro fluorocarbon market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Increasing demand for the consumer products and increasing urbanization are some of the major factors that drive the market. Additionally, growing awareness among consumers related to the environmental impact of utilizing the CFC is driving the market growth.
Furthermore, hydro fluorocarbons are substituting HCFC (Hydro Chloro Fluorocarbon) and CFC (Chloro Fluorocarbon) on the account of their environmental hazards. Environmental hazards related with hydro fluorocarbons and strict government regulation have been a major restraint for the industry.
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