The hfo- 1234yf market size has grown rapidly in recent years. It will grow from $0.94 billion in 2023 to $1.05 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth observed in the historical period was primarily driven by the stringent environmental regulations, such as the EU MAC Directive, and international agreements such as the Montreal Protocol aimed at phasing out ozone-depleting substances. Additionally, the automotive industry's firm commitments towards sustainability, coupled with a surge in consumer awareness regarding climate change, played pivotal roles. Moreover, concerns about potential disruptions in the supply chain also contributed to the increased adoption of environmentally friendly refrigerants.
The hfo- 1234yf market size is expected to see rapid growth in the next few years. It will grow to $1.59 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth in the forecast period is expected to be driven by increasingly stringent environmental regulations, growing consumer preference for sustainable products, and various governmental incentives and subsidies aimed at promoting eco-friendly practices. Corporations' heightened focus on sustainability initiatives, coupled with international collaborations geared toward achieving environmental objectives, will also contribute significantly. Key trends expected in the forecast period include a stronger emphasis on waste management and recycling practices, a shift towards energy-efficient systems, tailored application solutions to suit specific needs, the adoption of these technologies in emerging markets, and extensive research for the development of next-generation refrigerants. These trends will collectively fuel the growth and adoption of environmentally conscious practices and products in the refrigerant industry.
The escalating prevalence of air conditioning systems is poised to be a primary driver for the HFO-1234YF market. Air conditioning, crucial for maintaining comfortable indoor environments, heavily relies on refrigerants for effective temperature regulation. HFO-1234YF has gained prominence as a pivotal refrigerant, supplanting R-134a in air conditioning units. A case in point is LG Electronics, which reported a remarkable revenue surge of KRW 27.11 trillion (USD 22.92 billion) in the LG Home Appliance and Air Solution segment for 2021, reflecting a substantial 21.7% growth from the previous year. This robust financial performance underscores the pivotal role of air conditioning systems in propelling the demand for HFO-1234YF.
The growing focus on energy efficiency is expected to be a significant catalyst for the continued expansion of the HFO-1234YF market. Energy efficiency revolves around achieving optimal results or task completion with minimal energy consumption. The adoption of HFO-1234yf offers a myriad of advantages, including enhanced energy efficiency, diminished environmental impact, low global warming potential, and ozone depletion potential. Moreover, it exhibits favorable heat transfer properties, aligning with overarching sustainability objectives. Notably, in December 2022, the European Union established ambitious targets to boost energy efficiency, targeting a minimum 32.5% improvement by 2030, as reported by Eurostat, the EU-based statistical office. This growing demand for energy-efficient solutions stands as a pivotal driver fueling the expansion of the HFO-1234YF market.
Prominent in the HFO 1234YF market is the trend of product innovation, where major industry players actively engage in developing novel solutions to fortify their market positions. In April 2022, Mitsubishi Heavy Industries Thermal Systems Ltd., a leading Japanese company specializing in thermal and air conditioning systems, introduced the constant-speed JHT-Y and the inverter-equipped JHT-YI. Both versions utilize a CFC-free HFO-1234yf refrigerant with minimal environmental impact, serving as an environmentally friendly alternative to traditional refrigerants. This line of large-capacity centrifugal chillers, employing HFO-1234yf, is poised to reduce greenhouse gas emissions and mitigate the impact of climate change.
Major companies are strategically focusing on advanced solutions with lower global-warming-potential (GWP) to gain a competitive edge. In January 2022, Koura, a prominent Mexico-based petrochemical company, introduced the Klea 456A refrigerant. This non-flammable refrigerant boasts a GWP of 626, representing a 46% reduction compared to R-134a. Positioned as a drop-in replacement for R-134a in the automotive aftermarket industry, Klea 456A offers an environmentally friendly alternative with comparable energy efficiency. This innovation underscores the industry's commitment to sustainability by providing a solution that aligns with lower GWP standards while maintaining operational efficiency.
In May 2022, Honeywell International, a well-established US-based manufacturer specializing in HFO-1234YF, established a strategic alliance with NIO Inc., a leading Chinese automotive company. The collaboration aims to outfit NIO's flagship ET7 sedan with HFO-1234YF refrigerant, showcasing NIO's pioneering adoption of this environmentally friendly hydrofluoroolefin (HFO) refrigerant within the Chinese automotive industry. This partnership allows Honeywell International Inc. to provide the state-of-the-art ET7 model with the high-performance, low-GWP HFO-1234yf refrigerant, underscoring a shared commitment to sustainable automotive technologies.
