Refrigerant Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027

Refrigerant is the compound majorly found in either a gaseous or fluid state. It readily absorbs the heat from the environment and provides air conditioning or refrigeration when combined with other components such as evaporators and compressors. The global refrigerant market is highly dependent on multiple policies and regulations by various environment protection agencies

Driving Factors:

  • Growing demand for energy-efficient cooling solutions coupled with rising awareness regarding ozone depletion and global warming is projected to boost the market growth over the forecast period

  • Furthermore, growing industrialization in emerging countries such as India, China, and Japan has led to the establishment of a large number of data centers, consecutively boosting the demand for refrigerants. Rising demand for air conditioning in automobiles to enhance comfort is also expected to drive the market growth

  • Improving living standards coupled with the growing trend of comfortable living has positively influenced the market growth for refrigerants in emerging countries

  • Rapidly increasing industrialization coupled with infrastructure development with rising demand for consumer appliances has further generated new opportunities and gateways for equipment manufacturers

  • Rising awareness about the environment has led manufacturers to change the composition of refrigerant gases utilized in refrigerant and air conditioning equipment. These factors are further expected to encourage the growth of refrigerants in the market over the forecast period

Market Segmentation:

  • The global refrigerant market can be segregated based on refrigerant type, product, application, and region. The refrigerant market is categorized based on refrigerant type into two categories: natural refrigerant and synthetic refrigerant. Based on product, the refrigerant market is segregated into hydrochlorofluorocarbons (HCFC), HFO, Hydrofluorocarbons (HFC), propane, carbon dioxide, isobutene, ammonia, and others

  • The application segment is categorized into refrigeration systems, air conditioning systems, chillers, and mobile air conditioning (MAC) systems. Various factors such as low cost, energy-efficient, and eco-friendly nature of hydrocarbons are some of the key features driving the growth of refrigerants. These are also increasingly preferred as the best substitute for fluorocarbon-based cooling process and equipment due to its easy availability and cheap price

  • Furthermore, based on the application, the refrigerant market can be classified into commercial refrigeration, domestic refrigeration, and industrial refrigeration. Air conditioning systems are sub-segmented into split AC, window AC, VRF (variable refrigerant flow), and others. The commercial refrigeration segment is projected to witness significant growth over the forecast period. This growth is attributed to the rise in the number of supermarket, hypermarket, and food retail chains, coupled with increasing consumption of frozen and packages foods

  • Based on geography, the refrigerant market can be segmented into North America, South America, Asia Pacific, the Middle East and Africa, and Europe. Furthermore, the regions are divided into prevailing countries such as U.S., Canada, Germany, France, Italy, U.K., GCC Countries, China, India, Japan, and Brazil

  • Asia Pacific region is expected to dominate the refrigerant market over the forecast period owing to various macro-economic factors such as rapid industrialization, urbanization, rising disposable income, and burgeoning population

  • North America is projected to make a significant contribution to the growth of the market in the coming years. Growing technological advancements in the cold chain sector, increasing demand for refrigerated food and beverages, rising concerns over food wastage, and significantly increasing penetration of supermarkets are few of the major factors influencing the market growth in North America

  • Growth of the Europe refrigerant market can be attributed to the significant demand from mobile air conditioning, commercial, and industrial refrigeration. Growth in this region is regulated by several legislations and stringent guidelines followed by manufacturers for ensuring overall sustainability of the products

Competitive Landscape:

  • Key players operating in the global refrigerant market include Daikin Industries Limited, Navin Fluorine International Ltd., Honeywell International, SRF Ltd., Dongyue Group, Arkema S.A., Linde Group, Sinochem Group, Air Liquide, Mexichem SAB de C.V., and The Chemours Company. Other players operating in the market include Shandong Yuan Chemical Company Limited, Airgas Inc., Tazzetti SPA, A-Gas International, Sinochem Group, Hess Corporation, Engas Australasia, General Utilities, HyChill, Deepfreeze Refrigerants Inc., and Puyang Zongwei Fine Chemical Co. Ltd.

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