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Hydrofluoroolefins (HFOs) Market Size & Share, by Product Type (HFO-1234ze, HFO-1234yf), Application (Refrigeration, Foam Blowing Agents, Mobile Air-Conditioning Systems) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

  • Report ID: 3830
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT
  1. An Outline of the Hydrofluoroolefins (HFOs) Market
    1. Market Definition
    2. Market Segmentation
  2. Assumptions and Acronyms
  3. Research Methodology
    1. Research Process
    2. Primary Research
      1. Manufacturers
      2. Suppliers/Distributers
      3. End Users
    3. Secondary Research
    4. Market Size Estimation
  4. Summary of the Report for Key Decision Marker
  5. Forces of the Market Constituents
    1. Factors/Drivers Impacting the Growth of the Market
    2. Market Trends for Better Business Practices
  6. Key Market Opportunities for Business Growth
    1. Based on the Product Type
    2. Based on the Application
    3. Based on the Geographical Presence
  7. Major Roadblocks for the Market Growth
  8. Government Regulation: How They Would Aid Business?
  9. Industry Supply Chain Analysis
  10. Competitive Landscape
    1. Market Share Analysis, 2022
    2. Competitive Positioning
      1. Honeywell International, Inc.
      2. Arkema, Inc.
      3. DuPont de Nemours, Inc.
      4. The Chemours Company
      5. Danfoss
      6. Linde plc
      7. Other major players
  11. Global Hydrofluoroolefins (HFOs) Market Outlook
    1. Market Overview
    2. By Value (USD million)
    3. Hydrofluoroolefins (HFOs) Market Segmentation Analysis 2023-2036
      1. By Product Type
        1. HFO-1234ze, 2023-2036F (USD Million)
        2. HFO-1234yf, 2023-2036F (USD Million)
        3. Others, 2023-2036F (USD Million)
      2. By Application
        1. Refrigeration, 2023-2036F (USD Million)
        2. Foam Blowing Agents, 2023-2036F (USD Million)
        3. Mobile Air-Conditioning Systems, 2023-2036F (USD Million)
        4. Others, 2023-2036F (USD Million)
      3. By Region
        1. North America, 2023-2036F (USD million)
        2. Europe, 2023-2036F (USD million)
        3. Asia-Pacific, 2023-2036F (USD million)
        4. Latin America, 2023-2036F (USD million)
        5. Middle East & Africa, 2023-2036F (USD million)
  12. North America Hydrofluoroolefins (HFOs) Market Outlook
    1. Market Overview
    2. By Value (USD million)
    3. Hydrofluoroolefins (HFOs) Market Segmentation Analysis 2023-2036
      1. By Product Type
        1. HFO-1234ze, 2023-2036F (USD Million)
        2. HFO-1234yf, 2023-2036F (USD Million)
        3. Others, 2023-2036F (USD Million)
      2. By Application
        1. Refrigeration, 2023-2036F (USD Million)
        2. Foam Blowing Agents, 2023-2036F (USD Million)
        3. Mobile Air-Conditioning Systems, 2023-2036F (USD Million)
        4. Others, 2023-2036F (USD Million)
      3. By Country
        1. US, 2023-2036F (USD million)
        2. Canada, 2023-2036F (USD million)
  13. Europe Hydrofluoroolefins (HFOs) Market Outlook
    1. Market Overview
    2. By Value (USD million)
    3. Hydrofluoroolefins (HFOs) Market Segmentation Analysis 2023-2036
      1. By Product Type
      2. By Application
      3. By Country
        1. Germany, 2023-2036F (USD million)
        2. France, 2023-2036F (USD million)
        3. Italy, 2023-2036F (USD million)
        4. UK, 2023-2036F (USD million)
        5. Spain, 2023-2036F (USD million)
        6. Russia, 2023-2036F (USD million)
        7. Netherlands, 2023-2036F (USD million)
        8. Rest of Europe, 2023-2036F (USD million)
  14. Asia Pacific Hydrofluoroolefins (HFOs) Market Outlook
    1. Market Overview
    2. By Value (USD million)
    3. Hydrofluoroolefins (HFOs) Market Segmentation Analysis 2023-2036
      1. By Product Type
      2. By Application
      3. By Country
        1. China, 2023-2036F (USD million)
        2. Japan, 2023-2036F (USD million)
        3. India, 2023-2036F (USD million)
        4. South Korea, 2023-2036F (USD million)
        5. Australia, 2023-2036F (USD million)
        6. Rest of Asia Pacific, 2023-2036F (USD million)
  15. Latin America Hydrofluoroolefins (HFOs) Market Outlook
    1. Market Overview
    2. By Value (USD million)
    3. Hydrofluoroolefins (HFOs) Market Segmentation Analysis 2023-2036
      1. By Product Type
      2. By Application
      3. By Country
        1. Brazil, 2023-2036F (USD million)
        2. Argentina, 2023-2036F (USD million)
        3. Mexico, 2023-2036F (USD million)
        4. Rest of Latin America, 2023-2036F (USD million)
  16. Middle East and Africa Hydrofluoroolefins (HFOs) Market Outlook
    1. Market Overview
    2. By Value (USD million)
    3. Hydrofluoroolefins (HFOs) Market Segmentation Analysis 2023-2036
      1. By Product Type
      2. By Application
      3. By Country
        1. GCC, 2023-2036F (USD million)
        2. Israel, 2023-2036F (USD million)
        3. South Africa 2023-2036F (USD million)
        4. Rest of Middle East and Africa, 2023-2036F (USD million)

