Global Hfo 1234Yf Market Share 2024, Forecast To 2033
8 Mar, 2024
The HFO-1234yf market has seen rapid expansion, growing from $0.94 billion in 2023 to $1.05 billion in 2024, with a CAGR of 12.0%. This growth is attributed to stringent environmental regulations and the phase-out of ozone-depleting substances. Projections suggest continued growth, with the market forecasted to reach $1.59 billion in 2028, fueled by factors such as rising demand for sustainable products and governmental incentives. Major trends include a focus on waste management and recycling, alongside a shift towards energy-efficient systems. Additionally, customization for emerging markets and research for next-generation refrigerants are expected to shape the market landscape in the forecast period.
Global HFO 1234YF Market Key Driver
The HFO 1234YF market is anticipated to witness growth due to the increasing use of air conditioning, which involves the cooling and conditioning of indoor air for comfort. This system regulates temperature, humidity, airflow, and air quality within vehicles, with HFO-1234YF serving as a refrigerant primarily in air conditioning systems as a replacement for R-134a. Notably, LG Electronics reported record-breaking revenues in 2021, indicating a 21.7% rise over the previous year, largely attributed to the surge in air conditioning use. Consequently, the expansion of air conditioning usage is expected to fuel the growth of the HFO 1234YF market.
Get A Free Sample Of The Global HFO 1234YF Market ReportGlobal HFO 1234YF Market Segments
The hfo- 1234yf market covered in this report is segmented –
1) Type:Automotive Air Conditioning, Domestic Refrigeration, Industrial Refrigeration, Stationary Air Conditioning
2) Component:Cylinders, Valves, Refrigerant Hose
3) Sales Channel:OEM (Original Equipment Manufacturers), Aftermarket
4) Application:Personal, Commercial, Other Applications
By Geography: The countries covered in the hfo- 1234yf market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the HFO-1234YF market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hfo- 1234yf market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major HFO 1234YF Industry Players
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.
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HFO 1234YF Market Overview
HFO-1234YF refers to a type of hydrofluoroolefin refrigerant that is designed as a low-global warming potential (GWP) alternative to previous generations of refrigerants, such as hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), which have higher GWPs and contribute to climate change. It is highly energy-efficient and used in R134a-compatible systems with only minor adjustments.