|12-06-2018 08:32 PM CET - Business, Economy, Finances, Banking & Insurance||
Refrigerants Market Size by Type (HCFC, HFC,HFO), By Application(Domestic, Industrial, Commercial, Transport, Portable, Single Split, Multi-Split, MAC, Chillers, Heat Pumps) – Global Market Trends & Forecasts upto 2023
Press release from: Supply Demand Market Research
The Global Refrigerant Market is estimated to be $ 15 billion and will grow at a CAGR of 4.7 and reach around $ 20 billion by 2023. The major factors contributing towards the growth of refrigerant market ban on use harmful fluorocarbon refrigerants. The uses of fluorocarbon refrigerants have had a severe indirect effect on the environment causing ozone depletion. The fluorocarbon refrigerants has very high global warming potential (GWP) and ozone depletion potential (ODP). The release of these refrigerants in the atmosphere is causing thinning of the ozone layer. Varios regulations such as Montreal protocol and the Kyoto protocol, EU F-gas phase down plan and many more are significantly are posing huge challenges to the refrigerant market
Due to ban of CFC’S, HCFC’S and HFC’s the demand for green or natural refrigerants will high in the next five years. Various natural refrigerants such as ammonia, hydrocarbons, CO2, water and air have very global warming potential (GWP) and ozone depletion potential (ODP). Companies have undertaken green initiatives by switching to natural refrigerants. Coco-Cola are targeted to be 100% free from HFC free and use natural refrigerant CO2 in their new cold drink equipment’s by 2020. HFO refrigerants, or Hydrofluro-Olefins, are a new class of refrigerants which have very less global warming potential as compared to HFC alternatives. HFO ‐1234yf has very less GWP almost 335 times than its HFC alternatives. Companies such as Honeywell, DuPont have begun producing HFO refrigerants.
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The market has been classified on the basis of refrigerant types such as Fluorocarbons (CFC’s, HCFC’s, HFC’s and HFO’s), Inorganic refrigerants (Ammonia, Carbon Di-oxide and Water), Hydrocarbons (Iso-butane, Propane and others). Being traditional refrigerant, fluorocarbon continuous to dominate the market capturing the major share.
On the basis of application, the market has been segmented into Air-conditioners and Refrigeration. The Air-conditioning segment captured the largest share in 2017 mainly due technological advancements, growing demand for window mounted room air conditioner, portable air conditioner in various applications.
Asia-Pacific will capture the largest share in 2017 followed by Europe and North America. Asia-Pacific will continue to dominate the market mainly due to high consumption potential, increasing standard of living, increasing production capacities, and high economic growth rate. In Asia-Pacfic, some of the key players are Dongyue Group Co., Puyang Zhongwei Fine Chemical Co, Shandong Yuen Chemical Industry Co. Ltd, and Sinochem Group, Gujrat Fluorochemicals Ltd, Navin Fluorine International Ltd (India), and SRF Ltd; and Daikin (Japan).
The market is highly regulated by various regulations such as F-Gas Regulation, MAC Directive, Ozone Depleting Substances, Kyoto Protocol, and Montreal Protocol , Significant New Alternative Policy (SNAP) by E.P.A, E.P.A : Proposal to ban HFC by 2016, Japan: Revised F-Gas law, China- FECO: First Catalogue of Recommended Substitutes for HCFCs, China: Room Air Conditioning Industry HCFC Phase-out Management Action Plan, Chile: New MEPS for domestic refrigeration by 2016 have been studied in-depth along with their impacts.
Key innovative strategies such as new product launch, mergers and acquisitions, partnership agreements and have been adopted by the market leaders. In 2017, Daikin launched R-407H refrigerant, which has around 62%*1 lower global warming potential (GWP) as compared to R-404A. The major players in this market are Daikin Industries, SRF Limited, Air-Liquide, Linde Gas, Sinochem Group, Gujarat Flurochemicals, Asahi Glass, Mexichem, Chemours, Honeywell International, Dongyue Group, and Harp International
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