 

Global Market Size, Forecast, and Trend Highlights Over 2025-2037

Hydrofluoroolefins (HFOs) Market size was over USD 3.05 billion in 2024 and is anticipated to cross USD 18.98 billion by 2037, witnessing more than 15.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of hydrofluoroolefins is estimated at USD 3.83 billion.

The growth of the market can be attributed to the rising sales of automobiles. Hydrofluoroolefins are the organic compounds that are used as a refrigerant in car air conditioning systems.  The largest vehicle market in the world is located in China. Despite a recent drop in passenger car sales in China in April 2022, there were more than 26 million passenger cars sold in 2021. Additionally, China sold around 965,000 passenger automobiles and nearly 216,000 commercial vehicles in April 2022.

In addition to these, factors that are believed to fuel the market growth of hydrofluoroolefins (HFO) include rising concerns about growing global warming. Despite being more reactive than HFCs, HFOs are very stable substances. Due to the decreased global warming potential, this became a efficient option for tackling the growing concerns about climate change. For instance, since their introduction, HFO refrigerants and blowing agents have prevented the emission of 170 million metric tonnes of CO2e into the atmosphere, which is the same number of emissions produced by more than 35 million cars. Additionally, the HFOs have low GWP therefore, it makes great refrigerant fluid for air conditioning systems in buildings. Moreover, they are used in the manufacturing of polyurethane foams, which are highly used in the construction and automobile industry, which in turn is expected to boost the demand for hydrofluoroolefins. In France, the volume of construction activity augmented by around 11 % in 2021 after declining by nearly 14% in 2020. Additionally, total construction investment in Europe climbed by nearly 5% in 2021 to reach about USD 2 trillion, or approximately 11% of EU GDP.

Hydrofluoroolefins (HFOs) Market overview
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Growth Drivers

  • Burgeoning Population in Urban Areas – Refrigerant usage is increasing as a result of rising living standards, which is in turn fueling the need for air conditioners and boosting the HFO industry. Approximately 4 billion people, or 56% of the world's population, now reside in cities. Additionally, by 2050, approximately 7 out of 10 people will live in cities, with the urban population predicted to get double its current count.
  • Growing Levels of Global Warming– Based on the thermometer monitoring, the decade from 2012 to 2011 was the warmest, with 2020 being the second warmest. Since 1901, the average increase in the global average surface temperature has been 0.17°F per decade.
  • Rapidly Escalating Automotive Industry – In 2021, the market for the manufacturing of automobiles was worth of around 3 trillion dollars. In 2022, the market rose to more than 3 trillion dollars.
  • Worldwide Increase in the Number of Patents Authorized – The market growth of HFO is driven by many new HFOs developed in the market. Regarding the use of HFO-1234yf in automobiles, there are around seven patents found in the United States.
  • Higher Development of Infrastructures – According to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development statistics, nearly 1,427,000 house construction were started in 2022, moreover, around 1,342,000 house permits were approved in the same year.

Challenges

  • Harmful effect of hydrofluoroolefins - Hydrofluoroolefins is easily decomposable at high temperatures, just like all halogenated hydrocarbons, and their high solubility creates acid, which can irritate the skin, eyes, and throat and even be lethal.
  • Hydrofluoroolefins are slightly more expensive than other fluoride compounds
  • As a propellant, hydrofluoroolefins are highly flammable

Hydrofluoroolefins (HFOs) Market: Key Insights

Report Attribute Details

Base Year

2024

Forecast Year

2025-2037

CAGR

15.1%

Base Year Market Size (2024)

USD 3.05 billion

Forecast Year Market Size (2037)

USD 18.98 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Hydrofluoroolefins (HFOs) Segmentation

