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HCFCs Market Overview
HCFCs Market size is forecast to reach US$499.7 million by 2027, after declining at a CAGR of -25.6% during 2022-2027. Hydrochlorofluorocarbons (HCFCs) are artificial substances composed of hydrogen, chlorine, fluorine and carbon with a shorter length of stay in the atmosphere (from 1 to 17 years). Hydrochlorofluorocarbons (HCFCs) are commonly used as blowing agents and cooling agents in refrigerant fluids, extruded polystyrene and air conditioning sectors. However, the release of hydrochlorofluorocarbons (HCFCs) depletes the earth’s protective ozone layer and contributes to climate change, owing to which various governments are banning hydrochlorofluorocarbons (HCFCs) and is anticipated to restrict its market growth over the forecast period. Furthermore, the presence of other common alternatives to HCFCs, such as hydrofluorocarbons (HFCs) are non-ozone-depleting substances (ODS) but still have high Global Warming Potential (GWP), are further restricting the market growth.
COVID-19 Impact
The COVID-19 epidemic negatively impacted the HCFCs' demand in a variety of end-use industries, including automotive, construction and others. Due to the closure of non-essential businesses, the outbreak had a significant impact on the automotive and construction industries. As demand for automobiles and construction dwindled, production was abruptly halted. According to the International Organization of Motor Vehicle Manufacturers, Global automotive production declined by 16 percent in 2020 and Toyota Motor Corporation's global vehicle production in 2020 was down by 12.6 percent year over year due to the impact of the COVID-19 pandemic. Furthermore, construction output was significantly reduced during the pandemic. The construction industry in the United Kingdom, for example, was 11.6 percent lower in July 2020 than it was in February 2020, according to the Office for National Statistics. The level of construction activity in the United Kingdom was 10.8% lower in August 2020 than it was in February 2020. Due to this, the demand for refrigerant fluids and air conditioner products has gone down significantly, which impacted the HCFCs Market revenue in 2020.
Report Coverage
The report: “HCFCs Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the HCFCs Market.
By Type: HCFC 22, HCFC 32, HCFC 123, HCFC 401A, HCFC 401B, HCFC 402A, HCFC 402B, HCFC 408A, HCFC 409A and Others.
By Packaging: Cylinders, Drums, Pails and Others.
By Application: Refrigerant Fluids [Refrigeration (Industrial, Commercial and Transportation), Air Conditioning (Air-to-air & Mobile and Chillers) and Heat Pumps], Aerosol Propellants (Medical Aerosols and Technical & Novelty Aerosols), Blowing Agent [Polyurethane (PU) Foam and Extruded Polystyrene (XPS) Foam], Fire Protection, Solvents and Others.
By End-use Industry: Commercial Buildings (Offices, Hotels, Retail Stores, Shopping Centers, Hospitals and Others), Industrial Buildings (Food & Beverages, Pharmaceuticals, Chemicals, Petrochemicals and Others), Automotive [Passenger Vehicles (PV), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV)], Aircraft (Commercial, and Military) and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa).
By Packaging: Cylinders, Drums, Pails and Others.
By Application: Refrigerant Fluids [Refrigeration (Industrial, Commercial and Transportation), Air Conditioning (Air-to-air & Mobile and Chillers) and Heat Pumps], Aerosol Propellants (Medical Aerosols and Technical & Novelty Aerosols), Blowing Agent [Polyurethane (PU) Foam and Extruded Polystyrene (XPS) Foam], Fire Protection, Solvents and Others.
By End-use Industry: Commercial Buildings (Offices, Hotels, Retail Stores, Shopping Centers, Hospitals and Others), Industrial Buildings (Food & Beverages, Pharmaceuticals, Chemicals, Petrochemicals and Others), Automotive [Passenger Vehicles (PV), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV)], Aircraft (Commercial, and Military) and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World (the Middle East and Africa).
Key Takeaways
- UNIDO and the Montreal Protocol are continuously regulating ozone-depleting substances such as hydrochlorofluorocarbons (HCFCs), which are contributing to market downfall over the forecast period.
- As part of an international agreement known as the Montreal Protocol, the U.S. EPA has implemented a phase-out of many ozone-depleting agents in collaboration with other organizations and groups around the world. The regulation lists consist of many HCFCs, but R22 is considered one of the worst offenders (harming the ozone layer).
- HCFC-123 would gradually be phased out under the current schedule of the Montreal Protocol, but was used in new HVAC equipment in developed countries until 2020 and would still be manufactured for service use of HVAC equipment until 2030.
- In January 2020, the Montreal Protocol banned the production and use of HCFC-22 in the United States and other developed countries. In January 2020, India successfully achieved the complete phase-out of Hydrochlorofluorocarbon (HCFC)-141 b. Such government initiatives act as a market restraint.
