Hydrofluoroolefins Market 2021 Size, Share, Trends, Revenue & Demand | Future Opportunities | Forecast upto 2027

A comprehensive overview of the global Hydrofluoroolefins market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Hydrofluoroolefins market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the global Hydrofluoroolefins market at regional and country levels. The global hydrofluoroolefins market is expected to showcase robust growth during the forecast period (2021-2027).

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Market Overview
The global target of phase out the production and consumption of HFCs is increasing the focus of end-use industries towards hydrofluoroolefins, owing to its zero ODP and GWP characteristics. Already, automotive manufacturer uses hydrofluoroolefins gases in MACs in order to comply with EU law. The European directive on MACs (Directive 2006/40/EC) aims at reducing emissions of HFC R134a from the air conditioning systems fitted to passenger cars. Further, end-use industries like HVAC, aerosol, polymer & plastics, and industrial are looking for better alternatives of refrigerant, propellent, and solvents which has low GWP. As a result, companies are considering hydrofluoroolefins as one of the alternatives. For instance, Daikin Europe unveiled its latest products and concepts highlighting the sustainable air conditioning, heating, and refrigeration. Its newest chiller ranges use HFOs, while for other industrial applications like refrigeration R-410A, R-407H and CO2 are amongst the best solutions and are also available in its ranges.

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Global Hydrofluoroolefins market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By application, the market is primarily divided into:
• Refrigerant
o Commercial
o Industrial
o Residential
o Mobile Air-Conditioning Systems (MACs)
• Blowing Agents
• Propellants
• Solvents
• Others

Based on application, refrigerant held the significant share in the market and is likely to showcase substantial growth during the forecast period. The fast growth can be assumed on the factor that the refrigerant consumed a large amount of HFCs. Since countries are ratifying to Kigali Amendment in order to phased out the production and consumption of HFCs, thus creating market for low-GMP substitutes in refrigerant category. Hydrofluoroolefins are among the front runners in this transition from high to low-GMP refrigerant, therefore with increasing development demand of hydrofluoroolefins refrigerant would increase. In Europe, automobile companies are already offering hydrofluoroolefins refrigerants in automobiles air conditioning in order to company with the European law.

By end-user, the market is primarily divided into:
• HVAC
• Automobile
• Polymers & Plastics
• Aerosol
• Industrial
Among end-user, HVAC is likely to showcase robust growth during the forecast period owing to large and growing demand for cooling systems due to rising weather conditions and rising consumer spending power. According to Japan Refrigeration and Air Conditioning Industry Association, the overall ac demand increased from 104,367 thousand units in 2013 to 110,971 thousand units in 2018. The increasing demand of air conditioning system couple with increasing focus on using low-GMP refrigerants would help the category to showcase robust growth during the forecast period.

On the other hand, automobile industry is also expected to showcase significant growth during the forecast period on the account of recovery in automobile industry, increasing adoption of electric vehicles, and rising environmental rules and regulation for the automobile industry.

Global Hydrofluoroolefins Market Geographical Segmentation Includes:
• North America (United States, Canada, Rest of North America)
• Europe (Germany, UK, France, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
• Rest of World
Europe held the strong position in the global hydrofluoroolefins market on account of stringent regulation to phased down the HFCs and ratification to Kigali Amendment. According to European Environment Agency, fluorinated greenhouse gas (F-gas) emissions decreased for the first time between 2014 and 2015 in the European Union and decreased by about 5% in 2019. This can be partly attributed to the European Union HFCs phase-down set out in the F-gas Regulation (HFCs account for around 90% of F-gas emissions), which aims to reduce F-gas emissions and mitigate global warming. It is also aiming to meet the targets and phase down HFCs use by 2030.

Further, European Union issued a directive mandating automobile manufacturer to use low-GMP (less than 150) air conditioning gases. This is further creating demand for hydrofluoroolefins.

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• Honeywell International Inc.
• Linde plc
• The Chemours Company
• Beijing Yuji Science & Technology Co. Ltd.
• Daikin Industries Ltd.
• Arkema S.A.
• Zhejiang Huanxin Fluoro Material Co. Ltd.

Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Hydrofluoroolefins market. The major players have been analyzed by using research methodologies for getting insight views on market competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the global Hydrofluoroolefins market?
• Which factors are influencing the global Hydrofluoroolefins market over the forecast period?
• What are the global challenges, threats, and risks in the global Hydrofluoroolefins market?
• Which factors are propelling and restraining the global Hydrofluoroolefins market?
• What are the demanding global regions of the global Hydrofluoroolefins market?
• What will be the market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by the companies?
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