The global hydrofluoroolefins (HFOs) market is segmented and analyzed for demand and supply by product type into HFO-1234ze, HFO-1234yf, and others. Out of the three types of products, the HFO-1234yf segment is estimated to gain the largest market share at the end of 2036, by growing at a CAGR of 14.7% over the projected time frame. The growth of the segment can be attributed to the increasing use of hydroflouroolefin HFO-123yf in automobiles. In just ten years, the amount of hydrofluoroolefin HFO-1234yf refrigerant used in the automotive sector has increased from 0 to 190 million units. Nearly all light automobiles sold in the United States, Canada, and Europe are using the HFO-1234yf refrigerant, which is less harmful to the environment. More than 95% of light vehicles sold in Japan and South Korea are anticipated to use HFO-1234yf by the end of 2023.

The global hydrofluoroolefins (HFOs) market is also segmented and analyzed for demand and supply by application into refrigeration, foam-blowing agents, mobile air-conditioning systems, and others. Amongst these three segments, the mobile air-conditioning systems segment is expected to garner the largest share at the end of 2037, growing at a CAGR of 14.6% over the forecast period. All forms of transportation, including vehicles, buses, trucks, and trains, use mobile air conditioning systems. Therefore, the growth of the segment is expected on the account of rising investment in the automotive sector, followed by rising sales of cars. The Investment in Infrastructure and Jobs Act, approved by President Joe Biden, could give up to $100 billion for the national network over the following five years. Moreover, Jim Costa, the U.S. Representative representing California's 16th congressional district, has filed a bill that would authorize USD 32 billion in annual high-speed rail spending through 2024, the bill emphasized the electrified trains. Furthermore, in 2021, there were nearly 12 million electric cars deployed in the world, moreover, it is expected that around 54 million electric cars likely to be added to the world by 2025.

Our in-depth analysis of the global hydrofluoroolefins (HFOs) market includes the following segments:

           By Product Type
  • HFO-1234ze
  • HFO-1234yf
  • Others

            By Application
  • Refrigeration
  • Foam Blowing Agents
  • Mobile Air-Conditioning Systems
  • Others
Vishnu Nair
Vishnu Nair
Head - Global Business Development

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Hydrofluoroolefins (HFOs) Industry - Regional Synopsis

Asia Pacific Market Forecast

Asia Pacific industry is expected to hold largest revenue share of 43% by 2037, The growth of the market in the Asia Pacific can be attributed majorly to a growing network of trains with air conditioning systems and rising production and sales of automobiles in the region. China is at the forefront of a worldwide trend with its approximately 24,000 miles of high-speed lines and is further projected to invest around USD 46 billion over the next ten years. In India, sales of passenger cars rose by 14% during the 2022 fiscal year. Additionally, around 3 million passenger cars were sold in the south Asian nation in 2022. Furthermore, the market growth in the region is also expected to be boosted on the back of the growing earth surface’s temperatures which is likely to drive the use of hydrofluoroolefins. In the next half of the century, Singapore, which has warmed up 80% faster than the rest of the area during the past 70 years, plans to attain net-zero emissions.

Hydrofluoroolefins (HFOs) Market size
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Companies Dominating the Hydrofluoroolefins (HFOs) Landscape

    • Honeywell International Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Arkema
    • DuPont de Nemours Inc.
    • The Chemours Company
    • Danfoss
    • Linde plc

Recent Developments

  • The Chemours Company announced the opening of a new manufacturing line for the expansion of its OpteonTM 1150, also known as HFO-1336mzzE, a non-ozone depleting, low GWP hydrofluoroolefin (HFO) platform. The plant of the new production line is located in El Dorado, and was inaugurated on January 1, 2022.

  •  Honeywell International Inc., unveiled, a new hydrofluoroolefin (HFO)-based refrigerant, Solstice 456A, for the automotive market in Europe. The refrigerant has the ability to cut off over 50% of greenhouse gas emissions

     

  • Report ID: 3830
  • Published Date: Dec 20, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of hydrofluoroolefins is estimated at USD 3.83 billion.

The hydrofluoroolefins market size was over USD 3.05 billion in 2024 and is anticipated to cross USD 18.98 billion by 2037, witnessing more than 15.1% CAGR during the forecast period i.e., between 2025-2037. Rising purchases of vehicles, growing patents of HFOs, rise in the global warming, and rapid urbanization will boost the market growth.

Asia Pacific industry is expected to hold largest revenue share of 43% by 2037, attributed to growing network of trains with air conditioning systems and rising production and sales of automobiles in the region.

The major players in the market are Honeywell International Inc., Arkema, DuPont de Nemours Inc., The Chemours Company, Danfoss, Linde plc

Hydrofluoroolefins Market Report Scope

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