Figure: Asia-Pacific HCFCs Market Revenue, 2021-2027 (US$ Million)
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HCFCs Market Segment Analysis – By Product Type
The refrigerant fluids segment held the largest share in the HCFCs Market in 2021 and is forecasted to change at a CAGR of -28.2% during 2022-2027. Hydrochlorofluorocarbons (HCFCs) have good thermodynamic properties (refrigeration capacity and COP) and can be used at low pressures. The second generation of fluorinated refrigerant gases is hydrochlorofluorocarbon (HCFC) refrigerant gases (GF). They were created as a greener alternative to CFCs because they have a lower ozone depletion potential (ODP) than CFCs. However, they are still greenhouse gases with a medium/high global warming potential (GWP). By 2020, there was a ban on the production and import of HCFC-142b. By 2030, the ban would be in full effect on the remaining production and import of HCFC 142b. Hence the HCFCs market for refrigerants is expected to decline during the forecast period.
HCFCs Market Segment Analysis – By End-use Industry
The industrial building segment held a significant share in the HCFCs Market in 2021 and is forecasted to change at a CAGR of -23.7% during 2022-2027. Industrial manufacturing buildings such as food and beverages, pharmaceuticals, chemicals and petrochemicals, require refrigeration for reducing the temperature of their products or processes or conserving them in optimal conditions to avoid safety issues. In these industries, products and processes have to be developed and stored in ideal conditions to achieve the maximum yield in reactions or to avoid the decay of products. This is why refrigeration is vital in industrial buildings. As a result of the expanding industrial building sector, the demand for refrigerant fluids increased, thereby propelling HCFCs' demand in the industrial sector. However, most HCFCs have global warming potentials (GWPs), owing to which governments are gradually phasing out the production, import, export and usage of HCFCs, as a result of which the market is substantially shrinking over the forecast period.
HCFCs Market Segment Analysis – By Geography
The Asia-Pacific region held the largest share in the HCFCs Market in 2021 up to 43%, owing to spiraling demand for air conditioners and refrigerant fluids from the growing industrial building constructions in the region. Industrial building construction projects were on the rise in countries like India, China, Vietnam and Australia, which increased the demand for HCFCs in the region in 2021. For instance, in September 2021, PepsiCo, a soft drink and packaged food company, opened its Rs814 crore greenfield food plant in Mathura, Uttar Pradesh. In November 2021, in a specialized food innovation facility in Woodlands, Singapore's first fully automated large-scale production line for plant-based protein products was launched. In November 2021, ExxonMobil made a final investment decision in the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China to build a multibillion-dollar chemical complex. Astellas Pharma planned to build an active pharmaceutical ingredient (API) manufacturing facility in Toyama, Japan, in January 2020. With all such investments and a growing number of industrial building projects, the demand for air conditioners and refrigerants increased at a robust pace in 2021, thereby driving the HCFCs market in the APAC region. However, over the coming years, it is anticipated the Asia-Pacific market would be significantly reduced on account of the government ban/phase-out of HCFC products and services in Asia-Pacific countries. For instance, according to the Montreal Protocol, India must phase out HCFCs completely by 2030 and begin phasing out HFCs by 2028. Thus, such government measures are projected to reduce the Asia-Pacific HCFC market size during the forecast period.
HCFCs Market Challenges
Presence of Various Alternatives for Refrigerant Application
HCFC and HFC are both organofluorine compounds that occur in the gas phase at room temperature. HFC stands for hydrofluorocarbon, while HCFC stands for hydrochlorofluorocarbon. The primary difference between HCFC and HFC is that HCFC contains chlorine and can harm the ozone layer, whereas HFC is chlorine-free and has no effect on the ozone layer. Furthermore, HCFC is being phased out of use and HFC is being used to replace HCFC and CFC gases. CFCs and HCFCs, in addition to destroying ozone, trap heat in the lower atmosphere, causing the earth to warm and climate & weather to change. HFCs absorb and trap infrared radiation or heat in the earth's lower atmosphere and were originally developed to replace CFCs and HCFCs. Propane (R290), isobutane (R600a), ammonia (R717) and carbon dioxide are some of the most commonly used alternatives to HFCs in various industries. These refrigerants are less expensive, have a lower GWP and are more energy-efficient than their fluorinated counterparts. Thus, there are a lot of alternative options to select for refrigerant applications in the market, due to which there is a smooth transition of HCFC to HFC, ammonia, carbon dioxide and more. These factors act as a challenge for the HCFC market globally during the forecast period.