Major companies operating in the HFO- 1234yf market report are 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.
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. 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.
HFO 1234YF is categorized into automotive air conditioning, domestic refrigeration, industrial refrigeration, and stationary air conditioning. Automotive air conditioning pertains to the cooling and conditioning of a vehicle's cabin air to ensure a comfortable environment for its occupants. It consists of essential components such as cylinders, valves, and refrigerant hoses, distributed through various sales channels such as OEM (original equipment manufacturer) and the aftermarket. These applications cater to diverse needs, including personal and commercial purposes.
The HFO 1234YF market research report is one of a series of new reports that provides HFO 1234YF market statistics, including HFO 1234YF industry global market size, regional shares, competitors with a HFO 1234YF market share, detailed HFO 1234YF market segments, market trends and opportunities, and any further data you may need to thrive in the HFO 1234YF industry. This HFO 1234YF market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The HFO 1234YF market consists of sales of hydrogen, fluorine, and carbon atoms. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The hfo- 1234yf market size is expected to see rapid growth in the next few years. It will grow to $1.59 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The anticipated growth in the forecast period is expected to be driven by increasingly stringent environmental regulations, growing consumer preference for sustainable products, and various governmental incentives and subsidies aimed at promoting eco-friendly practices. Corporations' heightened focus on sustainability initiatives, coupled with international collaborations geared toward achieving environmental objectives, will also contribute significantly. Key trends expected in the forecast period include a stronger emphasis on waste management and recycling practices, a shift towards energy-efficient systems, tailored application solutions to suit specific needs, the adoption of these technologies in emerging markets, and extensive research for the development of next-generation refrigerants. These trends will collectively fuel the growth and adoption of environmentally conscious practices and products in the refrigerant industry.
The escalating prevalence of air conditioning systems is poised to be a primary driver for the HFO-1234YF market. Air conditioning, crucial for maintaining comfortable indoor environments, heavily relies on refrigerants for effective temperature regulation. HFO-1234YF has gained prominence as a pivotal refrigerant, supplanting R-134a in air conditioning units. A case in point is LG Electronics, which reported a remarkable revenue surge of KRW 27.11 trillion (USD 22.92 billion) in the LG Home Appliance and Air Solution segment for 2021, reflecting a substantial 21.7% growth from the previous year. This robust financial performance underscores the pivotal role of air conditioning systems in propelling the demand for HFO-1234YF.
The growing focus on energy efficiency is expected to be a significant catalyst for the continued expansion of the HFO-1234YF market. Energy efficiency revolves around achieving optimal results or task completion with minimal energy consumption. The adoption of HFO-1234yf offers a myriad of advantages, including enhanced energy efficiency, diminished environmental impact, low global warming potential, and ozone depletion potential. Moreover, it exhibits favorable heat transfer properties, aligning with overarching sustainability objectives. Notably, in December 2022, the European Union established ambitious targets to boost energy efficiency, targeting a minimum 32.5% improvement by 2030, as reported by Eurostat, the EU-based statistical office. This growing demand for energy-efficient solutions stands as a pivotal driver fueling the expansion of the HFO-1234YF market.
Prominent in the HFO 1234YF market is the trend of product innovation, where major industry players actively engage in developing novel solutions to fortify their market positions. In April 2022, Mitsubishi Heavy Industries Thermal Systems Ltd., a leading Japanese company specializing in thermal and air conditioning systems, introduced the constant-speed JHT-Y and the inverter-equipped JHT-YI. Both versions utilize a CFC-free HFO-1234yf refrigerant with minimal environmental impact, serving as an environmentally friendly alternative to traditional refrigerants. This line of large-capacity centrifugal chillers, employing HFO-1234yf, is poised to reduce greenhouse gas emissions and mitigate the impact of climate change.
Major companies are strategically focusing on advanced solutions with lower global-warming-potential (GWP) to gain a competitive edge. In January 2022, Koura, a prominent Mexico-based petrochemical company, introduced the Klea 456A refrigerant. This non-flammable refrigerant boasts a GWP of 626, representing a 46% reduction compared to R-134a. Positioned as a drop-in replacement for R-134a in the automotive aftermarket industry, Klea 456A offers an environmentally friendly alternative with comparable energy efficiency. This innovation underscores the industry's commitment to sustainability by providing a solution that aligns with lower GWP standards while maintaining operational efficiency.
