The global HFC refrigerants market is anticipated to exhibit a CAGR of 3.7% during the forecast period (2021-2027). The considerable rise in urbanization has created high demand for air conditioners for offices, buses, homes, and many more places and thereby has created the demand for different refrigerants. Furthermore, the rising demand for chilled and frozen food and beverage products has increased the demand for the cold chain market which is further creating the demand for different refrigerants. HFCs offers several benefits as a refrigerant; as it contributes less to depleting of the ozone layer as it does not contain chlorine and does not deplete the stratosphere layer of the ozone layer. It is also used for replacements for older CFCs and HCFCs that are more hazardous to the environment.
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However, the rising adoption of refrigeration gases as the best available alternative over HFCs by key manufacturers of AC and refrigerators is likely to make a negative impact on the growth of the HFC refrigerant market across the globe. Moreover, stringent government regulations prohibiting the use of the HFCs, CFCs, and HCFCs are estimated to restrain and challenge the growth of the HFC refrigerant market share during the forecast period. For instance, in September 2020, New York State announced to ban the use of HFC refrigerants to reduce the emissions that lead to greenhouse gases. Moreover, according to the report published by NASA (National Aeronautics and Space Administration), excessive use of HFCs is expected to contribute most to global warming in 2050 if not now, by speeding up the chemical reaction destroying the ozone layer.
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Global HFC Refrigerants Market Segmentation
By Refrigerant Type
- HFC-134a
- HFC-125
- HFC-143a
- HFC-32
- HFC-152a
- Others
By Application
- Air Conditioner
- Automotive Air Conditioner
- Refrigerator
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
