South Korea Difluoromethane (HFC-32) Market was valued at USD 0.30 Billion in 2022 and is projected to reach USD 0.50 Billion by 2030, growing at a CAGR of 6.2% from 2024 to 2030.
South Korea's Difluoromethane (HFC-32) market is witnessing significant growth, driven by the increasing demand for environmentally friendly refrigerants across various industries. As the world moves toward reducing its carbon footprint and finding alternatives to high global warming potential (GWP) refrigerants, HFC-32 has emerged as a key player. With a GWP of 675, significantly lower than that of HFC-134a, it is gaining traction in air conditioning, refrigeration, and automotive sectors.
One of the primary drivers for the HFC-32 market in South Korea is the stringent government regulations and international agreements aimed at reducing the use of ozone-depleting substances (ODS). The Kigali Amendment to the Montreal Protocol, which mandates a reduction in the consumption of high-GWP refrigerants, has propelled industries to adopt lower-GWP alternatives like HFC-32. This has led to an increased demand from the HVAC (heating, ventilation, and air conditioning) sector, where HFC-32 is being used as a refrigerant in both residential and commercial applications.
The automotive industry in South Korea is another significant contributor to the growth of the HFC-32 market. With the rising need for energy-efficient and eco-friendly air conditioning systems in vehicles, manufacturers are transitioning to refrigerants like HFC-32. The growing emphasis on sustainable transportation and the development of electric vehicles (EVs) further supports the demand for this refrigerant. The automotive sector’s requirement for effective refrigerants to meet environmental standards is pushing the HFC-32 market forward.
Additionally, the industrial applications of HFC-32, such as in refrigeration systems for food preservation and cold chain logistics, are expanding. As South Korea is a major hub for food exports and global trade, the need for advanced refrigeration technology is intensifying. HFC-32’s superior performance at lower temperatures and its ability to reduce energy consumption in these systems make it highly desirable for industries in the region.
Overall, the South Korean market for Difluoromethane (HFC-32) is poised for growth as industries adapt to more eco-friendly alternatives. With regulatory pressures, increased awareness about environmental impact, and the demand for efficient systems, HFC-32 is set to play a pivotal role in transforming various sectors.
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Key Player V
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 South Korea Difluoromethane (HFC-32) Market
Refrigeration
Air Conditioning
Aerosol Propellant
Solvent
Foam Blowing Agent
Residential
Commercial
Industrial
Automotive
Food & Beverage
Gas
Liquid
Pure HFC-32
Blended Refrigerants
Specialty Formulations
Direct Sales
Retail Distribution
Online Sales
Wholesale Distribution
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Difluoromethane (HFC-32) 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. South Korea Difluoromethane (HFC-32) Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Difluoromethane (HFC-32) Market, By Type
6. South Korea Difluoromethane (HFC-32) Market, By Application
7. South Korea Difluoromethane (HFC-32) Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Difluoromethane (HFC-32) Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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