Hydrofluoroolefins Market Share

Asia Pacific Market Forecast

The Asia Pacific hydrofluoroolefins (HFOs) market is projected to hold 43% industry share by 2036. The growth of the market in the Asia Pacific can be attributed majorly to a growing network of trains with air conditioning systems and rising production and sales of automobiles in the region. China is at the forefront of a worldwide trend with its approximately 24,000 miles of high-speed lines and is further projected to invest around USD 46 billion over the next ten years. In India, sales of passenger cars rose by 14% during the 2022 fiscal year. Additionally, around 3 million passenger cars were sold in the south Asian nation in 2022. Furthermore, the market growth in the region is also expected to be boosted on the back of the growing earth surface’s temperatures which is likely to drive the use of hydrofluoroolefins. In the next half of the century, Singapore, which has warmed up 80% faster than the rest of the area during the past 70 years, plans to attain net-zero emissions.