Refrigerants Market is expected to expand at $18,509 Million by 2022 : AMR Research Report
Refrigerants Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $18,509 million by 2022, registering a CAGR of 9.9% from 2016 to 2022.The inorganic refrigerants segment dominated the global market in 2015, with more than one-third share.
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Refrigerants can be used either as primary working fluids in absorption refrigeration systems or as secondary fluids to transport thermal energy from one medium to another. Since their inception in 1856, the need for refrigerants has rapidly increased in the industrial and commercial sectors.
The global refrigerants market is segmented based on type, application, and geography. Based on application, the global refrigerants market is segmented into AC and refrigeration. Based on type, the market is segmented into halocarbons, azeotropic refrigerants, zeotropic refrigerants, inorganic refrigerants, and hydrocarbons. The halocarbons sub-segment comprising hydrofluorocarbon (HFCs), chlorofluorocarbons (CFCs), and hydrochlorofluorocarbons (HCFCs), are predominantly used in industrial refrigeration processes, food storage units, and domestic cooling appliances. Inorganic refrigerants comprising carbon dioxide, ammonia, and water have low emissions of toxic gases, as they do not have carbon‐hydrogen bonds. The global inorganic refrigerant market is anticipated to witness significant growth during the forecast period, owing to increasing inclination of consumers towards eco-friendly refrigerants. Moreover, hydrocarbon refrigerants, such as propane and isopropane, are natural derivatives of petroleum. They are widely popular in the industry due to their ecofriendly attribute. Thus, hydrocarbons segment is expected to witness the highest growth in the global refrigerants market during the forecast period.
The global refrigerants industry offers vivid opportunities to market players, owing to rapid growth in the global economy and disposable incomes. Increase in the use of refrigerants in automobiles & food products and improved living standards are key factors accelerating the growth of the global refrigerants market. In addition, mobile ACs and chillers are expected to witness rapid adoption in commercial refrigeration. However, the environmental issues associated with the use of toxic refrigerants, such as global warming and ozone layer depletion, have resulted in the formulation of stringent norms, regulations, and protocols especially on the use of CFCs and HCFCs in new refrigeration & air conditioning appliances.
The demand for cooling equipment is high in developing countries, owing to rapid industrialization and rise in inclination of industrialists towards efficient cooling systems. Moreover, increase in per capita disposable incomes in developing countries, such as China, India, and Indonesia has led to upsurge in the use of air conditioning systems; thereby, leading to unprecedented increase in energy demand across the globe. In addition, surge in the demand for better maintenance of industrial equipment that require cold surroundings across various manufacturing units coupled with rise in the demand for absorption chillers in oil & gas refineries are some key aspects augmenting the growth of the global refrigerants market. Furthermore, increase in the demand for domestic air conditioning systems, owing to significant rise in per capita disposable incomes especially in developing economies is another key element bolstering the growth of the global refrigerants market.
The Asia-Pacific and LAMEA regions jointly accounted for more than half of the global market in 2014, and are expected to maintain this trend throughout the forecast period. This is attributed to the spiraling development in the commercial and domestic sectors in these regions, increase in per capita disposable income, and upsurge in consumer spending in the developing economies of these regions.
Key findings of the study:
• The hydrocarbons segment is anticipated to grow at the fastest CAGR of 11.5%, in terms of revenue, during the forecast period.
• The Asia-Pacific region is estimated to dominate the global market, in terms of volume, by 2022, registering a CAGR of 5.1% during the forecast period.
• In 2015, China accounted for more than one-third share of the Asia-Pacific refrigerants market.
• India is estimated to grow at the highest CAGR of 11.1%, in terms of revenue, by 2022.
• U.S. accounted for around two-thirds of the North America refrigerants market in 2015, and is estimated to continue its dominance
• Refrigerants demand in AC application segment is expected to grow at a high CAGR of 5.0%, in terms of volume, during the forecast period
The key players in the global market have focused on acquiring local players to strengthen their market outreach and expand their customer base. The prominent companies profiled in the report include Arkema SA, Daikin Industries Ltd, E.I. du Pont Nemours & Co., Honeywell International, Mexichem SA, Dongyue Group, Navin Fluorine International Ltd., and SRF Ltd.
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