Refrigerant Market Expected to Retain Dominance & Grow at an Encouraging CAGR to 2027
Global
Refrigerant Market Overview
A refrigerant is referred to a heat carrier
that changes phase from gas to liquid and back to gas during the refrigeration
cycle. In other words, it is a medium of heat transfer where it absorbs heat by
evaporating at a low temperature and pressure and transfers it back upon
condensation at a higher temperature and pressure. The global refrigerant
market is expected to observe an impressive CAGR during the forecast period.
The report by Market Research Future (MRFR) has analyzed various factors that
are impacting the functioning of the global refrigerant market over the
assessment period
There are two types of refrigerants, i.e.,
natural refrigerants and synthetic refrigerants. While natural refrigerants
have lower levels of GWP, they are highly flammable and toxic in nature. On the
other hand, synthetic refrigerants have higher GWP but are non-flammable and
non-toxic in nature. Owing to the rising awareness towards environment-friendly
adoptions, synthetic refrigerants have been banned, or their use has been
limited due to their high Ozone Depletion Potential (ODP).
Increasing disposable income and changing
lifestyle of consumers across the globe are primary factors driving the global
refrigerant market during the forecast period. Further, an upscaling transport
sector is likely to lead to ascension in demand for refrigerants over the
forecast period. Moreover, upcoming domestic and commercial projects are also
leading to higher consumption of refrigerants, driving sizeable growth to the
global refrigerants market. Also, growing industrialization across the globe is
likely to fuel growth in the global refrigerants market.
Market Segmentation
The global refrigerant market report by
MRFR includes a detailed study of the different types and applications of
refrigerants. Different kinds of refrigerants studied in the report include
natural refrigerants and synthetic refrigerants. There are different types of
natural refrigerants, including organic/hydrocarbons and inorganic
refrigerants. Different types of hydrocarbons include propane, iso-butane, and
n-butane. Inorganic refrigerant types include CO2, ammonia, and water. Different
types of synthetic refrigerants/fluorocarbons are pure fluorocarbons and
fluorocarbon blends. Pure fluorocarbons come in different types viz
chlorofluorocarbons (CFCs), hydrofluorocarbons (HFCs),
hydrochlorofluorocarbons, and hydrofluoric olefins (HFO).
Sample link
- https://www.marketresearchfuture.com/sample_request/5879
Different applications of refrigerants, as
analyzed in the Market Research Future (MRFR) report include air conditioners,
refrigerators, and chillers/heat pumps. Different types of refrigerators
include domestic freezers, commercial refrigerators, transport refrigerator,
and industrial & supermarket refrigerator. Air conditioners (AC) have
different types of split AC, centralized AC, window AC, hybrid AC, and portable
AC. Air conditioners are anticipated to demand the highest level of
refrigerants during the forecast period. This can be attributed to a higher
demand of refrigerators owing to a rising disposable income, rapid technological
advancements, an upscaling standard of living, and upcoming infrastructural
projects on transport networks, as well as, commercial and residential projects
in developing countries.
Detailed
Regional Analysis
The global refrigerant market has been
studied for various regions such as Europe, North America, Latin America, Asia
Pacific (APAC), and the Middle East & Africa (MEA). Among these, the APAC
is expected to be the largest consumer of refrigerants in the global market.
This can be owed to the high demand for refrigerators and air conditioners due
to the rising disposable income and snowballing purchasing power of consumers.
Further, rapid ingression of industrialization is expected to boost the demand
for chiller/heat pumps over the review period. The Middle East & Africa is likely to
showcase a surge in demand over the assessment period. North America and Europe
are anticipated to showcase steady growth, followed by Latin America.
Access Report
Details @
https://www.marketresearchfuture.com/reports/refrigerant-market-5879
Key
Players
The global refrigerant market is highly
impacted by several strategies undertaken by different market vendors in the
market. Some of these distinguished players in the market include DAIKIN
INDUSTRIES, Ltd.(Japan), Asahi Glass Co., Ltd. (Japan), The Chemours Company. (U.S.),
Arkema S.A. (France), Honeywell International Inc. (U.S.), Dongyue Group Co.
Ltd (China), SRF Limited (India), Mexichem S.A.B. de C.V. (Mexico), Sinochem
Group (China), The Linde Group (Germany), and DowDuPont Inc. (U.S.).
Industry
Update
June 2019: The Chemours Company recently
inaugurated the new Opteon production facility in Texas. The production
facility is likely to triple the capacity of Opteon, a hydrofluoro olefin
(HFO)-based refrigerant, which is used in millions of vehicles and thousands of
retail stores across the globe.
Comments
Post a Comment