Global Refrigerant Market 2017-2021
A refrigerant is a substance or mixture, generally a fluid used as a medium to carry heat in HVAC equipment. Refrigerants undergo a transition phase from liquid to gas, and back to liquid, in a continuous refrigeration cycle. The various substances used as refrigerants have evolved over the years and are classified into different categories based primarily on their composition.
Technavio’s analysts forecast the global refrigerant market to grow at a CAGR of 6.09% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global refrigerant market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Refrigerant Market 2017-2021
Technavio recognizes the following companies as the key players in the global refrigerant market: Airgas Refrigerants, Arkema, Chemours, Dongyue, Honeywell, and The Linde Group.
Other Prominent Vendors in the market are: A-Gas Americas, Asahi Glass, Climalife, Daikin Industries, Danfoss, Global Refrigerants, Mexichem, Navin Flourine International, Shandong Yuean Chemical Industry, Sinochem Group (China), and SRF.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increased usage of transcritical carbon dioxide systems in supermarkets. The use of transcritical carbon dioxide systems started in 2005 when the first of its kind was installed in Italy. This system has started gaining popularity and till date close to 2,000 systems have been installed in supermarkets.”
According to the report, one driver in the market is emergence of energy-efficient systems. Energy efficiency is no longer a fringe benefit but the need of the hour. Homeowners, entrepreneurs, retailers, and consumers now demand that the products in their homes or commercial establishments be energy-efficient to reduce the rising energy costs. Moreover, governments across the globe are encouraging citizens to opt for appliances that are highly efficient. On account of this, large sums of money are spent on the research and development (R&D) of products with higher efficiency; one such example is the inverter technology air conditioners, which has gained much popularity in recent times.
Further, the report states that one challenge in the market is capital-intensive HVAC industry. The HVAC industry is the major end-user industry of refrigerants, accounting for more than half of the refrigerants market. However, the global HVAC market is a highly capital-intensive one. Therefore, HVAC market vendors face difficulty in earmarking the required substantial investments in R&D activities and for marketing campaigns. Many end-users also struggle to purchase HVAC systems, especially energy-efficient solutions, as they require considerably high initial investments.
Airgas Refrigerants, Arkema, Chemours, Dongyue, Honeywell, and The Linde Group. A-Gas Americas, Asahi Glass, Climalife, Daikin Industries, Danfoss, Global Refrigerants, Mexichem, Navin Flourine International, Shandong Yuean Chemical Industry, Sinochem Group (China), and SRF.