HFO
or Hydrofluoro olefin is an unsaturated organic compounds composed of hydrogen,
fluorine and carbon. It is categorized as having low global warming potential
(GWP) and zero ozone depletion potential (ODP) and so provide a more
environmentally friendly alternative to CFCs, HFCs and HCFCs. Many refrigerants
in the HFO class are integrally stable chemically and inert, non-toxic, and
non-flammable or mildly flammable. Several HFOs have the proper freezing &
boiling points to be useful for refrigeration at common temperatures. They also
show potential as blowing agents, i.e. in production of insulation foams,
construction materials, food industry, and others.
Based
on type, HFO refrigerant market market is segmented into R-1234ZE, R-1234YF and
R-1234ZD. Based on low GWP refrigerants type, market is segmented into
fluorocarbons, inorganics and hydrocarbons. Fluorocarbons include HFCS and HFOC.
Inorganics include carbon di-oxide, ammonia and others (air and water).
Hydrocarbons include isobutane, propane and others (Butane, Ethylene,
Propylene, and Ethane). In addition, based on application, market is segmented
into air conditioning, refrigeration and others. The above two applications are
further sub-segmented as commercial, transportation, domestic, and the
industrial applications.
The
HFO refrigerant market is driven by rise in demand for the consumer products,
followed by growth in awareness regarding harmful effects of CFC, HFC and HCFC,
increase in demand for refrigeration and air-conditioning application, rise in
cold chain market such as cold storage, growth in urbanization, change in
lifestyles and increase in disposable income of the individuals. However, rise
in stringent regulation against fluorocarbon refrigerants, regular changes in
the choice of alternative refrigerant and high cost of refrigerant may impact
the market. Moreover, phase out policy of HFC will eventually rise the consumption
of HFO market in future and new advancement in refrigeration as in creating of
blends are key opportunities for market.
Based
on geography, the Asian-Pacific is the leading region in HFO Refrigerant market
owing to rise in consumption of HFO Refrigerant for various applications for
instance refrigerators and air-conditioners across the developing countries
such as China and India. The North-American and European regions are estimated
to witness higher growth rated due to rise in awareness among consumers,
related to an environmental impact of utilizing the CFC & HCFC refrigerants
over the forecast period. In upcoming years, it is expected that the market
will be reached at rapid pace on account of lower operating cost with higher
performance and growth in technological advancements in refrigeration during
the forecast period.
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