Press release
Refrigerants Market Size, Industry Share, Growth, Trends And Forecast Report 2024-2033
Refrigerants Market
The refrigerants market size is expected to see strong growth in the next few years. It will grow to $39.4 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to the phasing out of ozone-depleting substances, rising urbanization, rising global temperatures, and the rising demand for electric vehicles. Major trends in the forecast period include the phasing out of ozone-depleting substances, rising urbanization, rising global temperatures, and the rising demand for electric vehicles.
Market Overview -
The refrigerants can be used as primary working fluids in absorption refrigeration systems or as secondary fluids to transmit thermal energy from one medium to the other. A refrigerant is a chemical blend of fluids that serves as a cooling agent in heat pumps and refrigeration cycles. It operates on the concept of phase transition, which converts liquid to gas and vice versa at varying temperatures.
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Global Temperature Rise Fueling Increased Demand For Refrigerants And Air Conditioning
The rising demand for air conditioning is expected to drive the growth of the refrigerants market in the coming years. 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. For instance, according to the International Energy Agency (IEA) estimates, by 2050 around two-thirds of the world's households will have an air conditioner. Developing economies such as India, China, and Indonesia together will account for half of the total number of air conditioners. Therefore, the increasing temperature globally increases demand for air conditioning and is expected to propel the market for refrigerants market.
Competitive Landscape -
Major companies operating in the refrigerants market report are The Chemours Company, The Linde Group, Dongyue Group, Honeywell International Inc, Arkema S A, Orbia, SRF Limited, Asahi Glass Co Inc (AGC), Gujarat Fluorochemicals Ltd., Daikin Industries Ltd, Zhejiang Fotech International Co.Ltd., Changshu 3F Zhonghao New Chemical Materials Co. Ltd., Tazzetti S.p.A, AGC Inc., Sinochem Group Co. Ltd., GEA Group AG, Frigopoint, Quimobásicos, S.A. De C.V., Grupo CLIMSA, Mexichem Flúor S.A. de C.V., DuPont, Hudson Technologies, National Refrigerants Inc, The Bluon Energy, Cheminova Brasil Ltda, Climafrío S.A.S, Gulf Cryo, Abdullah Hashim Industrial Gases & Equipment Co. Ltd, National Gas Company (NGC), El-Sewedy Electrometer, Tasqeef, AIR LIQUIDE SA, Hychill, Hess Corporation, A-gas International
Refrigerants Market Embraces Low Global Warming Potential Solutions
Companies in the refrigerants market are shifting towards low global warming potential (GWP) refrigerants due to environmental concerns. Regulatory initiatives, such as the Kigali Amendment to the Montreal Protocol, have driven the phase-out of high-GWP refrigerants like hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). The companies are moving towards low-global warming potential refrigerants. For example, in May 2022, AGC, a Japan-based world-leading manufacturer of glass, chemicals, and high-tech materials developed a new composition of AMOLEA 1123 (HFO-1123) based refrigerant, with GWP below 10 for air conditioners. Similarly in January 2022, Honeywell, an American multinational conglomerate corporation announced Solstice N71 (R-471A), an innovative, new low-GWP refrigerant for commercial and industrial refrigeration that is optimized for supermarkets.
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Key Segments -
The refrigerants market covered in this report is segmented -
1) By Type: Halocarbons, Inorganic, Hydrocarbons, Other Types
2) By Deployment: Air Conditioning, Refrigeration, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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