Refrigerant Market: Current Analysis and Forecast (2022-2028)

Refrigerant Market: Current Analysis and Forecast (2022-2028)

The global refrigerant market is expected to witness significant growth during the forecast period owing to the increase in demand for energy-efficient cooling solutions and rising awareness regarding global warming and ozone depletion. Refrigerants are used in refrigeration systems for manufacturing, chemicals, food & beverages, pharmaceuticals, and various other industries. The major factors driving the refrigerant market are the rise in demand for refrigeration systems and the increase in per-capita income in developing economies.

The Global Refrigerant Market is expected to register a robust CAGR of around 7% throughout 2022-2028F. The growth of the market is influenced by factors such as the growing demand for natural refrigerants and the growth in the commercial sector. Moreover, increasing demand for consumer appliances such as refrigeration and air conditioning equipment and the growing cold chain market is also contributing to the growing demand for refrigerant. Furthermore, 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. However, increasing regulations against fluorocarbon refrigerants due to their flammability and toxicity issues restrain the market growth. The main goal of this protocol is to minimize damage to the ozone layer through the use of refrigerant gases. Under this protocol, countries have agreed to phase out the use of fluorinated refrigerant gases, which deplete the ozone layer.

Arkoma S.A., Dongyue Group Co. Ltd., Honeywell International Inc., the Chemours Company, the Linde Group, Air Liquide, Sinochem Lantian Co. Ltd., Daikin Industries, Mexichem, and Asahi Glass Corporation. some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst types, the inorganic category is the most demanding Refrigerant for upcoming years”

Based on type, the market is divided into fluorocarbons, hydrocarbons, inorganic refrigerants, and others. The inorganic refrigerant segment grabbed the major market share and dominated the market in 2020. The growing demand for ammonia refrigerants is contributing to the growth of the market. Also, the growing demand for the inorganic refrigerant is also contributing to the growth of the market. The inorganic refrigerants were exclusively used before the introduction of hydrocarbon refrigerants these refrigerants are still in use due to their inherent thermodynamic and physical properties.
"Amongst applications, the commercial category is expected to witness the highest CAGR during the forecast period”

Based on application, the market is categorized into residential, commercial, and industrial. The commercial category is expected to witness the highest CAGR during the forecast period. The factors attributed to the market growth is the increase in demand for infrastructural development in the inter-country and the growing demand for air conditioners in the commercial sector. Furthermore, mobile air conditioning is the fastest growing application due to growth in the automotive and transportation industries. These factors are predicted to propel the sub-segments growth during the forecast years.
"APAC to witness significant growth during the forecast period”

Asia-Pacific is expected to show the highest CAGR growth in the Refrigerant market. The market is promulgating on account of the increasing investments in the industrial sector, generating the demand for cooling infrastructure in the manufacturing industry, which in turn drives the global market in the region. Moreover, the electronics industry in countries like China, Japan, South Korea, and India creates an enormous demand for refrigerants. While other countries in the region such as Japan and South Korea are projected to improve their share through the up-gradation and deployment of new products that require refrigerant.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.