Increasing Urbanization and the Growth of the HVAC Industry is Driving the Global HFC Refrigerants Market

Global HFC refrigerants market is anticipated to exhibit a CAGR of 3.7% during the forecast period (2024-2031). The market growth is driven by the rise in urbanization, and increasing demand for air conditioners for offices, buses, homes, and other settings. Additionally, the rising demand for chilled and frozen food and beverage products has increased the demand for the cold chain market contributing to the growth of the global HFC refrigerants market. Furthermore, the environmental benefit of HFCs over other refrigerants is leading to market expansion. HFCs do not contain chlorine and thus do not deplete the ozone layer in the stratosphere.

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However, the rising adoption of refrigeration gases (such as propane (R290) and isobutane (R600a)) which provide a substitute for HFCs is constraining the market growth. Additionally, the stringent government regulations prohibiting the use of HFCs, CFCs, and HCFCs are anticipated to challenge the market growth.

The global HFC refrigerants market is segmented by Refrigerant Type (HFC-134a, HFC-125, HFC-143a, HFC-32, HFC-152a, and Others), By Application (Air Conditioner, Automotive Air Conditioner, Refrigerators, and Others), and, by geographies (North America, Europe, Asia-Pacific, and Rest of the World).

Market Dynamics

The R134a segment is anticipated to hold a significant market share during the forecast period, owing to its growing use in air conditioners, automotive air conditioners, and medium-temperature refrigeration across the globe. It is preferred over R12 in car AC systems and coolers.

The Asia Pacific region is estimated to grow at the highest CAGR, attributed to the contribution of the economies of Japan, China, and India, owing to the growing urbanization.

However, North America is estimated to have a decline in the HFC refrigerant market owing to strict government policies and regulations.

The major players in the global HFC refrigerants market include Toppan Inc., Dai Nippon Printing Co., Ltd., Photronics, Inc., HOYA Corporation, and SK-Electronics Co., Ltd. among others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.

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Recent Developments

In November 2023, The Chemours Company announced a production expansion of Chemours HFC-152a by approximately 20%. The expansion will enable reduced VOCs (Volatile Organic Compounds) in consumer products and support the growing demand for thermal insulation foam products. The capacity expansion will occur in Texas.

In November 2023, HOSHIZAKI CORP. announced the lineup of products that use HFC-free natural refrigerants in Japan, to mitigate environmental impact.
In September 2023, the AIM Act introduced an additional 30% cut on HFC production, which will significantly impact the HVACR industry.

In July 2022, Daikin Industries, Ltd. added 120 new patents to its 'Pledge of Non-Assertion of Patents Relating to the Manufacture and Sale of HVAC-R (heating, ventilation, air conditioning, and refrigeration) Equipment Using the Single Component Refrigerant HFC-32 (R32)'. Thirty of these patents regard the manufacture and sale of VRF in Europe and are jointly held by Daikin Industries, Ltd. and Daikin Europe N.V. 419 patents can be used without the need for prior permission or written contract from Daikin.

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