The global refrigerant market size is expected to reach USD 30.37
billion by 2025, according to a new report by Grand View Research, Inc., expanding
at a CAGR of 5.3% during the forecast period. Development of eco-friendly
alternatives, as a result of environmental policies aimed at ozone depletion
and GHG emissions, is a key factor driving market growth.
Regulations
across EU, Japan, China, and U.S. have prompted consumers to shift toward
hydrocarbon and inorganic refrigerants, with its demand predicted to increase
drastically over the forecast period. The fluorocarbons segment accounted for
over 50% of the overall consumption in 2016.
Inorganics
emerged as the second-largest product segment in terms of revenue. Thermal
efficiency of the product has enabled its penetration across industrial
applications. Low cost, easy availability, and eco-friendly characteristics are
key factors boosting its demand in industrial areas.
The Asia
Pacific market for refrigerants has reported strong demand in recent times.
Growth in industrial activity and productivity across China and India will
continue to spur demand for refrigeration across residential, industrial, and
commercial sectors. China represented more than one fifth of the global
consumption in 2016.
Companies
are constantly striving to consolidate their presence through product
development, regional expansions, and application diversification strategies.
Innovative and cost-effective products that meet both end-user specifications
and regulatory standards are key determinants for competitive edge.
Full
research report on refrigerant market analysis:
Further key findings from the report suggest:
·
The global refrigerant demand was estimated
at 1.73 million tons in 2016 and is expected to rise at a CAGR of 5.4% from
2017 to 2025
·
The United Nations Framework Convention on
Climate Change has played a pivotal role in regulating the use of refrigerant
products and has compelled industry participants to develop alternative sources
·
Europe is the second largest consumer, with
the mobile air conditioning, industrial, and commercial refrigeration sectors
exhibiting strong demand. A standard environmental policy across EU has
impelled regional manufacturers to invest extensively in R&D
·
The hydrocarbon refrigerant segment is
expected to witness a CAGR of 8.9% in terms of volume over the forecast period.
Energy efficiency, low cost, and ecofriendly nature of the product are key
traits positively influencing demand
·
Domestic refrigeration is estimated to
emerge as the most promising segment in terms of volume, exhibiting a CAGR of
6.2% over the forecast period
·
Some of the key players in the market are
Honeywell International, Daikin Industries Limited, Arkema S.A., Linde Group,
and The Chemours Company.
Grand View
Research has segmented the global refrigerant market on the basis of product,
application, and region:
Refrigerant
Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
Fluorocarbon
·
Hydrocarbon
·
Inorganic
·
Others
Refrigerant
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
Industrial Refrigeration
·
Domestic Refrigeration
·
Transport Refrigeration
·
Commercial Refrigeration
·
Stationary Air Conditioning, Chillers &
Heat Pumps
·
Mobile Air Conditioning
Refrigerant
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
o
Mexico
·
Europe
o
Germany
o
U.K.
o
France
·
Asia Pacific
o
China
o
India
o
Japan
·
Central & South America
o
Brazil
·
Middle East & Africa
o
Saudi Arabia
Access press release by
Grand View Research: https://www.grandviewresearch.com/press-release/global-refrigerant-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