In May 2022, Honeywell International, a well-established US-based manufacturer specializing in HFO-1234YF, established a strategic alliance with NIO Inc., a leading Chinese automotive company. The collaboration aims to outfit NIO's flagship ET7 sedan with HFO-1234YF refrigerant, showcasing NIO's pioneering adoption of this environmentally friendly hydrofluoroolefin (HFO) refrigerant within the Chinese automotive industry. This partnership allows Honeywell International Inc. to provide the state-of-the-art ET7 model with the high-performance, low-GWP HFO-1234yf refrigerant, underscoring a shared commitment to sustainable automotive technologies.
Major companies operating in the HFO- 1234yf market report are 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.
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. 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.
HFO 1234YF is categorized into automotive air conditioning, domestic refrigeration, industrial refrigeration, and stationary air conditioning. Automotive air conditioning pertains to the cooling and conditioning of a vehicle's cabin air to ensure a comfortable environment for its occupants. It consists of essential components such as cylinders, valves, and refrigerant hoses, distributed through various sales channels such as OEM (original equipment manufacturer) and the aftermarket. These applications cater to diverse needs, including personal and commercial purposes.
The HFO 1234YF market research report is one of a series of new reports that provides HFO 1234YF market statistics, including HFO 1234YF industry global market size, regional shares, competitors with a HFO 1234YF market share, detailed HFO 1234YF market segments, market trends and opportunities, and any further data you may need to thrive in the HFO 1234YF industry. This HFO 1234YF market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The HFO 1234YF market consists of sales of hydrogen, fluorine, and carbon atoms. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. HFO- 1234YF Market Characteristics3. HFO- 1234YF Market Trends and Strategies32. Global HFO- 1234YF Market Competitive Benchmarking33. Global HFO- 1234YF Market Competitive Dashboard34. Key Mergers and Acquisitions in the HFO- 1234YF Market
4. HFO- 1234YF Market - Macro Economic Scenario
5. Global HFO- 1234YF Market Size and Growth
6. HFO- 1234YF Market Segmentation
7. HFO- 1234YF Market Regional and Country Analysis
8. Asia-Pacific HFO- 1234YF Market
9. China HFO- 1234YF Market
10. India HFO- 1234YF Market
11. Japan HFO- 1234YF Market
12. Australia HFO- 1234YF Market
13. Indonesia HFO- 1234YF Market
14. South Korea HFO- 1234YF Market
15. Western Europe HFO- 1234YF Market
16. UK HFO- 1234YF Market
17. Germany HFO- 1234YF Market
18. France HFO- 1234YF Market
19. Italy HFO- 1234YF Market
20. Spain HFO- 1234YF Market
21. Eastern Europe HFO- 1234YF Market
22. Russia HFO- 1234YF Market
23. North America HFO- 1234YF Market
24. USA HFO- 1234YF Market
25. Canada HFO- 1234YF Market
26. South America HFO- 1234YF Market
27. Brazil HFO- 1234YF Market
28. Middle East HFO- 1234YF Market
29. Africa HFO- 1234YF Market
30. HFO- 1234YF Market Competitive Landscape and Company Profiles
31. HFO- 1234YF Market Other Major and Innovative Companies
35. HFO- 1234YF Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
HFO- 1234YF Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on hfo- 1234yf market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Measure the impact of high global inflation on market growth.
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- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for hfo- 1234yf? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Automotive Air Conditioning; Domestic Refrigeration; Industrial Refrigeration; Stationary Air Conditioning
2) By Component: Cylinders; Valves; Refrigerant Hose
3) By Sales Channel: OEM (Original Equipment Manufacturers); Aftermarket
4) By Application: Personal; Commercial; Other Applications
Key Companies Mentioned: Honeywell International Inc.; The Chemours Company; E. I. du Pont de Nemours and Company; Asahi Glass Co Ltd.; SRF Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- 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.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 1.05 Billion |
| Forecasted Market Value ( USD | $ 1.59 Billion |
| Compound Annual Growth Rate | 10.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 25 |
