Hydrofluorocarbon Market Growing Business Factors 2021: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2030

In a recent published report, Kenneth Research has updated the market report for Hydrofluorocarbon Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Hydrofluorocarbon Market products.

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Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.

The Hydrofluorocarbon Market is predicted to grow with a robust CAGR during the forecast period. Some of the significant factors that are anticipated to drive the market are the growing investments from the multinational companies in several nations worldwide to develop production facilities that can promote the production growth, backed by the rising need for chemicals from several end-user industries for different end-use purposes. According to the statistical report titled “Global Chemicals Outlook II”, published by the United Nations Environment Programme, the global chemical industry’s production capacity almost doubled to reach 2.3 billion tonnes in the year 2017 from 1.2 billion tonnes in the year 2000. Moreover, increasing spending on research and innovation (R&I) for the development of advanced chemicals is also anticipated to drive the growth of the market over the forecast period.

Product Overview
The Hydro fluorocarbon is an organic compound composed of three components such as hydrogen, fluorine primarily employed as a refrigerant in various end user segments such as automobiles and air conditioners .Hydro fluorocarbons also find and carbon. Hydro fluorocarbon does not include ozone depleting chlorine. Hydro fluorocarbon is used as solvents and blowing agents in several industries such as pharmaceutical, electronics, etc. Refrigerant is the leading application segment for hydro fluorocarbons and is anticipated to continue for upcoming years.

Market Size and Forecast
The global hydro fluorocarbon market has been anticipated to grow at a CAGR around 5.5% during 2017-2027. The growth in automotive industry is anticipated to increase the market of hydro fluorocarbon over the forecast period. Additionally, the major suppliers are continuously investing in R&D in order to develop wide range of substitute refrigerants and maintaining their supply worldwide.

The global hydro fluorocarbon market has been segmented based on type and application. On the basis of type, the global hydro fluorocarbon market has been sub-segmented into R-134a, R-410a, R-407c, R-143a, and R-404a. On the basis of application type, global hydro fluorocarbon market has been segmented into refrigeration and air Conditioning. Refrigeration is the leading segment on the account of high demand from various applications such as commercial and domestic.

By region, global hydro fluorocarbon market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia Pacific leads the global hydro fluorocarbon market. The demand for refrigerants is greatly dependent on the total economic growth rate, increasing industrial investments and rising disposable income of the upper middle class population. The demand for hydro fluorocarbon in Asia Pacific is primarily fuelled by the increasing demand for hydro fluorocarbon in Asia Pacific countries such as India and China. The growing demand for cooling equipment in Asia-Pacific region is expected to remain the driving force for hydro fluorocarbon demand over the forecast period.

Market Segmentation
Our in-depth analysis segmented the global hydro fluorocarbon market in the following segments:

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By Type:

By Application Type:
Air Conditioning

By Region
Global hydro fluorocarbon market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis.

Growth Drivers and Challenges
Increasing demand for the consumer products and increasing urbanization are some of the major factors that drive the market. Additionally, growing awareness among consumers related to the environmental impact of utilizing the CFC is driving the market growth.

Furthermore, hydro fluorocarbons are substituting HCFC (Hydro Chloro Fluorocarbon) and CFC (Chloro Fluorocarbon) on the account of their environmental hazards. Environmental hazards related with hydro fluorocarbons and strict government regulation have been a major restraint for the industry.

Key Players
Airgas Inc
Arkema S.A.
Asahi Glass Co. Ltd
Daikin Industries Ltd
Harp International Ltd
Dongyue Group Ltd
Gujarat Fluorochemicals Ltd
Linde A.G.
Mexichem S.A.B DE C.V.
Navin Fluorine International Ltd
PuyangZhongwei Fine Chemical Co. Ltd
Quimobasicos S.A DE C.V
Shandong Yuean Chemical Industry Co.
Sinochem Group
Zhejiang Juhua Co. Ltd

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