The report "Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide), Application (Refrigeration System, Air Conditioning System, Chillers, and MAC), and Region(Asia Pacific , North America, Europe, MEA)- Global Forecast to 2028", size was USD 6.3 billion in 2022 and is projected to reach USD 9.0 billion by 2028, at a CAGR of 6.4%, between 2023 and 2028. The report provides access to critical information such as refrigerants market growth drivers, market growth restraints, current market trends, the market's economic and financial structure, and other key market details.
The major drivers for this market are the increasing demand for consumer appliances such as refrigeration and air conditioning equipment and the growing cold chain market. Factors such as growth in the organized retail framework, a shift toward horticultural crops, and growth in the processed food sector have also contributed to the demand for refrigerants. Increasing regulations against fluorocarbon refrigerants due to their flammability and toxicity issues restrain the market growth. Owing to the increasing regulations on fluorocarbons, the refrigerants market is likely to witness increased demand for natural refrigerants, which may present an opportunity for the market to grow.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1082
Refrigerants are used to generate a cooling effect in the air conditioning and refrigeration systems industry. They are used in equipment such as freezers, refrigerators, air conditioners, and heating units. Based on their chemical composition, the commonly used refrigerants are HCFCs, HFCs, HFOs, HCs, ammonia, carbon dioxide, and water. In general, refrigerants find application in domestic, commercial, and industrial refrigeration; chillers; window, split, variable refrigerant flow, and other types of air conditioning systems; and mobile air conditioning.
The key players in this market are Arkema S.A. (France), Daikin Industries Ltd. (Japan), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Dublin), and Air Liquide (France) and others. The competitiveness in the refrigerants market is rising due to the increasing adoption of growth strategies such as expansions, new product launches, partnerships, and acquisitions by the leading players.
Honeywell offers products across the buildings, personal safety, vehicles, footwear, industrial, manufacturing, aerospace & defense, oil & gas, security & fire, healthcare & medical, chemicals, and specialty material industries. The company operates under the following segments—aerospace, performance materials and technologies, Honeywell building technologies, and safety and productivity solutions. It manufactures and markets refrigerants under the performance materials and technologies segment. The company has a strong sales network in the US and Europe.
The Chemours Company is a DuPont (US) spin-off that offers solutions to various end-use industries. The company is among the leading players in the refrigerant market and operates through four major business segments—titanium technologies, thermal & specialized solutions, advanced performance materials, and chemical solutions. It manufactures and markets refrigerants under the thermal & specialized solutions business segment. The company offers refrigerants through two brand names: Freon and Opteon. It has a wide geographical presence and meets the demand from North America, Europe, Middle East & Africa, Asia Pacific, and South America.
Get Sample Copy of this Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=1082
HFC & Blends segment to account for larger share in refrigerants market, in 2022.
The rising demand from the increasing population, accompanied by the development of new technologies and products, is projected to make this region an ideal destination for the HFC & blends segment. Improved lifestyles, increasing cost of living, and the multiplying population will help industries such as refrigeration and air conditioning flourish in developing regions, thereby supporting the demand for HFC & blends.
Refrigeration System to lead refrigerants market, during the forecast period.
The high urbanization rate and emerging industries in the emerging economic region are increasing the demand for refrigeration systems. China being a global manufacturing base, generates high demand for refrigerants in industrial refrigeration systems. Similarly, other major economies in the Asia Pcific region, such as India, Japan, and South Korea, are also driving refrigerant demand in this application. This application is further divided into three major categories—domestic refrigeration, industrial refrigeration, and commercial refrigeration
“Asia Pacific is expected to be the fastest-growing region, in the overall refrigerants market, during the forecast period”
The increasing demand for consumer appliances in the growing economies of Asia Pacific, such as China, India, and Thailand, along with the growing cold chain network in well-established markets of North America and Europe, is driving the refrigerants market. As this market is highly regulated, fluorocarbon refrigerants are expected to decline in their market share. This is likely to act as an opportunity for manufacturers of natural refrigerants.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1082
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Rohan Salgarkar
Email:Send Email
Phone: 18886006441
Address:1615 South Congress Ave. Suite 103, Delray Beach, FL 33445
City: Florida
State: Florida
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/refrigerant-market-1082.html
