Refrigerant Market 2022 | Celanese Corporation (U.S),Pexi Chem Private Limited. (India),Tailored Chemical (U.S)
Market Analysis
The global refrigerant market is
expected to witness a favorable growth at a striking CAGR during the forecast
period (2015-2023). Simply defined, refrigerant is a chemical fluid mixture
that act as cooling agent in refrigeration cycles and heat pumps. This works on
the phase transition principle that is liquid to gas, gas to liquid at
different operating temperatures. A refrigerant can either be used as a primary
working fluid especially in an absorption refrigeration system or in the means
of a secondary fluid for transporting thermal energy from a specific medium to
another. Ever since its inception, the requirement for refrigerants has gone up
significantly both in the commercial and industrial sector. Over the years,
various models of refrigerants have been created for various applications, thus
to keep away from any confusion, the numbering system was been introduced for
designating various refrigerants.
There are many factors that is driving the growth of the Refrigerant
Market. Some of these factors as
per the Market Research Future (MRFR) report include rapid industrialization,
increase in inclination for efficient cooling systems, increase in the need for
better maintenance of the industrial equipment which need surroundings for
different manufacturing units, increase in the need for absorption chillers
especially in oil and gas refineries, rise in the need for domestic AC systems,
increase in per capita disposable income, increasing need for refrigerant in
the automobile sector particularly passenger cars, improved standard of living,
nuclear family trends, changing lifestyle, upcoming domestic and commercial
projects and transportation in emerging economies.
Key Players
Leading
players profiled in the refrigerant market
include DowDuPont Inc. (U.S.), SRF Limited (India), The Linde
Group (Germany), Mexichem S.A.B. de C.V. (Mexico), Sinochem Group (China),
Asahi Glass Co., Ltd. (Japan), Dongyue Group Co. Ltd (China), Arkema S.A.
(France), Honeywell International Inc. (U.S.), The Chemours Company. (U.S.), and
DAIKIN INDUSTRIES, Ltd. (Japan).
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Market Segmentation
Market
Research Future report offers an all-inclusive segmental analysis of the refrigerant market on the basis of type and
application.
Based on
type, it is segmented into synthetic and natural refrigerants. The natural
refrigerants are again segmented into inorganic and organic/hydrocarbon
refrigerants. Hydrocarbons are further segmented into iso-butane, n-butane,
propane and others and inorganic hydrocarbons are further segmented into water,
carbon dioxide, ammonia and others. The synthetic refrigerants or fluorocarbons
are segmented into fluorocarbon blends and fluorocarbons. The pure
fluorocarbons are again segmented into hydrofluoro Olefins (HFO),
hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs). The fluorocarbon
blends are again segmented into zeotropic (non-azeotropic) and azeotropic. HFO,
HFC, HFO/HFC blends along with natural refrigerants are likely to have a high
growth rate owing to low ODS, low GWP potential and eco-friendly properties in
comparison to synthetic refrigerants.
Based on
application, the refrigerant
market is segmented into
chillers/heat pump, air conditioners, refrigerators and others. The
refrigerators are again segmented into transport refrigerator, industrial and
supermarket refrigerator (large scale), commercial refrigerators (medium scale)
and domestic refrigerators. AC or air conditioners are further segmented into
hybrid AC, portable AC, window AC, split AC and centralized AC. Of all these,
air conditioners (AC) is projected to have the maximum share in the refrigerant
market owing to increasing disposable incomes, rapid technological
advancements, rising living standards as well as infrastructure projects
especially on transport networks along with residential and commercial projects
that are coming up in emerging economies.
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Regional Analysis
Based on
region, the refrigerant market covers
growth opportunities and latest trends across Asia Pacific, North America,
Europe, Latin America and the Middle East and Africa. Of these, Asia Pacific
will dominate the refrigerant market during the
forecast period. The market in the Middle East and Africa is projected to have
rising demand. In Europe and North America, the refrigerant market will have a
steady demand and this will be trailed further by Latin America. Changing
lifestyle, rising disposable income and upcoming transportation, commercial and
domestic projects in emerging companies are fueling the need for refrigerators
and air conditioners. Thus, it is impacting the market positively. Besides,
growing industrialization the world over is projected to spur the demand for
heat pump/chillers.
March 2019- Parent Company of HVAC & R
outfits, CoolSys has acquired New York based company ABC Refrigeration and
HVAC. This acquisition for CoolSys will be a key milestone as they will
continue their expansion path all through the United States.
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