Europe Hydrofluoroolefins (HFOs) Series Refrigerant Market was valued at USD 1.3 Billion in 2022 and is projected to reach USD 2.5 Billion by 2030, growing at a CAGR of 8.9% from 2024 to 2030.
The European market for Hydrofluoroolefins (HFOs) refrigerants is experiencing significant growth, driven by stringent environmental regulations and a collective industry shift towards sustainable solutions.
In 2023, the European Union's consumption of Hydrofluorocarbons (HFCs) was 69% of all reportable fluorinated gases, a decrease from 85% in 2015. This reduction is largely attributed to the adoption of lower Global Warming Potential (GWP) alternatives like HFOs. citeturn0search3
The European Commission's revised F-Gas Regulation, effective from February 2024, accelerates the phase-down of high-GWP refrigerants. This regulation aims to reduce HFC consumption by 79% between 2015 and 2030, promoting the use of refrigerants with lower GWPs, such as HFOs. citeturn0search2
Industries across Europe are increasingly adopting HFOs due to their minimal environmental impact. For instance, in 2023, HFO-1234yf, a widely used HFO refrigerant, held a market share of over 60%, primarily in automotive and refrigeration applications. citeturn0search4
The demand for HFOs is particularly pronounced in sectors like air conditioning and heat pumps. In 2023, air conditioners accounted for over 40% of the HFO refrigerant market revenue, with heat pumps emerging as the fastest-growing application segment due to the rising need for energy-efficient heating and cooling solutions. citeturn0search4
However, the transition to HFOs is not without challenges. The relatively high cost of HFO refrigerants compared to traditional options poses a barrier for some industries. Additionally, concerns regarding the long-term stability and safety of HFOs, particularly their flammability, require ongoing research and regulatory scrutiny. citeturn0search4
In summary, the European HFO refrigerant market is evolving rapidly, influenced by regulatory changes and a shift towards environmentally friendly alternatives. While challenges remain, the trend towards sustainability is clear, with HFOs playing a pivotal role in the industry's future.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Europe Hydrofluoroolefins (HFOs) Series Refrigerant Market
HFO-1234yf
HFO-1234ze
HFO-1233zd
HFO-1234c
Commercial Refrigeration
Industrial Refrigeration
Automotive Air Conditioning
Residential Air Conditioning
Heat Pumps
Foam Blowing Agents
Food and Beverage
Pharmaceuticals
HVAC (Heating, Ventilation, and Air Conditioning)
Automotive
Consumer Electronics
Commercial Buildings
Aerosol
Bulk
Cylinders
Pre-mixed Blends
Direct Sales
Distributors and Wholesalers
Online Retail
Specialty Stores
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Europe Hydrofluoroolefins (HFOs) Series Refrigerant Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Europe Hydrofluoroolefins (HFOs) Series Refrigerant Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Europe Hydrofluoroolefins (HFOs) Series Refrigerant Market, By Type
6. Europe Hydrofluoroolefins (HFOs) Series Refrigerant Market, By Application
7. Europe Hydrofluoroolefins (HFOs) Series Refrigerant Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Europe Hydrofluoroolefins (HFOs) Series Refrigerant Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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