Stringent Government Initiatives and Regulations
The usage of HCFC and HCFC-based products depletes the Earth's protective ozone layer and contributes to climate change, due to which various governments have imposed strict regulations on their use, production, import and export. Manufacturing or importing equipment charged with a chlorofluorocarbon (CFC)/hydrochlorofluorocarbon (HCFC) refrigerant or designed to operate solely with a CFC or HCFC refrigerant, for example, is illegal under the Ozone Protection and Synthetic Greenhouse Gas Management Acts. According to the United Nations Environment Programme (UNEP), developed countries reduced their use of HCFCs to eliminate them by 2020. Developing countries agreed to begin their phase-out process in 2013 and are now reducing HCFCs step by step until they are completely phased out by 2030. Fluorinated greenhouse gas (F-gas) emissions in the EU decreased for the first time between 2014 and 2015, by about 5% in 2019. They had been increasing for the previous 13 years. The credit goes to the F-gas Regulation's EU-wide hydrofluorocarbon (HFC) phase-down, which aims to reduce F-gas emissions and mitigate global warming. The EU is on track to meet targets and phase down HFC use by 2030, with HFCs accounting for the majority of F-gas emissions. Furthermore, plans like HCFC Phase-out Management Plans (HPMPs) are also minimizing HCFC usage. Such regulations are anticipated to be a major factor restraining the market growth over the forecast period.
HCFCs Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the HCFCs Market. The top 10 companies in the HCFCs Market are:
1. DAIKIN
2. Navin Fluorine International (NFIL)
3. Gujarat Fluorochemicals (GFL)
4. Chemours
5. Arkema
6. Dongyue Group
7. Zhejiang Juhua
8. Jiangsu Meilan Chemical
9. Sanmei
10. 3F
Relevant Reports
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1. HCFCs Market - Market Overview
1.1 Definitions and Scope
2. HCFCs Market - Executive Summary
2.1 Key Trends by Type
2.2 Key Trends by Packaging
2.3 Key Trends by Application
2.4 Key Trends by End-use Industry
2.5 Key Trends by Geography
3. HCFCs Market – Comparative analysis
3.1 Market Share Analysis - Major Companies
3.2 Product Benchmarking - Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis - Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. HCFCs Market - Startup companies Scenario Premium Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. HCFCs Market – Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. HCFCs Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. HCFCs Market – Strategic Analysis
7.1 Value Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. HCFCs Market - by Type (Market Size - US$ Million/Billion)
8.1 HCFC 22
8.2 HCFC 32
8.3 HCFC 123
8.4 HCFC 401A
8.5 HCFC 401B
8.6 HCFC 402A
8.7 HCFC 402B
8.8 HCFC 408A
8.9 HCFC 409A
8.10 Others
9. HCFCs Market - by Packaging (Market Size - US$ Million/Billion)
9.1 Cylinders
9.2 Drums
9.3 Pails
9.4 Others
10. HCFCs Market - by Application (Market Size - US$ Million/Billion)
10.1 Refrigerant Fluids
10.1.1 Refrigeration
10.1.1.1 Industrial
10.1.1.1.1 Small/Medium Distributed
10.1.1.1.2 Large Distributed
10.1.1.2 Commercial
10.1.1.2.1 Stand-alone
10.1.1.2.2 Condensing Units
10.1.1.2.3 Central Systems
10.1.1.3 Transportation
10.1.1.3.1 Road Vehicles
10.1.1.3.2 Reefer Containers
10.1.1.3.3 Ships
10.1.2 Air Conditioning
10.1.2.1 Air-to-air & Mobile
10.1.2.1.1 Small Self-contained
10.1.2.1.2 Small Splits
10.1.2.1.3 Large & Multi Splits
10.1.2.1.4 Packaged
10.1.2.2 Chillers
10.1.2.2.1 Small/Medium System
10.1.2.2.2 Large System
10.1.3 Heat Pumps
10.2 Aerosol Propellants
10.2.1 Medical Aerosols
10.2.2 Technical & Novelty Aerosols
10.3 Blowing Agent
10.3.1 Polyurethane (PU) Foam
10.3.2 Extruded Polystyrene (XPS) Foam
10.4 Fire Protection
10.5 Solvents
10.6 Others
11. HCFCs Market - by End-use Industry (Market Size - US$ Million/Billion)
11.1 Commercial Buildings
11.1.1 Offices
11.1.2 Hotels
11.1.3 Retail Stores
11.1.4 Shopping Centers
11.1.5 Hospitals
11.1.6 Others
11.2 Industrial Buildings
11.2.1 Food & Beverages
11.2.2 Pharmaceuticals
11.2.3 Chemicals
11.2.4 Petrochemicals
11.2.5 Others
11.3 Automotive
11.3.1 Passenger Vehicles (PV)
11.3.2 Light Commercial Vehicles (LCV)
11.3.3 Heavy Commercial Vehicles (HCV)
