HFC refrigerant market size is expected to reach USD 560.02 million in 2028 and register a revenue CAGR of 3.8% over the forecast period.

NEW YORK CITY, NY, UNITED STATES, October 18, 2021 /EINPresswire.com/ -- Reports and Data has recently added a new report titled “Global HFC Refrigerant Market Research Report 2021” to its ever expanding repository which offers a comprehensive overview of the HFC Refrigerant market including current and emerging trends, consumer behavior patterns, competitor strategies, brand promotions and product launches, among others. Major factors driving market revenue growth are rising awareness regarding the benefits of use of HFCs in refrigeration, rapid urbanization and industrialization and increasing disposable income.

The growing environmental concern has been resulting in rapid adoption of HFC refrigerant globally. HFC refrigerant minimizes the emission of ozone-depleting substances, reduce greenhouse gas emissions and save energy. Ongoing research and development activities, government and private investments in the area of HFC refrigerant is expected to positively impact revenue growth of the market over the forecast period.

Further, increasing demand for frozen and chilled food and beverage products, pharmaceutical storage (especially during Covid 19 vaccine) and rising demand for air conditioners for buses, homes, offices, has been opening up open new and more lucrative opportunities for players operating in the global HFC refrigerant market.

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According to NASA (National Aeronautics and Space Administration) report, excessive use of HFCs is expected to contribute global warming in 2050. This is a major factor expected to restrain global HFC refrigerant market revenue growth over the forecast period.

Some major players in the market research report include:

Honeywell International, Zhejiang Juhua, co. Ltd., Daikin, Navin Fluorine International Ltd. (NFIL), Gujarat Fluorochemicals (GFL), Arkema, Jiangsu Bluestar Green Technology, Shandong Yue’an Chemical Co., Ltd, Chemours, and Zhejiang Weihua Chemical Co., Ltd.

Materials and chemicals industry deals with the production and manufa\cturing of raw materials and chemicals for every end-use industry. Chemical industry produces industrial chemicals and raw materials and is a crucial part of the economy of every country. Increasing growth of end-use industries, rising penetration of materials informatics, the advent of 3D printing, and integration of advanced technologies and machinery are key factors contributing to revenue growth of the market. Furthermore, rising number of product approvals, launches, and strategic alliances have significant contributed to market growth. The report offers an extensive database for technological developments and product advancements.

Some Key Highlights from the Report:

On the basis of refrigerant type, the market report is segmented into R-23, R-32, R-125, R-134a, and others. Among these, the R-134a segment is expected to register a significantly rapid revenue CAGR during the forecast period as this product is non-flammable, non-toxic, non-explosive, non-irritating, and non-corrosive.

On the basis of blend type, the market report is segmented into R-404A, R-407A, R-406B, R-410A, and others. The R-410A segment is expected to register largest revenue share over the forecast period as it is environmentally friendly, more energy efficient and less expensive.

On the basis of application, the market report is segmented into refrigeration, domestic, commercial, industrial, and air conditioning systems. Among these, refrigeration segment is expected to register robust revenue CAGR during the forecast period due to rising demand for refrigerators from pharmaceutical and biotechnology, food industry and various end-use industries.

Asia Pacific HFC refrigerant market is expected to register fastest revenue growth rate and dominate other regional markets over the forecast period. This is due to increasing demand for refrigerators owing to rapid urbanization and industrialization in countries in the region.

North America HFC refrigerant market revenue is expected to remain significantly larger over the forecast period. This can be attributed to rising demand for air conditioners and ongoing research and development activities to develop eco-friendly HFCs in countries in the region.

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Segments covered in the report:

For the purpose of this report, Reports & Data has segmented the global HFC refrigerant market on the basis of refrigerant type, blend type, application, and region:

By Refrigerant Type (Revenue, USD Million; 2018 – 2028)

R-23

R-32

R-125

R-134A

Others

By Blend Type (Revenue, USD Million; 2018 – 2028)

R-404A

R-407A

R-406B

R-410A

Others

By Application (Revenue, USD Million; 2018 – 2028)

Refrigeration

Domestic

Commercial

Industrial

Air Conditioning Systems

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Regional Outlook (Revenue, USD Million; 2018 – 2028)

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

About Reports and Data
RND is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

Tushar Rajput
Reports and Data
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