ID: MRFR/CnM/4423-HCR | 100 Pages | Published By Priya Nagrale on March 2023
The refrigerant market is a booming market. The growing need for refrigeration with the rising living standards is driving the refrigerant market. The market was valued at USD 21.5 billion in 2020. Cooling systems have become a necessity nowadays and the demand is still rising. Refrigerants are used in refrigerators, air conditioners, freezers, fire suppression systems, etc. The refrigerant market is estimated to grow at a compound annual growth rate CAGR of about 7% over the current forecast period (2022-2030).
Almost every Industry relies upon artificial cooling systems to protect the material from natural damage. Artificial cooling is a necessity in houses, grocery stores, transportation systems, data centers, and other industries. Therefore owing to high demand the market is anticipated to assume a significant value in upcoming times. The refrigerant market value is estimated to hit USD 37.40 billion by the end of the current forecast period in 2028.
Covid 19 had a serious impact on the global refrigerant market. The market demand fell owing to restrictions on the movement of goods and the people. Covid being a respiratory disease associated with colds, the demand for frozen food products fell very sharply. Moreover, the large-scale closure of food and beverage distribution units brought down the market growth rate. The growth of the refrigerant industry was also hampered by disruptions in the supply chain and industrial production. The demand from cooling units from residential complexes was also very less over the period owing to fear of virus spread through cooling systems.
The pharmaceutical industry brought a slight relief for the global refrigerant market due to its strong market hold over the period. However, the market is showing vigorous growth in the post-pandemic period and is likely to cross the previous growth rate.
Rising industrialization and improvement in living standards of people are the major growth driving factors for the global refrigerant market. Refrigerant-based cooling systems have become an indispensable part of our life. The increasing use of cooling systems in residential, commercial, and industrial sectors is generating high demand for refrigerants.
New refrigeration technology and environment-friendly refrigerants will change the face of the refrigerant industry in the future. Many countries have started phasing out fluorinated gases with natural gases. The rising disposable income of people will generate high market demand particularly in the automobile sector and residential cooling sector. Moreover, compatible and energy-friendly refrigeration devices are witnessing high demand in the agriculture and food product industry. The rapidly growing cold chain industry is also a potential demand-generating sector. Therefore, the eco-friendly refrigerant industry has bright prospects.
Conventional refrigerants such as Chlorofluorocarbons ( CFCs) are responsible for ozone hole depletion thus, are potent greenhouse gases. Therefore, environmental concerns about the use of such refrigerants are the major growth hindering factor. Moreover, illegal import and trade of refrigerants such as HFCs is a huge concern for the global refrigerant market. These refrigerants are traded illegally to bypass government rules and restrictions which is causing harm to the market. Furthermore, stringent government regulations on the use of refrigerants for their toxicity and explosive behavior are also a potential growth hindering factor.
A Refrigerant is a chemical, widely used in cooling systems, that is capable of readily absorbing heat from the environment. It is a heat carrier and moves through a refrigeration cycle in different phases to absorb and release the heat. The refrigerant is a vital constituent of modern cooling systems such as air conditioners, refrigerators, freezers, etc.
The refrigerant is liquid at low temperature and readily becomes gas by absorbing heat from the environment. Next, at high temperature and pressure, the gas condenses to release the absorbed heat and it again becomes a cool liquid by the end of the cycle. A good refrigerant has an atmospheric boiling point between -40 °C - 0° C, it must not be toxic, must be easily available, and should be non-inflammable. The newer refrigerants in the market are having low GWP which is a big achievement.
This report aims to provide a complete overview of the refrigerant market. The specific objectives of this market report are given below:
Segmentation of the global refrigerant market, by type
Hydrofluorocarbons (HFCs) under synthetic refrigerants are the fastest-growing refrigerant segment. Hydrofluorocarbons are less harmful to the environment and have good refrigerant properties. These are non-inflammable, recyclable, chemically stable, and do not contribute to ozone layer depletion. Moreover, they have also emerged as a potent substitute for phasing out fluorocarbons. However, Ammonia under inorganic refrigerant accounts for the largest market share.
Domestic Refrigerators and Air conditioners are the rapidly growing segments. The rise in disposable income of the people is driving the market growth. With rapid infrastructure development in developing economies, the installation of cooling mechanisms such as HVAC systems is going on a large scale.
The different regional markets for the global refrigerant market are:
The Asia Pacific is the largest regional market for global refrigerant trade. Rapid industrial development and economic growth in this region are the major growth driving factors. Expansion of the cold chain is also helping the market to grow significantly. Moreover, the rise in disposable income of people is also a big contributor to the market growth in this region.
North America is the major demand-raising regional segment. The luxurious lifestyle of people and the want for a modern living system develops the need for refrigerants in this region. Moreover, the widespread cold chain network is the major refrigerant user in this region. Europe is a moderately growing market. Most of the demand in this region comes from A.C-enabled transportation systems. Additionally, the pharmaceutical industry and food industry also demand generators. In South America, the growing food and beverage industry is the largest end-user of refrigerants. Moreover, economic development and rising disposable income are also contributing to the market growth here. The Middle East is a potentially growing market for refrigerants. Huge demand for cooling systems in the hospitality and residential sector is the major growth enabling factor.
The major global companies playing a key role in the refrigerant market are :
This report will be beneficial for every stakeholder of the refrigerant market such as :
This report provides an in-depth analysis of the refrigerant market in terms of current value and future forecast. This report also highlights the problems and prospects of the given market.
Moreover, technological analysis of the product will greatly help in decision-making. Furthermore, this report contains a detailed analysis of every segment of the given market for the current forecast period. This report has also highlighted the key players and the current developments in the refrigerant market.
|Market Size||2030: USD 37.40 billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||DAIKIN INDUSTRIES, Ltd.(Japan), The Chemours Company. (U.S.), Honeywell International Inc. (U.S.), Arkema S.A. (France), Dongyue Group Co. Ltd (China), Asahi Glass Co., Ltd. (Japan), Sinochem Group (China), Mexichem S.A.B. de C.V. (Mexico), The Linde Group (Germany), SRF Limited (India), and DowDuPont Inc. (U.S.).|
|Key Market Opportunities||growing industrialization across the globe|
|Key Market Drivers||Rising disposable income, changing lifestyle, upcoming transportation, domestic & commercial projects in the emerging economies|
Rising industrialization and improving people's standard of living are the major growth driving factors for the refrigerant market.
The Asia Pacific holds the largest market share of the Global refrigerant market. Rapid economic development and rising disposable income are the growth-promoting factors.
The major global companies playing a key role in the global refrigerant market are : ● Daikin Industries, Ltd.(Japan) ● The Chemours Company. (the U.S.) ● Honeywell International Inc. (U.S.) ● Arkema S.A. (France) ● Dongyue Group Co. Ltd (China) ● Asahi Glass Co., Ltd. (Japan) ● Sinochem Group (China), ● Mexichem S.A.B. de C.V. (Mexico) ● The Linde Group (Germany) ● SRF Limited (India) ● DowDuPont Inc. (U.S.)