Refrigerant Market 2021: Global Key Players, Trends, Share, Market Size, Segmentation, Opportunities, Forecast To 2030
Overview:
The refrigerant market is accelerating at a
rapid pace owing to the changes it is witnessing in the consumer behavior.
Urbanization, across the globe, has become a trend. As more and more cities are
coming into being, the impacts of it are
becoming more visible. This has triggered
a demand for cooling mechanisms such as refrigerators and air conditioners. At
the same time, the cold chain sector is
getting traction from various industries
which can squarely influence the refrigerant market. The refrigerant is a heat
carrier, and in the refrigeration cycle,
it runs in a loop between gas and liquid state. In the process, it
controls temperature. The global refrigerant market is expecting robust growth during
the forecast period (2017-2023), reveals Market Research Future (MRFR). The
detailed report also includes other factors such as an increase in disposable income, demand from the automobile sector,
and domestic & commercial projects. These factors can impact the
refrigerant market in the coming years considerably. The market is also
witnessing significant growth for natural refrigerants owing to the diminishing
use of fluorocarbon due to Montreal and Kyoto protocols.
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Competitive
Analysis:
Prominent players operating in the global
refrigerant market are Honeywell International Inc. (U.S.), The Chemours
Company. (U.S.), Asahi Glass Co., Ltd. (Japan), Arkema S.A. (France), DAIKIN
INDUSTRIES, Ltd. (Japan), Dongyue Group Co. Ltd (China), Mexichem S.A.B. de
C.V. (Mexico), The Linde Group (Germany), Sinochem Group (China), SRF Limited
(India), and DowDuPont Inc. (U.S.). The market banks mostly on the strategic
moves taken by significant players for their individual growth which helps the
refrigerant market in its holistic growth as well.
Stringent regulations, however, can deter
the refrigerant market growth during the forecast period. Global warming and
depletion of the ozone layer can be considered the influencers for such
imposing acts. However, the refrigerant market can reap the benefits of usage
of hydrocarbon and other inorganic refrigerants. Eco-friendly options from various companies are providing enough
opportunities to build a sustainable future.
Segmentation:
The global refrigerant market can be segmented by type and application.
Based on the type, the global refrigerant
market can be segmented into natural
refrigerants and synthetic refrigerants. The natural refrigerants include
organic/hydrocarbons and inorganic refrigerants. Hydrocarbons are comprised of propane, n-butane, iso-butane,
and others. Inorganic hydrocarbons can be sub-segmented into ammonia, CO2,
water, and others. Synthetic refrigerants/fluorocarbons are segmented into two types, namely pure fluorocarbons and
fluorocarbon blends. Pure fluorocarbons are
further segmented into chlorofluorocarbons (CFCs), hydrofluorocarbons
(HCFCs), hydrofluorocarbons (HFCs), and hydrofluoro
Olefins (HFO) and others. Fluorocarbon blends consist
azeotropic and zeotropic (non-azeotropic).
Application-wise segmentation of the
refrigerant market can be segmented into
refrigerators, air conditioners, chillers/heat pump, and others. Refrigerators
segment is further segmented into
domestic refrigerators, commercial
refrigerators (medium scale), industrial & supermarket refrigerator (large
scale), and transport refrigerator. Air conditioners (AC) are sub-segmented into
centralized AC, split AC, window AC, portable AC, and hybrid AC.
Regional
Analysis:
Geographic analysis of the refrigerant
market includes Asia Pacific (APAC), North America, Europe, Latin America
(LATAM), and the Middle East & Africa (MEA).
The APAC region is doing exceptionally well in this sector. Emerging
economies such as Indian and China are providing significant traction to the
regional market. Rising disposable income and huge population are proving to be
major factors. At the same time, the revamped industrial sector is showing growing
demand for chiller/heat pump application. The MEA market is having growth in
the refrigerant market due to ongoing construction & infrastructural
activities that are expected to boost the tourism industry. North America and
Europe markets are more mature than the rest, and
steady growth can be expected during the forecast period.
In December 2018, the Daikin Industries
Ltd. finalized their agreement with Austria-based AHT Group with an aim to
capitalize on environmental regulations.
In November 2017, the SRF Limited made a
pact with the global titan Mexichem to buy HFC 125, a hydrofluorocarbon
refrigerant, to substantially grow in the air conditioning industry.
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