Refrigerant market Projected to Gain Significant Value through 2023-2030 - MRFR Study

 Overview:

The refrigerant market is booming market. The growing need for refrigeration with the rising living standards is driving the refrigerant market. The market was valued at USD 21.5 billion in 2020. Cooling systems have become a necessity nowadays and the demand is still rising. Refrigerants are used in refrigerators, air conditioners, freezers, fire suppression systems, etc. The refrigerant market is estimated to grow at a compound annual growth rate CAGR of about 7% over the current forecast period (2022–2030).

 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), revealing 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 the Montreal and Kyoto protocols.

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. 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 hydrofluoric Olefins (HFO) and others. Fluorocarbon blends consist of azeotropic and zeotropic (non-azeotropic).

Application-wise segmentation of the refrigerant market can be segmented into refrigerators, air conditioners, chillers/heat pumps, and others. The refrigerators segment is further segmented into domestic refrigerators, commercial refrigerators (medium scale), industrial & supermarket refrigerators (large scale), and transport refrigerators. Air conditioners (AC) are sub-segmented into centralized AC, split AC, window AC, portable AC, and hybrid AC.

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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 India 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 a growing demand for chiller/heat pump applications. 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 American and Europe markets are more mature than the rest, and steady growth can be expected during the forecast period.

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 technology advancements in its holistic growth as well.

In December 2018, Daikin Industries Ltd. finalized its agreement with Austria-based AHT Group with an aim to capitalize on environmental regulations.

In November 2017, 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.

About Market Research Future:

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