DUBLIN, September 20, 2021--(BUSINESS WIRE)--The "Global HCFO-1233zd Market, By Product Form, By Application, By End Use, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global HCFO 1233zd market held a market value of USD 28.56 Million in 2020 and is forecasted to reach USD 43.52 Million by the year 2027. The market is expected to register a CAGR of 5.5% during the forecast period. The market volume for HCFO-1233zd was 6,173.4 tons in 2020.
HCFO 1233zd or hydrochlorofluoroolefins is unsaturated short-chain olefins. It is used as an alternative to the saturated hydrofluorocarbons as refrigerants, owing to their ultra-low global warming potential.
The market is majorly driven by the government approval for HCFO-1233zd(E). Furthermore, the rising applications of HCFO-1233zd and the rising focus of market players on the product are also factors leading to a positive influence on the market.
Government approval for HCFO-1233zd(E)
HCFO-1233zd(E) is a class 1 refrigerant. It is non-flammable. According to the 4th Assessment Report of the Intergovernmental Panel for Climate Change (IPCC), HCFO-1233zd(E) has an ultra-low Global Warming Potential (GWP) of 4.5.
This leads to the fact, theoretically, even if this compound can lead to local stratospheric ozone depletion, its magnitude is very low, due to the short atmospheric lifetime. It does not accumulate in the atmosphere.
Therefore, the low or negligible impact of HCFO-1233zd(E) has led to its approval by the government of different countries and hence, has increased its demand in various industries. This is expected to fuel the market growth during the forecast period.
Recognitions for HCFO-1233zd
Due to their ultra-low GWPs, low or non-flammability, and energy efficiency, HCFO-1233zd are becoming the refrigerants of choice for large chillers. For this, HCFO-1233zd(E) centrifugal chillers from 3 different manufacturers have also received environment awards.
For instance, in Dubai, it received the Middle East North Africa (MENA) Green Building Product of the Year award in the Energy Management category. In Japan, it received the Environment Minister's Award for Global Warming Prevention Activity.
In the United States, it was named one of the Top 10 Products for 2020 at the Greenbuild conference in Atlanta. Such recognitions are increasing the popularity of HCFO-1233zd, hence boosting the market growth.
The trans-1-chloro-3,3,3-trifluoropropene (HCFO-1233zd-E) segment accounts for the largest share of the market. This is due to the rising focus of market players on this product owing to its negligible negative impact on the environment.
The insulation foam blowing agents segment accounted for the largest share of more than 50% owing to the high adoption of HCFO-1233zd in industries as insulation foam blowing agents. On the other hand, the cleaning agent segment is anticipated to grow at the fastest growth rate over the forecast period.
The food or beverage segment accounted for the largest market share owing to the increasing use of HCFO-1233zd in the food and beverage industry as refrigerants and other cooling agents. Whereas, the electric and electronics segment is anticipated to grow at the fastest growth rate over the forecast period.
The North American region accounted for the largest market share of more than 30% in the global market owing to the presence of major market players in the region. Also, the government in the United States, as well as Canada, is focusing on investing in products that are sustainable from an environmental perspective.
The European region is expected to hold the second-largest market share owing to the favourable government initiatives. The Asia Pacific region is expected to grow at the fastest growth rate owing to the rising focus of market players in this region. For instance, in February 2021, Arkema announced further investments to expand its fluoropolymer production capacities in Changshu, China in 2022. It is expected to expand these capacities by 35%. Such strategic initiatives boost market growth.
The cumulative market share of the three major players is near about 68%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in May 2021, Arkema acquired Agiplast, a manufacturer of high-performance polymers, especially fluoropolymers and polyamides. With this, the company enhanced its presence in the Italian market.
Key players operating in the global HCFO 1233zd market include
Beijing Yuji Science & Technology Co., Ltd.
Central Glass Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/jyrtl2
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