Hydrofluoroolefins Market Trends

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