Hydrofluoroolefins Market Analysis

The global hydrofluoroolefins (HFOs) market is segmented and analyzed for demand and supply by product type into HFO-1234ze, HFO-1234yf, and others. Out of the three types of products, the HFO-1234yf segment is estimated to gain the largest market share at the end of 2036, by growing at a CAGR of 14.7% over the projected time frame. The growth of the segment can be attributed to the increasing use of hydroflouroolefin HFO-123yf in automobiles. In just ten years, the amount of hydrofluoroolefin HFO-1234yf refrigerant used in the automotive sector has increased from 0 to 190 million units. Nearly all light automobiles sold in the United States, Canada, and Europe are using the HFO-1234yf refrigerant, which is less harmful to the environment. More than 95% of light vehicles sold in Japan and South Korea are anticipated to use HFO-1234yf by the end of 2023.

The global hydrofluoroolefins (HFOs) market is also segmented and analyzed for demand and supply by application into refrigeration, foam-blowing agents, mobile air-conditioning systems, and others. Amongst these three segments, the mobile air-conditioning systems segment is expected to garner the largest share at the end of 2037, growing at a CAGR of 14.6% over the forecast period. All forms of transportation, including vehicles, buses, trucks, and trains, use mobile air conditioning systems. Therefore, the growth of the segment is expected on the account of rising investment in the automotive sector, followed by rising sales of cars. The Investment in Infrastructure and Jobs Act, approved by President Joe Biden, could give up to $100 billion for the national network over the following five years. Moreover, Jim Costa, the U.S. Representative representing California's 16th congressional district, has filed a bill that would authorize USD 32 billion in annual high-speed rail spending through 2024, the bill emphasized the electrified trains. Furthermore, in 2021, there were nearly 12 million electric cars deployed in the world, moreover, it is expected that around 54 million electric cars likely to be added to the world by 2025.

Our in-depth analysis of the global hydrofluoroolefins (HFOs) market includes the following segments: