Refrigerant Market
Refrigerant Market size was valued at USD 21,106 million in 2020 and is projected to expand at a healthy CAGR of 7.9% over the forecast period, owing to the growing demand for domestic air conditioning systems.
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Refrigerant refers to the chemical composition of gases and fluids that work as a cooling agent in refrigerators, i.e., they convert liquid into gases and vice versa at unstable temperatures. Surging demand for cooling refrigerants by end-users and expansion in the cold chain market are the major drivers fueling the refrigerant market. Rapid increase in the automotive industry has surged the production of vehicles, thereby propelling the market growth. For example, as per the international organization of motor vehicle manufacturers (OICA) over 77.6 million vehicles were sold in 2020. Other factors like rapid industrialization, infrastructural development, and better living standards have bolstered market growth. Further, increasing awareness about ozone depletion and global warming will provide enormous opportunities to the market. Also, the growing demand for commercial and residential tools such as ventilation, air conditioning systems, and freezers and proliferation in the commerce sector will surge the refrigerants market share.
With the onset of coronavirus, the demand for refrigerants from several end-use applications reduced due to strict lockdown norms. As a result, the market experienced negative growth in 2020. However, the demand is projected to revive by 2021.
By region, Asia Pacific will hold a larger share over the forecast period, owing to rapid urbanization, accelerating per capita income, and industrialization. As per the India brand equity foundation, the real GDP at the current price was 1.82 trillion US$ in FY21. Als, expansion in civil construction encourages the demand for refrigerants in the region.
Key Developments:
In January 2020, Honeywell international inc. Solstice L40x selected by central England co-operative for latest food chilling system. This helped Honeywell to strengthen its business across a new market and region.
In Dec 2019, The Chemours Company, a leading chemistry company with its market position across titanium technologies, flour products, and chemical solutions, decided to encourage the market transition driven by the European Union F-Gas regulation to reduce GWP alternatives.
Refrigerant Market Segmentation:
Refrigerant Market by Application
• Refrigeration
o Domestic
o Commercial
o Industrial
• Chillers
• Air-conditioning systems
o Window
o Split
o VRF
o Others
• MAC
Refrigerant Market by Type
• HFCs
• HCFCs
• HFOs
• Isobutane
• Propane
• Ammonia
• Carbon dioxide
• Rodent Control
• Others
Refrigerant Market by Region:
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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