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Hydro Fluorocarbon Market Poised to Garner Maximum Revenues During 2017-2027
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Increasing demand for refrigerants has been a major driver for the industry. Demand for refrigerants is profoundly dependent on the overall economic growth rate, industrial investments and increasing disposable income. Therefore, developing economies of Asia Pacific region are expected to drive the market growth in the near future. Hydro fluorocarbons are substituting HCFC (Hydro Chloro Fluorocarbon) and CFC (Chloro Fluorocarbon) as their use has been phased out owing to their environmental hazards. Although hydro fluorocarbons are less hazardous than CFC and HCFC, hydro fluorocarbons are hazardous to the environment and their use is monitored by several international organizations. Environmental hazards associated with hydro fluorocarbons have been a major restraint for the industry. Developing an eco-friendly refrigerant is expected to offer huge growth opportunity for the industry.
Asia Pacific dominates the global hydro fluorocarbon market and the trend is expected to continue in the near future. The demand in Asia Pacific is mainly driven by the developing economies of India and China. North America and Europe are anticipated to grow at a sluggish rate owing to market maturity and stringent environmental regulations. In the RoW region, demand for hydro fluorocarbon is expected to be driven by the increasing demand from Middle East and South America.
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Major players in the hydro fluorocarbon market include Honeywell International Inc., Daikin Industries Ltd, Asahi Glass Co. Ltd, Puyang Zhongwei Fine Chemical Co. Ltd, Solvay S.A., Gujarat Fluorochemicals Ltd and Zhejiang Juhua Co. Ltd among others.
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