“Refrigerants Market is projected to reach USD 30.8 billion by 2025, at a CAGR of 7.7%, from USD 21.3 billion in 2020.
This report segments the market for refrigerants on the basis of type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for refrigerants.
Honeywell International Inc. (US) is one of the leading players in the refrigerants market. In order to expand its business, the company is focusing on enhancing its market reach by entering new markets and regions. For instance, in January 2020, Honeywell International Inc. (US) Solstice L40x refrigerant was selected by Central England Co-Operative for its new food chilling systems. Similarly, The Chemours Company announced to support the market transition driven by the European Union’s F-Gas regulation to lower GWP alternatives and prepare for the next quota phasedown in 2021. It will be suspending the supply of the high GWP refrigerants, R-404A (GWP 3922) and R-507A (GWP 3985), in the European Union.
The Chemours Company (US) is also one of the leading suppliers of refrigerants. It caters to the demand for specialized refrigerants in North America, South America, the Middle East & Africa, Europe, and APAC. It has a strong foothold in the markets in APAC, North America, and Europe, generating a majority of its revenue. It has expanded its R&D centers and floor capacity by continuously investing in the expansion of laboratories, which enables the company to cater to the demand of customers effectively. The company believes in performing various inorganic and organic growth strategies to maintain its position in the refrigerants market. For instance, it invested USD 230 million to increase its production capacity of Opteon product line refrigerants.
Ammonia was the largest type segment in the refrigerants market in 2019; Ammonia, an inorganic refrigerant, is mostly used in applications such as supermarket/hypermarket, industrial refrigeration, and chillers. It offers advantages such as low-cost refrigeration system, high efficiency that results in low power consumption, and a zero OPD and GWP rating, thus improving the overall ratings of HCFCs and HFCs. Ammonia refrigerants are gaining popularity in the APAC market, mainly due to lower carbon dioxide emissions. The emergence of China as the global leader in the grocery market and the emergence of India and Indonesia as the fastest-growing grocery markets are driving the demand for ammonia refrigerants in the region.
The split ACs segment is estimated to dominate the refrigerants market during the forecast period. Splits ACs was estimated to be the largest application in 2019 and is projected to continue its dominance throughout the forecast period. Factors such as increasing demand for ACs with better performance and durability are driving the split ACs segment. With an increase in disposable income, the standard of living in APAC is increasing drastically. Thus, the demand for luxury products is increasing rapidly.
You may also like to read:
APAC to account for the largest share of the refrigerants market, and the trend is expected to continue throughout the forecast period; APAC is the largest market for refrigerants due to the presence of the largest and fastest-growing economies, such as China and India, respectively, in the region. The rapid industrialization, coupled with the growing manufacturing industry, is also driving the market in the region. The rising disposable income of consumers, along with the changing lifestyle, plays a significant role in boosting the refrigerants market. Factors such as advancements in civil construction and high demand for efficient refrigerants drive the market. In addition, the rising demand from Thailand, Indonesia, Malaysia, Japan, and South Korea is estimated to boost the market for refrigerants.