Hydrofluorocarbon Refrigerant Market Industry Size, Share, Growth, Competition Strategies, Forecast to 2028

According to the report by Quince Market Insights, the Hydrofluorocarbon Refrigerant Market is expected to promise high growth owing to the growth of the automotive, food processing industry in the Asia Pacific. Increasing demand from applications such as air conditioner, automotive air conditioner, refrigerator, cold storages, space shuttle, and others is expected to drive the growth of the market.

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Refrigerants are generally in liquid or gaseous form. They are mostly used in refrigeration processes. Hydrofluorocarbons are the principal elements of hydrogen, carbon, and fluorine. In general, hydrofluorocarbons are abbreviated as HFCs. The third-generation refrigerants are chlorofluorocarbons (CFC), hydrochlorofluorocarbons (HCFC), and hydrofluorocarbons (HFC).

Segmentation for better understanding of this market and its growth prospects

Hydrofluorocarbons are used in various industries. Hydrofluorocarbons are used in vehicle air-conditioners in the automotive industry. Different types of refrigerants are used depending on the air conditioning required. Commercially, air conditioners are used in office spaces, especially in offices where computer systems are involved to keep electronic component temperatures below the hazardous levels.

In the food industry, hydrofluorocarbons are used in cold storage. The food industry relies heavily on refrigerants, as they help to prevent bacterial food degeneration. They are used over a large distance in transporting frozen meat, fish, and vegetables. Refrigerants are used in cryogenic engines used in the aerospace industry to propel the space shuttle.

Hydrofluorocarbons are degenerative and have adverse effects on the ozone layer. They are the main contributors to greenhouse gases and hence, after the 1980 Global Environmental Conference of the UN, strict regulations have been imposed on the use of hydrofluorocarbons. The Asia Pacific region is witnessing a surge in demand for hydrofluorocarbon refrigerants due to the significant growth of the automotive industry. However, the hydrofluorocarbon refrigerant market in Western Europe is experiencing negative growth environmental issues.

Important Factors Impacting Market Growth:
o Growth of the automotive industry in Asia
o Growth of food processing industry
o Environmental degradation due to hydrofluorocarbons

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Insights about the regional distribution of the market:

Based on region, the hydrofluorocarbon refrigerant market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. North America and Western Europe are some of the major markets that are also traditional suppliers of chemicals such as specialty chemicals, bulk chemicals, and so on. Major companies in this market are headquartered in North America and Western Europe. This region has been witnessing several transitions in terms of productions of chemicals and respective applications by end-use industries. The preference towards bio-based feedstock has been instrumental in the development of the green alternatives in these regions. Moreover, regulatory authorities have imposed strict guidelines concerning environmental concerns and potential health hazards due to exposures. This has been more instrumental in the Western European region competitively. Some of the major economies in these regions include the US, Germany, UK, France, Canada, Italy, Spain, and so on.

During the forecast period, the Asia Pacific and the Middle East are expected to register significant growth in the hydrofluorocarbon refrigerant market. This demand concerns the growth of major applications such as air conditioner, auto air conditioner, refrigerator, cold storage, space shuttle, and others. Major Asia-Pacific countries include China, South Korea, Japan, India, Australia, etc. Middle East includes the UAE, Saudi Arabia, Iran, Israel, Egypt, and so on. Eastern Europe has been largely dominated by Russia and Turkey with operations of major chemical giants in the region. Rest the World that includes South America and Africa has a strong potential for hydrofluorocarbon refrigerant market. There have been an increasing number of investments by global companies in these regions to strengthen their presence and tap the potential market. Major economies in these regions for the hydrofluorocarbon refrigerant market include Brazil, South Africa, Nigeria, Argentina, Colombia, and others.

Companies Covered: Chemours, Arkema, Daikin, Mexichem, Honeywell, Linde, Zhejiang Juhua, Dongyue Group, Sanmei, Sinochem Group, and Meilan Chemical

Market Segmentation:
By Product Type:
o R-407C
o R-410A
o R-134A
o Others

By Application:
o Air Conditioner
o Automotive Air Conditioner
o Refrigerator
o Cold Storages
o Space Shuttle
o Others

By Region:
o North America
o By Country (US, Canada, Mexico)
o By Product Type
o By Application

o Western Europe
o By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
o By Product Type
o By Application

o Eastern Europe
o By Country (Russia, Turkey, Rest of Eastern Europe)
o By Product Type
o By Application

o Asia Pacific
o By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
o By Product Type
o By Application

o Middle East
o By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
o By Product Type
o By Application

o Rest of the World
o By Region (South America, Africa)
o By Product Type
o By Application

Contact:
Quince Market Insights
Ajay D. (Knowledge Partner)
Office No- A109
Pune, Maharashtra 411028
Phone: +91 - 9850603687 / 7972869557
Email: sales@quincemarketinsights.com
Web: www.quincemarketinsights.com

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This release was published on openPR.