c Market Outlook to 2023 – Chemours, Mexichem, Daikin, Arkema, Dongyue Group, Zhejiang Juhua, Meilan Chemical, Arkema (Changshu), Sanmei

Oct 2018, New York USA (News)- Over the next five years, Research Reports Inc. projects that HFC Refrigerant will register a 3.0% CAGR in terms of revenue, reach US$ 5660 million by 2023, from US$ 4740 million in 2017. Refrigerants are generally in the fluid form and are used in a heat pump or refrigeration process. They primarily are of three types: Chlorofluorocarbons (CFC), Hydro-chloro-fluorocarbons (HCFC), and Hydro-fluorocarbons (HFC). All these types are believed to be hazardous to environment. HFCs are third generation of CFCs which do not deplete ozone layer, but are potentially greenhouse gases.
Hydrofluorocarbon (HFC), any of several organic compounds composed of hydrogen, fluorine, and carbon. HFCs are produced synthetically and are used primarily as refrigerants. They became widely used for this purpose beginning in the late 1980s, with the introduction of the Montreal Protocol, which phased out the use of chemicals such as halons and chlorofluorocarbons (CFCs) that contribute to the depletion of Earth’s ozone layer. However, while HFCs have an ozone depletion potential of zero, they are potent greenhouse gases, and thus their manufacture and use became increasingly regulated in the 21st century.

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Major Market Players
Chemours
Mexichem
Daikin
Arkema
Dongyue Group
Zhejiang Juhua
Meilan Chemical
Arkema(Changshu)
Sanmei

Split by Product Types, with sales, revenue, price, market share of each type, can be divided into
R-134a
R-410A
R-407C
R125
Others
Split by applications, this report focuses on sales, market share and growth rate in each application, can be divided into
Air Condition
Automotive Air Conditioner
Refrigerator
Others

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The market in several growing economies of the Asia-Pacific and the Middle East & Africa is expected to witness high growth owing to the increasing spending power, growth in the infrastructure industry, and growth in the manufacture of consumer appliances. The growing food and healthcare industries are also driving the market as these industries require refrigerators for preserving drugs and food items. Moreover, increasing populations and rising consumption of frozen food are also contributing significantly to the growth of the refrigerants market in the Asia-Pacific. However, the market in the developed economies of Europe and North America is expected to witness slow growth due to changing trends regarding restrictions on the use of fluorocarbons under regulations of the Montreal Protocol.

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The Asia-Pacific was the largest market for refrigerants in 2016, globally. Growing populations and infrastructural developments in the region have led to an increase in the use of refrigerants for various applications such as refrigerators and air conditioners. The high economic growth, followed by heavy investments in the consumer appliances industry drive the demand for refrigerants in the region. Furthermore, the growing populations and industry alliances are expected to support the growth of the refrigerants market in the region. The presence of large consumer appliances manufacturers such as Daikin (Japan), Samsung (South Korea), LG (South Korea), and Videocon Industries Limited (India) supports the growth of the refrigerants market in the region.

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