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Refrigerants Market Competitive Landscape, Worldwide Trends And Forecast To 2032
Refrigerants Market Analysis
The Business Research Company's Refrigerants Global Market Report 2023 identifies rising demand for air conditioning as the major driver for the refrigerants market's growth in the forecast period. The increasing temperature globally increased the demand for cooling systems. According to the World Meteorological Organization (WMO), in 2020, the average temperature across the globe was 1.2 °C higher than the above pre-industrial era (1880) temperatures. This drives the demand for air conditioning, hence refrigerants. A refrigerant is a chemical compound that is found in air conditioners. It absorbs heat from the surroundings and releases cool air after passing through air conditioners and evaporators.
The global refrigerants market size grew from $22.93 billion in 2022 to $25.34 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The refrigerants market size is expected to grow to $34.23 billion in 2027 at a CAGR of 7.8%.
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Major competitors in the refrigerants market are Arkema SA, Dongyue Group Co Ltd., Honeywell International Inc., The Chemours Company, Daikin Industries.
A key trend in the refrigerants market includes growing technological advancements. Major Players operating in the refrigerants sector are focused on developing technological solutions for refrigerants to strengthen their position. For instance, in February 2020, Honeywell, a US-based company that delivers innovative technologies to customers launched Solstice N15 (R-515B) based on HVAC technology. Solstice N15 (R-515B) is a novel non-flammable refrigerant with a low global warming potential (GWP) that can be used in chillers and heat pumps.
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The refrigerants market is segmented -
1) By Type: Halocarbons, Azeotropic, Zeotropic, Inorganic Refrigerants, Hydrocarbons, Other Types
2) By Application: Air Conditioners, Refrigerators, Chillers, Heat Pumps, Electronics Devices, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the refrigerants market.
The Business Research Company's "Global Refrigerants Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Refrigerants Market Include:
1. Executive Summary
2. Refrigerants Market Characteristics
3. Refrigerants Market Trends And Strategies
4. Refrigerants Market - Macro Economic Scenario
5. Refrigerants Market Size And Growth
……
26. Africa Refrigerants Market
27. Refrigerants Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Refrigerants Market
29. Refrigerants Market Future Outlook and Potential Analysis
30. Appendix
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