11.4 Aircrafts
11.4.1 Commercial
11.4.2 Military
11.5 Others
12. HCFCs Market - by Geography (Market Size - US$ Million/Billion)
12.1 North America
12.1.1 The USA
12.1.2 Canada
12.1.3 Mexico
12.2 Europe
12.2.1 The UK
12.2.2 Germany
12.2.3 France
12.2.4 Italy
12.2.5 The Netherlands
12.2.6 Spain
12.2.7 Russia
12.2.8 Belgium
12.2.9 The Rest of Europe
12.3 Asia-Pacific
12.3.1 China
12.3.2 Japan
12.3.3 India
12.3.4 South Korea
12.3.5 Australia and New Zealand
12.3.6 Indonesia
12.3.7 Taiwan
12.3.8 Malaysia
12.3.9 The Rest of APAC
12.4 South America
12.4.1 Brazil
12.4.2 Argentina
12.4.3 Colombia
12.4.4 Chile
12.4.5 The Rest of South America
12.5 The Rest of the World
12.5.1 The Middle East
12.5.1.1 Saudi Arabia
12.5.1.2 The UAE
12.5.1.3 Israel
12.5.1.4 The Rest of the Middle East
12.5.2 Africa
12.5.2.1 South Africa
12.5.2.2 Nigeria
12.5.2.3 The Rest of Africa
13. HCFCs Market – Entropy
13.1 New Product Launches
13.2 M&As, Collaborations, JVs and Partnerships
14. HCFCs Market – Industry/Segment Competition Landscape Premium
14.1 Company Benchmarking Matrix – Major Companies
14.2 Market Share at Global Level - Major companies
14.3 Market Share by Key Region - Major companies
14.4 Market Share by Key Country - Major companies
14.5 Market Share by Key Application - Major companies
14.6 Market Share by Key Product Type/Product category - Major companies
15. HCFCs Market – Key Company List by Country Premium Premium
16. HCFCs Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
16.1 Company 1
16.2 Company 2
16.3 Company 3
16.4 Company 4
16.5 Company 5
16.6 Company 6
16.7 Company 7
16.8 Company 8
16.9 Company 9
16.10 Company 10 and more
* "Financials would be provided to private companies on best efforts basis."
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LIST OF TABLES
1.Global HCFCs Market, by Type Market 2019-2024 ($M)2.Global HCFCs Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
3.Global HCFCs Market, by Type Market 2019-2024 (Volume/Units)
4.Global HCFCs Market Analysis and Forecast by Type and Application Market 2019-2024 (Volume/Units)
5.North America HCFCs Market, by Type Market 2019-2024 ($M)
6.North America HCFCs Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
7.South America HCFCs Market, by Type Market 2019-2024 ($M)
8.South America HCFCs Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
9.Europe HCFCs Market, by Type Market 2019-2024 ($M)
10.Europe HCFCs Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
11.APAC HCFCs Market, by Type Market 2019-2024 ($M)
12.APAC HCFCs Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
13.MENA HCFCs Market, by Type Market 2019-2024 ($M)
14.MENA HCFCs Market Analysis and Forecast by Type and Application Market 2019-2024 ($M)
LIST OF FIGURES
1.US Global HCFCs Industry Market Revenue, 2019-2024 ($M)2.Canada Global HCFCs Industry Market Revenue, 2019-2024 ($M)
3.Mexico Global HCFCs Industry Market Revenue, 2019-2024 ($M)
4.Brazil Global HCFCs Industry Market Revenue, 2019-2024 ($M)
5.Argentina Global HCFCs Industry Market Revenue, 2019-2024 ($M)
6.Peru Global HCFCs Industry Market Revenue, 2019-2024 ($M)
7.Colombia Global HCFCs Industry Market Revenue, 2019-2024 ($M)
8.Chile Global HCFCs Industry Market Revenue, 2019-2024 ($M)
9.Rest of South America Global HCFCs Industry Market Revenue, 2019-2024 ($M)
10.UK Global HCFCs Industry Market Revenue, 2019-2024 ($M)
11.Germany Global HCFCs Industry Market Revenue, 2019-2024 ($M)
12.France Global HCFCs Industry Market Revenue, 2019-2024 ($M)
13.Italy Global HCFCs Industry Market Revenue, 2019-2024 ($M)
14.Spain Global HCFCs Industry Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global HCFCs Industry Market Revenue, 2019-2024 ($M)
16.China Global HCFCs Industry Market Revenue, 2019-2024 ($M)
17.India Global HCFCs Industry Market Revenue, 2019-2024 ($M)
18.Japan Global HCFCs Industry Market Revenue, 2019-2024 ($M)
19.South Korea Global HCFCs Industry Market Revenue, 2019-2024 ($M)
20.South Africa Global HCFCs Industry Market Revenue, 2019-2024 ($M)
21.North America Global HCFCs Industry By Application
22.South America Global HCFCs Industry By Application
23.Europe Global HCFCs Industry By Application
24.APAC Global HCFCs Industry By Application
25.MENA Global HCFCs Industry By Application