Press release
Global HCFO-1233zd Market to Grow at a CAGR of 6.4% from 2022 to 2027, Reaching a Market Volume of 9,097.0 Tons by 2027
The global HCFO-1233zd market is poised for significant growth in the coming years, driven by the industry's recovery from the impact of the Covid-19 pandemic and an increasing demand for HCFO-1233zd in various applications. The market, valued at US$ 28.56 million in 2020, is projected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2027. By the end of 2027, the market is expected to reach a total volume of 9,097.0 tons, marking substantial growth in both value and volume.
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Market Overview and Growth Trajectory
The HCFO-1233zd market, which represents a critical segment in the global refrigerant and industrial chemicals sector, faced challenges during the Covid-19 pandemic. However, the market is now rebounding, thanks to renewed industrial activities, increased demand for sustainable and low-GWP (global warming potential) refrigerants, and favorable regulatory trends encouraging the use of environmentally friendly chemicals.
HCFO-1233zd, a hydrochlorofluoro-olefin (HCFO) compound, is primarily used as a refrigerant, solvent, and blowing agent. It is gaining popularity due to its low environmental impact, particularly in comparison to traditional refrigerants. The growing shift towards sustainability in industrial applications is one of the key drivers behind the demand for HCFO-1233zd.
Factors Driving the Market
Several factors are contributing to the strong growth forecast for the HCFO-1233zd market:
Sustainability Trends: As industries and governments alike focus on reducing the environmental impact of greenhouse gases, HCFO-1233zd is becoming an increasingly attractive option for use in refrigeration and HVAC systems. Its lower global warming potential (GWP) makes it a more eco-friendly choice compared to older refrigerants like HFCs and CFCs.
Post-Pandemic Recovery: The global economy is recovering from the effects of the Covid-19 pandemic, leading to a surge in industrial activities. As the demand for refrigeration and cooling solutions rebounds, HCFO-1233zd is expected to see significant uptake across various sectors, particularly in commercial refrigeration and HVAC systems.
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Regulatory Support: Governments worldwide are introducing and enforcing regulations that promote the adoption of low-GWP refrigerants. The Kigali Amendment to the Montreal Protocol, for example, has laid the groundwork for phasing out high-GWP substances. This shift is expected to increase demand for alternatives like HCFO-1233zd.
Versatility in Applications: HCFO-1233zd is used in a variety of applications, from refrigeration to solvents and foam-blowing agents. Its versatility across industries, including automotive, construction, and consumer goods, positions it for continued growth in the coming years.
Market Volume and Revenue Forecast
In terms of volume, the global HCFO-1233zd market is expected to reach a total of 9,097.0 tons by 2027. The continued adoption of this compound in refrigeration and air conditioning, coupled with its growing use in industrial applications, will significantly drive market volume growth. With the expansion of manufacturing and infrastructure in emerging markets, particularly in the Asia-Pacific region, demand for HCFO-1233zd is anticipated to rise steadily.
Regional Insights
The HCFO-1233zd market is poised to see strong growth across key regions, with North America, Europe, and Asia-Pacific taking the lead. The Asia-Pacific region, in particular, is expected to witness the highest growth due to rapid industrialization, urbanization, and rising demand for energy-efficient solutions. Additionally, stringent regulations in Europe and North America that encourage the use of environmentally friendly refrigerants are expected to support growth in these regions.
Conclusion
The global HCFO-1233zd market is on a robust growth path, driven by recovering industrial demand and increasing environmental consciousness. The compound's ability to meet regulatory standards for refrigerants and its low environmental footprint will ensure its position as a key player in the refrigerant and industrial chemical sectors. With an estimated CAGR of 6.4% over the forecast period, the HCFO-1233zd market is poised to continue its upward trajectory, with a projected market volume of 9,097.0 tons by 2027.
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About Astute Analytica:
Astute Analytica is a leading market research and consulting firm committed to providing organizations with actionable insights and data-driven strategies to thrive in dynamic markets. With a strong presence in both global and regional markets, we publish extensive industry reports, conduct targeted surveys, and offer custom consulting services tailored to meet specific client needs. Our expertise spans multiple sectors, including technology, healthcare, chemicals, manufacturing, energy, and more, making us a valuable partner for forward-thinking businesses.
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