The global hydrofluorocarbons market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rising demand for foam blowing agents. Foam blowing agents are additives used for producing foams. They create cellular structures with the help of the foaming process. Foam blowing agents generate gases to expand plastics, rubber, and ceramic materials and convert them into foam. They are extensively used in numerous applications, including polyurethane, polystyrene, polyolefins, and phenolic foams. Numerous foam blowing products such as HCFC, CFC, HFO, and HC are available in the market. HFCs are popularly used as foam blowing agents because of their superior insulation and air sealing properties.
This market research report on the global hydrofluorocarbons market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing acceptance of relatively lesser hazardous refrigerants as one of the key emerging trends in the global hydrofluorocarbons market:
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Global hydrofluorocarbons market: Growing acceptance of relatively lesser hazardous refrigerants
The traditionally used fluorocarbons refrigerants show low flammability and toxicity and have high ODP and GWP. Majority of the new zero ODP and low-GWP refrigerants alternatives display one or more unwanted characteristics such as high flammability, toxicity, and volumetric capacity. This resulted in the increase in usage of HFO and HFC compounds, as they have low environmental impacts when compared with CFCs and HCFCs. These compounds have extremely low ODP as well. HFC32 and HFO1234yf are some of the commonly used HFCs and HFOs.
Viable replacements for HFCs include HFC-32 and HFC-152a. HFC-32 is a versatile aerosol refrigerant suitable for air conditioning and heat pump applications. HFC-152a is a suitable replacement for HFC-134a in mobile vehicle air conditioning applications but is highly flammable. HFC-152a is appropriate for commercial refrigeration applications, chillers, and industrial refrigeration. The efficiencies of both HFC-32 and HFC-152a can be compared with the other commonly used HFC refrigerants. Thus, such alternatives will have a minimal impact on the efficiency of cold storage systems, says a senior analyst at Technavio.
Global hydrofluorocarbons market: Segmentation analysis
This market research report segments the global hydrofluorocarbons market by application (R&AC and foam agents) and geographical regions (APAC, EMEA, and the Americas).
The R&AC segment held the largest market share in 2018, accounting for nearly 78% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018 with a market share of nearly 49%. This region is expected to dominate the market through 2023.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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