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HFO- 1234YF Market 2024 - Consumption Analysis, Business Overview And Upcoming Trends 2033
HFO- 1234YF Market
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According to The Business Research Company's, The hfo- 1234yf market size has grown rapidly in recent years. It will grow from $0.94 billion in 2023 to $1.05 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to environmental regulations (eu mac directive), montreal protocol and phase-out of ozone-depleting substances, automotive industry's sustainability commitments, growing consumer awareness, risk of supply chain disruptions.
The hfo- 1234yf market size is expected to see rapid growth in the next few years. It will grow to $1.59 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to stricter environmental regulations, rising consumer demand for sustainable products, governmental incentives and subsidies, focus on corporate sustainability initiatives, international collaborations for environmental goals. Major trends in the forecast period include focus on waste management and recycling, shift towards energy-efficient systems, customized application solutions, adoption in emerging markets, research for next-generation refrigerants.
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Market Drivers and Trends:
The rise in use of air conditioning is expected to propel the growth of the HFO 1234YF market going forward. Air conditioning refers to the cooling and conditioning of the air inside a cabin or room to create a comfortable and pleasant environment for the occupants. It is a system designed to regulate temperature, humidity, airflow, and air quality within the vehicle. HFO-1234YF is primarily used as a refrigerant in air conditioning systems. It is being used as a replacement for R-134a as a refrigerant in air conditioners. For instance, in January 2022, according to a report published by LG Electronics, the LG Home Appliance and Air Solution segment had a record-breaking year in 2021, with revenues of KRW 27.11 trillion (USD 22.92 billion), a 21.7% rise over the previous year. Therefore, the rise in the use of air conditioning is driving the growth of the HFO 1234YF market.
Product innovations are a key trend gaining popularity in the HFO 1234YF market. Major companies operating in the HFO 1234YF market are developing innovative products and solutions to sustain their position in the market. For instance, in April 2022, Mitsubishi Heavy Industries Thermal Systems Ltd., a Japan-based company that specializes in the development, and manufacturing of thermal and air conditioning systems, launched the constant-speed JHT-Y and the inverter-equipped JHT-YI. A CFC-free HFO-1234yf refrigerant with a very low environmental impact will be used in both versions. The novel refrigerant is an environmentally benign substitute for conventional refrigerants because of its incredibly low environmental impact. This line of large-capacity centrifugal chillers uses the HFO-1234yf refrigerant, which is devoid of CFCs. It is anticipated that the usage of the HFO-1234yf refrigerant will lessen greenhouse gas emissions and lessen the effects of climate change.
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Major Key Players of the Market:
Honeywell International Inc., The Chemours Company, E. I. du Pont de Nemours and Company, Asahi Glass Co Ltd., SRF Ltd., The Lubrizol Corp, The Messer Group GmbH, Emerson, AGC Chemicals, Zhejiang Juhua Co Ltd, Shanghai 3F New Material Co Ltd., Linde PLC, Navin Fluorine International Limited, Daikin Industries Ltd., Rhodia Chemicals Ltd., 3M, Quanzhou Yuji New Material Technology Co Ltd., Mexichem Fluor Inc., Arkema, Wurth USA, National Refrigerants Ltd., SRF Limited, Hunan Jiahang Chemical Industry Co. Ltd., J&H CHEM Co. Ltd, Solvay SA.
HFO- 1234YF Market 2024 Key Insights:
• The hfo- 1234yf market size is expected to see rapid growth in the next few years. It will grow to $1.59 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• The Surge In Air Conditioning And Its Impact On The Hfo-1234Yf Market
• Innovative Solutions For Environmental Sustainability By Introducing Hfo-1234Yf Refrigerant In Advanced Chillers
• North America was the largest region in the HFO-1234YF market in 2023
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