Next Generation Refrigerant Market Research(COVID-19 Version) Strategy, Size, Share and Growth Opportunity 2021-2028

Global Next Generation Refrigerant Market to Grow Rapidly due to Increasing Applications in End-user Industries

The refrigerant industry of the next decade is in the process of continuous evolution. The rise in use of, among other items, air conditioners, refrigerators, and heat pumps creates an overwhelming number of opportunities for the industry to thrive further. At present, the refrigeration industry of the next decade is on the crest of technical development and its potential applications are anticipated to be further expanded.

An increase in demand for environmentally-friendly goods can currently be seen among consumers. Fueled by a strict regulatory climate and the rising interest of consumers, more and more companies are shifting towards goods with minimal environmental effects. However, existing traditional coolants, such as R32, R22, R134a, and R544, among others, have a high potential for global warming and ozone depletion. They have an unfavorable environmental effect, therefore.

Growth Drivers that Support the Global Next Generation Refrigerant Market:

• These natural refrigerants have a marginal or zero capacity for ozone depletion (ODP), thereby reducing the global warming effect. A lower impact on global warming is attributed to the high effectiveness of natural refrigerants. Ammonia (R-717), carbon dioxide (R-744), and hydrocarbon refrigerants such as isobutane (R-600a), propane (R-290), and others are some of the natural refrigerants.

• In the next-generation global refrigerant market, the refrigeration segment accounts for the largest market share. In industrial and commercial refrigeration, natural refrigerants are extensively used. For large installations, ammonia or R-717 is one of the preferred alternatives, while ozone-depleting substances such as CFCs, HCFCs and other high global warming potential refrigerants have been omitted under international agreements. Ammonia has been widely adopted in Europe for industrial refrigeration in the United Kingdom. And Germany, because of the limitations on the use and taxation of greenhouse gases in the countries concerned.

• In 2018, due to rising government measures including F-Gas regulation against HCFCs and HFCs, Europe dominated the global market for next-generation refrigerants, leading to an increase in demand for natural refrigerants and HFOs in the region. In addition, the use of carbon dioxide as a refrigerant in refrigeration and air conditioning systems has largely been taken over by commercial supermarkets, which is further anticipated to increase demand for natural refrigerants in the region.

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Companies are Keen to Expand their Global Market

• In US., Louisiana, Honeywell International has started a new plant to manufacture R-1234yf in the U.S. The company began manufacturing Solstice goods in May 2017 as a $300 million project.
Major companies functioning in the global Next Generation Refrigerant Market are Arkema SA, AGC Inc., ASPEN Refrigerants, Inc., Global Refrigerants, Daikin Industries, Ltd., Harp International Ltd., SRF Limited, Tazzetti S.p.A., Honeywell International Inc., The Linde Group, The Chemours Company, among others.

Market Segmentation:
By Type
• Natural Refrigerants
• Hydrofluoroolefins (HFOs

By Application:
• Refrigeration
• Air Conditioning
• Heat Pump

By Region:
• North America
o North America, by Country
 US
 Canada
 Mexico
o North America, by Type
o North America, by Application

• Western Europe
o Western Europe, by Country
 Germany
 UK
 France
 Italy
 Spain
 The Netherlands
 Rest of Western Europe
o Western Europe, by Type
o Western Europe, by Application

• Asia Pacific
o Asia Pacific, by Country
 China
 India
 Japan
 South Korea
 Australia
 Indonesia
 Rest of Asia Pacific
o Asia Pacific, by Type
o Asia Pacific, by Application

• Eastern Europe
o Eastern Europe, by Country
 Russia
 Turkey
 Rest of Eastern Europe
o Eastern Europe, by Type
o Eastern Europe, by Application

• Middle East
o Middle East, by Country
 UAE
 Saudi Arabia
 Qatar
 Iran
 Rest of Middle East
o Middle East, by Type
o Middle East, by Application

• Rest of the World
o Rest of the World, by Country
 South America
 Africa
o Rest of the World, by Type
o Rest of the World, by Application

Objectives of this report:
• To estimate the market size for the next generation refrigerant market on a regional and global basis.
• To identify major segments in the next generation refrigerant market and evaluate their market shares and demand.
• To provide a competitive scenario for the next generation refrigerant market with major developments observed by key companies in the historic years.
• To evaluate key factors governing the dynamics of next generation refrigerant market with their potential gravity during the forecast period.

Reasons to Buy This Report:
• It provides niche insights for a decision about every possible segment helping in the strategic decision-making process.
• Market size estimation of the next generation refrigerant market on a regional and global basis.
• A unique research design for market size estimation and forecast.
• Identification of major companies operating in the market with related developments
• Exhaustive scope to cover all the possible segments helping every stakeholder in the next generation refrigerant market.

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This release was published on openPR.