Refrigerants Market In-depth Insights, Top companies Analysis and Business Opportunities by 2028 | Expert Review and Forecast

The refrigerants market is set for robust growth, driven by rising demand for cooling solutions in residential, commercial, and industrial sectors. Innovations in eco-friendly refrigerants and stringent environmental regulations are shaping the market, with a strong push toward sustainable, energy-efficient alternatives worldwide.
In terms of value, the refrigerants market is estimated to grow from USD 6.3 billion in 2022 to USD 9.0 billion by 2028, at a CAGR of 6.4%. In-depth research on refrigerants market size [https://www.marketsandmarkets.com/Market-Reports/refrigerant-market-1082.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=refrigerant], share, business analysis, growth factors, and regional forecast. The major drivers for this market are the increasing demand for consumer appliances such as refrigeration and air conditioning equipment and the growing cold chain market. Factors such as growth in the organized retail framework, a shift toward horticultural crops, and growth in the processed food sector have also contributed to the demand for refrigerants. Increasing regulations against fluorocarbon refrigerants due to their flammability and toxicity issues restrain the market growth. Owing to the increasing regulations on fluorocarbons, the refrigerants market is likely to witness increased demand for natural refrigerants, which may present an opportunity for the market to grow.

Refrigerants are used to generate a cooling effect in the air conditioning and refrigeration systems industry. They are used in equipment such as freezers, refrigerators, air conditioners, and heating units. Based on their chemical composition, the commonly used refrigerants are HCFCs, HFCs, HFOs, HCs, ammonia, carbon dioxide, and water. In general, refrigerants find application in domestic, commercial, and industrial refrigeration; chillers; window, split, variable refrigerant flow, and other types of air conditioning systems; and mobile air conditioning.

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The key players in this market are Arkema S.A. (France), Daikin Industries Ltd. (Japan), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Dublin), and Air Liquide (France) and others. The competitiveness in the refrigerants market is rising due to the increasing adoption of growth strategies such as expansions, new product launches, partnerships, and acquisitions by the leading players.

Honeywell offers products across the buildings, personal safety, vehicles, footwear, industrial, manufacturing, aerospace & defense, oil & gas, security & fire, healthcare & medical, chemicals, and specialty material industries. The company operates under the following segments-aerospace, performance materials and technologies, Honeywell building technologies, and safety and productivity solutions. It manufactures and markets refrigerants under the performance materials and technologies segment. The company has a strong sales network in the US and Europe.

The Chemours Company is a DuPont (US) spin-off that offers solutions to various end-use industries. The company is among the leading players in the refrigerant market and operates through four major business segments-titanium technologies, thermal & specialized solutions, advanced performance materials, and chemical solutions. It manufactures and markets refrigerants under the thermal & specialized solutions business segment. The company offers refrigerants through two brand names: Freon and Opteon. It has a wide geographical presence and meets the demand from North America, Europe, Middle East & Africa, Asia Pacific, and South America.

HFC & Blends segment to account for larger share in refrigerants market, in 2022.

The rising demand from the increasing population, accompanied by the development of new technologies and products, is projected to make this region an ideal destination for the HFC & blends segment. Improved lifestyles, increasing cost of living, and the multiplying population will help industries such as refrigeration and air conditioning flourish in developing regions, thereby supporting the demand for HFC & blends.

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Refrigeration System to lead refrigerants market, during the forecast period.

The high urbanization rate and emerging industries in the emerging economic region are increasing the demand for refrigeration systems. China being a global manufacturing base, generates high demand for refrigerants in industrial refrigeration systems. Similarly, other major economies in the Asia Pcific region, such as India, Japan, and South Korea, are also driving refrigerant demand in this application. This application is further divided into three major categories-domestic refrigeration, industrial refrigeration, and commercial refrigeration

"Asia Pacific is expected to be the fastest-growing region, in the overall refrigerants market, during the forecast period"

The increasing demand for consumer appliances in the growing economies of Asia Pacific, such as China, India, and Thailand, along with the growing cold chain network in well-established markets of North America and Europe, is driving the refrigerants market. As this market is highly regulated, fluorocarbon refrigerants are expected to decline in their market share. This is likely to act as an opportunity for manufacturers of natural refrigerants.

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