Market for HFC refrigerants will grow to USD 2.8 billion by 2027

Refrigeration and air-conditioning in residential buildings, as well as in automobiles, use HFCs. 

IndustryARC, in its latest report, predicts that HFC Refrigerants Market size is forecast to reach US$2.8 billion by 2027, after growing at a CAGR of 1.8% during 2022-2027. HFC stands for hydro-fluorocarbons. HFCs are used primarily in refrigeration systems worldwide. Some of the most commonly used HFC refrigerants are R-404A, R-410A, R-32, R-134a, and R-407C. Refrigeration and air-conditioning in residential buildings, as well as in automobiles, use HFCs. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

This IndustryARC report on the HFC Refrigerants Market highlights the following areas –

•  According to The Economist Intelligence Unit Limited, using a new econometric model, our research shows that cooling equipment sales will reach 460m units per year by 2030, an increase of 18% over 2018.
• The Asia Pacific region is expected to grow at a high CAGR of 2.5% during the forecast period. China will drive demand in an absolute sense. Nevertheless, other markets are expected to grow at a faster rate, such as India and Indonesia.
•  In 2021 domestic refrigeration and residential AC accounted for 62% of total cooling demand. The industrial and transport refrigeration sectors will grow at a rapid pace during the forecast period.