Refrigerant Market

Refrigerant market is accounted for USD 21,106 million in 2020, growing at a robust CAGR of 7.9% during forecast period.

Introduction of the Refrigerant Market Report

Refrigerants are a chemical mixture of gases and fluids that function as a cooling agent in heat pumps and refrigeration cycles. It works on the transition principle, which turns liquid into gas and vice versa at inconstant temperatures. Refrigerants can be used as a primary solution in absorption refrigeration frameworks or refrigeration fluid to transmit thermal energy across different mediums. Refrigerants are found in either a gaseous or liquid state, and it absorb environment heat to provide refrigeration or air conditioning when combined with compressors or evaporators.

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Market Dynamic

Key Drivers and Emerging Trends

The market’s growth can be attributed to the growing demand for cooling refrigerants by the end-users, increasing the adoption of commercial and residential cooling equipment such as freezers, air conditioning systems, ventilation, refrigerators, and others. Additionally, there is an increase in the infrastructure for commercial purposes such as malls, offices that are incorporated with air conditioners (HVAC equipment). Thus, the rapid growth of the commercial sector will lead to an increase in the growth of the refrigerant market.
The automotive industry is one of the growing industry sectors that involve the application of refrigerants for automobile air conditioning. Therefore, the increase in the production of vehicles will boost the demand for refrigerants. For instance, according to the international organization of motor vehicle manufacturers (OICA) more than 77.6 million total vehicles were sold in 2020. Additionally, increasing demand for an electronic vehicle, which helps in the conservation of energy result in the production of a more electric vehicle, will boost the positive growth of refrigerants market size.

Restraint in the Refrigerant Market

However, there are concerns related to the montreal protocol under which regulations are imposed on certain refrigerants. The main reason for this protocol is to minimize the damage caused to the ozone layer due to the use of refrigerant gases. Under this protocol, several countries such as Australia, England, Thailand, have agreed to phase out the use of HFCs and HCFCs by imposing a limitation on their consumption. These factors are hampering the growth of the refrigerant market.

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Application – Segment Analysis

Based on the application, refrigerants in Split ACs expected to grow at a higher CAGR rate in the global refrigerant market during the forecast period. This is owing to the better durability and better performance is the growth factor for the split ac segment as it can be easily installed and require less maintenance. Moreover, the increase in disposable income and living standard of end-user have boosted the demand for luxury items such AC, refrigerator etc, rapidly. Thus, this factor has propelled the growth of this segment.

Type – Segment Analysis

Based on the Type, Ammonia is expected to grow at a higher CAGR rate in the global refrigerant market during the forecast period due to its higher advantages such as high efficiency, low-cost refrigeration system, which results in low power consumption and zero GWP and OPD rating, thus improves the overall ratings of HFCs and HCFCs. Additionally, ammonia refrigerants are convenient to nature due to their lower carbon dioxide emissions. These key factors result in a positive growth of this segment.

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Regional – Segment Analysis:

Based on the region, the Asia Pacific region is expected to grow at a higher CAGR rate in the global refrigerant market during the forecast period due to its rising economy and growing population.  For instance, according to the India brand equity foundation, the real gross domestic product (GDP) at the current price stood at 1.82 trillion US$ in FY21. And according to the world bank, Chinas economy is projected to grow 8.5 percent in 2021. Thus, the rapid industrialization with, growing manufacturing industry, and rising lifestyle with an increase in disposable income play a significant role in the growth of the refrigerant market. Factors such as development in civil construction and luxury buildings boost the demand for refrigerants in this region. These factors have augmented the growth of the refrigerant market in this region

Top Market Players

Various notable players operating in the market, include, Arkema, Dongyue Group Co. Ltd, Honeywell International Inc., The Chemours Company., Linde plc, Air Liquide, Sinochem Group Co., Ltd., Daikin Industries, Ltd., Orbia, AGC Inc., among others.

Key Developments:

• • In January 2020, Homeywell international inc. solstice L40x was selected by the central England co-operative for the new food chilling system. This helped Homeywell to expand its business to a new market and region.
  • In Dec 2019, The Chemours Company, a global chemistry company with leading market positions in titanium technologies, flour products, and chemical solutions, announced to support the market transition driven by the European Union F-Gas regulation to lower GWP alternatives and prepare for the next quota phasedown in 2021

Segments covered in the Report:

The global Refrigerant market has been segmented on the basis of Application, Type and regions. Based on Application, the market is segmented into Refrigeration, Chillers, Air-conditioning systems and MAC. The Refrigeration segment is further categorized into Domestic, Commercial, and Industrial. The Air-conditioning segment is further categorized into window, split, VRF and others. Based on Type, the market is segmented into, HFCs, HCFCs, HFOs, Isobutane, Propane, Ammonia, Carbon dioxide, and Others.

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Key questions answered in this research report:

• • At what pace is global Refrigerant market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Refrigerant market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Refrigerant market?
  • Which Application generated maximum revenues in 2020 and identify the most promising Application during the forecast period?
  • What is the various Type of global Refrigerant market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Refrigerant Market by Application

• • Refrigeration
    • Domestic
    • Commercial
    • Industrial
  • Chillers
  • Air-conditioning systems
    • Window
    • Split
    • VRF
    • Others
  • MAC

Global Refrigerant Market by Type

• • HFCs
  • HCFCs
  • HFOs
  • Isobutane
  • Propane
  • Ammonia
  • Carbon dioxide
  • Rodent Control
  • Others

Global Refrigerant Market by Region

• • North America Refrigerant Market (Option 1: As a part of the free 25% customization)
    • North America Refrigerant Market by Application
    • North America Refrigerant Market by Type
    • US Refrigerant Market All-Up
    • Canada Refrigerant Market All-Up
  • Europe Refrigerant Market (Option 2: As a part of the free 25% customization)
    • Europe Refrigerant Market by Application
    • Europe Refrigerant Market by Type
    • UK Refrigerant Market All-Up
    • Germany Refrigerant Market All-Up
    • France Refrigerant Market All-Up
    • Spain Refrigerant Market All-Up
    • Rest of Europe Refrigerant Market All-Up
  • Asia-Pacific Refrigerant Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Refrigerant Market by Application
    • Asia-Pacific Refrigerant Market by Type
    • China Refrigerant Market All-Up
    • India Refrigerant Market All-Up
    • Japan Refrigerant Market All-Up
    • Rest of APAC Refrigerant Market All-Up
  • RoW Refrigerant Market (Option 4: As a part of the free 25% customization)
    • RoW Refrigerant Market by Application
    • RoW Refrigerant Market by Type
    • Brazil Refrigerant Market All-Up
    • South Africa Refrigerant Market All-Up
    • Saudi Arabia Refrigerant Market All-Up
    • UAE Refrigerant Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Refrigerant Market All-Up

Major Players Operating in the Refrigerant (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Arkema
  • Dongyue Group Co. Ltd
  • Honeywell International Inc.
  • The Chemours Company.
  • Linde plc
  • Air Liquide
  • Sinochem Group Co., Ltd.
  • Daikin Industries, Ltd.,.
  • Orbia
  • AGC Inc.