Hydrofluorocarbons Market Industry Analysis, Outlook and Forecast 2024-2032
The hydrofluorocarbons (HFCs) market has been experiencing steady growth in recent years. The market size of hydrofluorocarbons was valued at 18.77 billion USD in 2022 and is expected to expand from 19.32 billion USD in 2023 to 25.0 billion USD by 2032. This growth trajectory reflects a Compound Annual Growth Rate (CAGR) of approximately 2.9% during the forecast period from 2024 to 2032. Hydrofluorocarbons are a group of man-made compounds that contain fluorine, hydrogen, and carbon. These substances have primarily been used as refrigerants, propellants in aerosol sprays, and as solvents in various applications across several industries. They are particularly popular in air conditioning, refrigeration systems, and fire extinguishing systems because of their low toxicity, ease of handling, and ability to perform effectively in a wide range of temperatures. As global efforts to combat climate change intensify, the...