Global Automotive Refrigerants Market Overview by Recent Opportunities, Growth Size, Regional Analysis and Forecasts to 2028

The global automotive refrigerants market are anticipated to grow at a considerable CAGR of 3.4% during the forecast period (2022-2028). Improving energy efficiency in mobile air conditioners is anticipated to drive the market growth. For instance, as per the data published by International Energy Agency in 2019, CFC-12 was the most common refrigerant used in mobile air conditioners, a chlorofluorocarbon ozone-depleting substance (ODS) with a global warming 10200 times that of Co2. However, since the adoption of the Montreal Protocol, this has shifted globally to the hydrofluorocarbon HFC-134a, with no ozone-depleting substance. Moreover, improving the energy efficiency of mobile air conditioners and transitioning to refrigerants with a GWP of less than 1 would avoid more than 950mtCO2 in overall mobile air conditioner-related GHC emissions, or the equivalent of almost 1.0% of global energy-related CO2 emissions. Thus, the application of these factors is anticipated to propel the growth of the automotive refrigerant market.

The rising government regulations regarding emissions control are one of the factors driving the growth of the market. For instance, in December 2021, US Environmental Protection Agency (EPA) revised national greenhouse emissions standards for passenger cars and trucks for model years 2023-2026. The final standards are projected to achieve significant GHC emissions reductions along with reductions in other criteria pollutants. Also, in July 2021, European Commission adopted a series of legislative proposals setting out how it intends to achieve climate neutrality in the EU by 2050. Thus, the EU has set stricter fleet-wide CO2 emissions targets. EU targets for 15.0% reduction in CO2 emission for 2025 and 37.5% reduction for 2030 for passenger cars. Thus, such stringent regulations are mandating the vehicle manufacturers to use natural refrigerants, which in turn is driving the growth of the global automotive refrigerants market during the forecast period.

Looking toward the demand for the automotive refrigerants, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in January 2022, Koura launched Klea 456A refrigerant an alternative to R-134a for automotive aftermarket applications. Klea 456A refrigerant is non-inflammable with a global Warming Potential (GWP) of 626, which is a reduction of 46.0% in GWP when compared to R-134a. Thus, such launches are anticipated to drive the growth of the global automotive refrigerants market.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Type
o By Vehicle Type
o By Distribution Channel

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Sinochem Lantian Co.Ltd., AGC Inc, and Keihin Corp. among others

Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

A full report of Global Automotive Refrigerants Market is available at:
https://orionmarketreports.com/global-automotive-refrigerants-market/108842/

Global Automotive Refrigerants Market Report by Segment

By Type
• Hydrochlorofluro Carbon
• Hydrofluoric Carbon
• Heavy Fuel Oil
• Isobutene
• Propane
• Others

By Vehicle Type
• Passenger Vehicle (Hatchback, Sedan, MPV, and SUV),
• Commercial Vehicle (Light Commercial Vehicle and Heavy Commercial Vehicle)

By Distribution Channel
• OEM
• Aftermarket

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This release was published on openPR.