Refrigerants Market Size 2022 | Methodology, Estimation, Research And Future Growth By 2028

Precision Business Insights published a research report on “Refrigerants Market: By Product Type (Fluorocarbon, Hydrocarbon, Inorganic, Others), By Application (Industrial Refrigeration, Domestic Refrigeration, Transport Refrigeration, Commercial Refrigeration, Stationary Air Conditioning, Chillers & Heat Pumps, Mobile Air Conditioning) - Global/Region/Country Forecast to 2028”.

In heat pumps and refrigeration cycles, refrigerant is a chemical mixture of fluids that serves as a cooling agent. It operates on the idea of phase transition, which transforms liquid to gas and vice versa at varying temperatures. In absorption refrigeration systems, refrigerants can be utilised as major working fluids or as secondary fluids to transmit heat energy from one medium to another. The demand for refrigerants has significantly expanded in the industrial and commercial sectors since its debut in 1856. A refrigerant is a substance that is used to chill a space in a refrigeration cycle. It is usually a fluid (chemical compounds). The thermodynamic phenomenon of phase shifts, in which a fluid turns to a gas or vice versa in the refrigeration cycle, is used by refrigerants to trap heat and subsequently release it to another area.

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Over the projected period, the industry is expected to be shaped by an increase in spending for energy-efficient cooling solutions and increased awareness about global warming and ozone depletion. The phase-out of fluorocarbons has resulted in a boom in demand for natural refrigerants. Considerable growth is projected in the hydrocarbon and inorganic areas. Increased industrialization in growing economies like China, India, and Japan has resulted in the creation of a huge number of data centres, which has fuelled refrigerant demand. Features such as the increase in manufacturing units in Asia Pacific and the surge in demand for improved industrial equipment servicing would help the global refrigerants market expand in revenue.

On the basis of Type, the market is segregated into CFC, HFC, Azeotropic, and Others. In terms of Application, the market is classified into AC, Refrigeration, and Others. The rising construction industry in APAC is to blame for the increased usage of refrigerants in split air conditioners. The construction production of APAC countries is gradually expanding as the population and the number of nuclear families grows. Furthermore, the business is being driven by rising middle-class purchasing power and living standards. The refrigerant industry is projected to be fuelled by these factors.

Due to the obvious increased disposable income of the rising population, as well as rapid industrialization and urbanisation, Asia-Pacific dominates the refrigerant market. Because of the increasing number of technical advancements and rising concerns about food waste, the North American region is predicted to have the fastest growth rate.

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Some of the major key players in the Refrigerants Market are Honeywell International, Daikin Industries Limited, Dongyue Group, Arkema S.A., Linde Group, Mexichem SAB de C.V., Sinochem Group

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