Global HFO-1234YF Market Size By Type (Automotive Air Conditioning, Domestic Refrigeration), By Application (Personal, Commercial), By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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HFO-1234YF Market Size And Forecast

HFO-1234YF Market size was valued at USD 5,951.73 Million in 2022 and is projected to reach USD 10,413.54 Million by 2030, growing at a CAGR of 8.32% from 2023 to 2030.

Due to the significant need for air conditioning systems in automobiles, the automotive industry has been a primary focus for HFO-1234yf. Automakers have been spending money on R&D to improve the effectiveness and performance of air conditioning systems employing HFO-1234yf, which is propelling market expansion. The Global HFO-1234YF Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Market Definition

Refrigeration is the process of transferring heat from items for cooling and freezing to maintain the environment’s temperature for comfort and preservation. The components that are used in refrigeration and air conditioning systems are called refrigerants.

Fluorinated propene (propylene) isomers with low GWP are among the fourth-generation refrigerants. HFOs, a novel family of fluorocarbon refrigerants, are currently the most likely successor. They will likely replace HFCs in many applications because of their extremely low global warming potential (GWP). The fourth-generation refrigerant HFO-1234yf (2, 3, 3, 3-tetrafluoropropene) has no Ozone Depletion Measurements.

Through comprehensive independent testing, including tests carried out by the Society of Automotive Engineers and crash tests carried out by automakers, HFO-1234yf has been proven to be safe for use in automobiles. The refrigerant of choice for automobile air conditioning today is HFO-1234yf.

Beyond vehicle air conditioning, HFO-1234yf has been developed for a number of uses. These consist of chillers, refrigerators, walk-in coolers, and supermarket cases. In general, only minor modifications to the compressor design are required to maximize the performance of HFO1234yf in these applications, therefore it once again offers significant advantages with simple implementation.

The HFO-1234yf has undergone comprehensive toxicity testing and has been confirmed to be safe for use in its intended applications, which places it in the lower segment of moderately flammable refrigerants.

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Market Overview

Because cars really need air conditioning, the automotive industry is super interested in HFO-1234yf. Automakers are putting money into R&D to make their AC systems using HFO-1234yf work better and cooler, which is really helping the market grow. They're always looking at how to make HFO-1234yf work better, cost less, and be more efficient. This means trying out new system designs, different lubricants, and new parts to get the most out of HFO-1234yf in AC systems. Lots of companies are making and selling HFO-1234yf, like big chemical manufacturers, refrigerant producers, and suppliers to the car industry. As more people want it, expect the competition to heat up!

Okay, so HFO-1234yf might hit your wallet harder than some other refrigerants. That higher price tag? Think production costs, how popular it is, and how easy it is to get your hands on it. This could be a real sticking point, especially if you're watching the bottom line. Plus, if you've got older AC systems, they might not play nice with HFO-1234yf. You might need to tinker with things or even swap out parts to make the switch. That can make things tricky and costly, particularly if you're dealing with a lot of existing equipment. The good news is, expect to see HFO-1234yf popping up more and more, especially in cars. As countries crack down on refrigerants that aren't so great for the planet (high GWP), it's likely to become the standard for car AC worldwide. While it's mainly used in vehicles, you can also find it cooling things down in commercial refrigeration and HVAC systems. And with ongoing research, HFO-1234yf could get even better, giving us solutions that are both green and save energy.

Global HFO-1234YF MarketSegmentation Analysis

The Global HFO-1234YF Market is segmented on the basis of Type, Application, And Geography.

HFO-1234YF Market, By Type

  • Automotive Air Conditioning
  • Domestic Refrigeration

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When we look at the different types of uses, the market splits into automotive air conditioning and domestic refrigeration. Right now, the automotive air conditioning part is leading the way, mostly because cars are using HFO 1234yf in their AC systems. Folks are getting more worried about the environment, so using refrigerants that don't hurt the planet as much is becoming a big deal for car companies. Think about itR1234yf has a global warming potential of just 4, compared to R134a's whopping 1430! Because R1234yf works so well, kind of like R134a, it could be the future for car AC. In fact, it might even replace R134a in cars. The rules from the mobile air-conditioning (MAC) directive said that car AC needed a new refrigerant with a Global Warming Potential (GWP) below 150 to cut down on emissions. That's why, after years of hard work trying to find something to replace R134a, the car industry picked R1234yf as the go-to refrigerant for new systems. Other refrigerants, like R134a, have a GWP as high as 1300.

HFO-1234YF Market, By Application

  • Personal
  • Commercial

Based on the application segment, the market is split into personal and commercial. Due to the widespread usage of HFO-1234yf in agricultural tractors, forage harvesters, sprayers, skidders, trucks, and diggers, the commercial segment now holds dominating position in the market. The market is expanding as a result of globalization, which creates new prospects for the automotive sector.

HFO-1234YF Market, By Geography

  • Asia-Pacific
  • North America
  • Europe
  • Latin America
  • Middle East and Africa

To Get a Summarized Market Report By Geography- 

Based on geography

the global HFO-1234YF market is into different regions such as North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is bifurcated into United States, Canada and Mexico. Europe is primarily divided into Germany, U.K., France, Italy, Spain, and Rest of Europe. Asia Pacific comprises of China, Japan, India, and Rest of Asia Pacific. Middle East and Africa includes UAE, Saudi Arabia, South Africa and Rest of Middle East and Africa. Latin America comprises of countries such as Brazil, Argentina, and Rest of Latin America.

Because of worldwide environmental rules trying to curb greenhouse gases from hydrofluorocarbons, the demand for and focus on HFO-1234yf, a fourth-generation refrigerant, is really growing in Europe. This refrigerant, seen as a new generation thanks to its zero ozone potential, slight flammability, and low global warming potential, is becoming a big deal there, driven by tough environmental laws and company moves. It's now used instead of HFC-134a in car air conditioning and even shows up in other refrigeration stuff. What's driving the use of HFO-1234yf in Europe? Mainly the F-Gas Regulation and the MAC directive, which keep tabs on how we use and let out F-gases, including those in car AC systems. You'll find HFO-1234yf in most new cars and it's getting popular for home refrigerators too, since it saves energy, is better for the environment, and ticks all the regulatory boxes. Looking ahead, we expect even more demand as people get wise to how much better HFO-1234yf appliances are for the planet and their wallets through <energy savings>.

Key Players

The major players in the market are Honeywell International, Inc., J&H CHEM Co., Ltd., Chemours, Hunan Jiahang Pharmaceutical Technology Co., Ltd, Daikin Industries, Ltd., Apollo Scientific Ltd., Zhejiang Huanxin Fluoro Material Co.,Ltd., Chemwill Asia Co., Ltd., Quanzhou Yuji New Material Technology Co., Ltd., and Others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

  • With effect from January 2020, Daikin Industries, Ltd. began selling Creard R-448A (R-448A) in Japan. R-448A will be marketed as an alternative refrigerant to R-404A, which is often used in commercial and industrial refrigeration and has a GWP that is more than 64% lower.

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2019-2030

BASE YEAR

2022

FORECAST PERIOD

2023-2030

HISTORICAL PERIOD

2019-2021

UNIT

Value (USD Million)

KEY COMPANIES PROFILED

Honeywell International, Inc., J&H CHEM Co., Ltd., Chemours, Hunan Jiahang Pharmaceutical Technology Co., Ltd, Daikin Industries, Ltd., Apollo Scientific Ltd., & Others

SEGMENTS COVERED

Type, Application, And Geography.

CUSTOMIZATION SCOPE

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