Hydrofluorocarbons, or HFCs, are man-made chemicals that are used in a variety of applications. They are found in everything from air conditioners to refrigerators to aerosol cans. They are also potent greenhouse gases, with a global warming potential that is thousands of times greater than carbon dioxide. HFCs were introduced as replacements for chlorofluorocarbons (CFCs), which were phased out under the Montreal Protocol because of their impact on the ozone layer.
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The Hydrofluorocarbons market is expected to increase owing to surge in cold chain market coupled with the use of IoT-enabled refrigeration solutions
The Indian Hydrofluorocarbons market stood at USD 146.40 Million in 2021 and is expected to reach USD 219.44 Million by 2028 at a CAGR of 6.03% during the forecast period. The market is anticipated to increase throughout the forecast period due to rising international tourism, rising consumer expenditure on house improvements, the introduction of energy-efficient systems, and the rising popularity of green cooling concepts.
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Additionally, the rising demand for air conditioning systems, cooling systems, cold storage in industries, and refrigerators is predicted to result in a major increase in the use of HFCs during the upcoming years. Some of the key drivers of the market include rising urbanization and rising consumer product demand.
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Furthermore, the rising use of IoT-enabled refrigeration solutions is anticipated to drive the India hydrofluorocarbons market by 2028 at a significant rate during the forecasted period, 2022-2028. Commercial refrigeration increasingly uses IoT technology, which gives it access to significant new features. Due to integrated IoT sensors, users can monitor factors including internal and outdoor temperature, humidity, power usage, and more.
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However, the stringent regulations are predicted to create an obstacle to the growth of the Indian market at a significant rate over the forecasted period of 2022-2028. The Indian government is now enacting restrictions to restrict the use of hydrofluorocarbons because of the catastrophic harm they inflict on the ozone layer.
Type Overview in the Hydrofluorocarbons Market
Based on Type, the Indian Hydrofluorocarbons market is bifurcated into HFC R-134A, HFC R-410A, HFC R-407C, HFC R-401A, HFC R-143A, HFC R-404A, and others. The HFC R-134A segment is anticipated to hold the largest share during the forecasted period of 2022-2028 at a significant rate. R134A is also known as tetrafluoroethane (CF3CH2F), a refrigerant that belongs to the HFC family.
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R134A, an HFC, is used as a substitute for R12 and R22 in medium and high-temperature refrigeration applications, such as commercial and residential refrigeration and chillers. Additionally, it is utilized in automobile air conditioning. It is safe for normal handling because it is non-toxic, non-flammable, and non-corrosive.
Application Overview in the Hydrofluorocarbons Market
Based on Application, the Indian Hydrofluorocarbons market is bifurcated into Refrigeration and Air Conditioning. The Refrigeration segment is anticipated to hold the largest share during the forecasted period of 2022-2028 at a significant rate owing to increasing demand for refrigeration and cooling systems from various end-use industries. Being energy-efficient, HFCs can reduce both the need for and the cost of electricity. The expanding demand for refrigerators from the pharmaceutical and biotechnology sectors is another significant factor in the revenue growth of the refrigeration market.
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Regional Overview in the Hydrofluorocarbons Market
Based on Region, the Indian Hydrofluorocarbons market is bifurcated into North India, South India, West India, and East India. The North India region is anticipated to hold the largest share during the forecasted period of 2022-2028 at a significant rate owing to strong demand from mobile air conditioning, industrial, and commercial segments. Additionally, it is projected that the government's increased promotional efforts to support energy-efficient air conditioning systems and lower energy consumption will aid in the regional market's expansion.
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Hydrofluorocarbons Market: Competitive Landscape
Gujarat Fluorochemicals Limited (GFL), Navin Fluorine International Ltd (NFIL), SRF Limited, RX Chemicals, Daikin Industries, Ltd., Arkema S.A., Asahi Glass Co. Ltd., Maharashtra Gas Company, and Other Prominent Players.
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