Leading Companies Enhancing Their Presence in the Refrigerants Market

The refrigerants market is on track for substantial growth as global environmental and technological shifts reshape demand. With increasing regulations and changing consumer preferences, this sector is poised for notable expansion and innovation in the coming years. Let's explore the market's projected value, key players, emerging trends, and influential segments shaping its future.

Projected Market Value and Growth Trajectory of the Refrigerants Market
The refrigerants market is anticipated to expand significantly, reaching a valuation of $42.75 billion by 2029. This growth corresponds to a robust compound annual growth rate (CAGR) of 9.9%. Key factors fueling this upward trend include the gradual elimination of ozone-depleting substances, accelerating urbanization worldwide, rising global temperatures, and growing demand for electric vehicles. These elements collectively drive market dynamics and are expected to continue shaping the industry through the forecast period.

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Primary Companies Leading the Refrigerants Market
Several notable companies dominate the refrigerants sector, including 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), Tasqeef, AIR LIQUIDE SA, Hychill, and A-gas International.

Strategic Acquisition Expanding Market Presence
In July 2022, UK-based A-Gas, a manufacturer specializing in industrial gases and refrigerants, acquired Certified Refrigerant Services, Inc. The financial details were undisclosed. This acquisition enhances A-Gas's refrigerant business footprint in the United States and highlights its commitment to safe and efficient refrigerant gas recovery and reclamation. Certified Refrigerant Services, Inc. is known for its refrigerant service expertise within the US market.

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Shifting Industry Trends Toward Environmentally Friendly Refrigerants
Environmental concerns are propelling refrigerant manufacturers toward products with lower global warming potential (GWP). Regulatory measures, such as the Kigali Amendment to the Montreal Protocol, have accelerated the phase-out of refrigerants with high GWP like hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). This transition is influencing companies to innovate and adopt more sustainable alternatives.

Innovations Highlighting Low-GWP Refrigerants in the Market
For example, in May 2022, AGC, a Japanese leader in glass, chemicals, and high-tech materials, introduced a new version of AMOLEA 1123 (HFO-1123), a refrigerant with a GWP below 10, designed for air conditioning systems. Similarly, in January 2022, Honeywell announced Solstice N71 (R-471A), a novel low-GWP refrigerant tailored for commercial and industrial refrigeration applications, particularly optimized for supermarkets. These developments demonstrate the industry's push toward greener refrigerant solutions.

Key Market Segments Driving Growth in Refrigerants
The refrigerants market is segmented into multiple categories for analysis:
1) By Type: Halocarbons, Inorganic, Hydrocarbons, and Other Types
2) By Deployment: Air Conditioning, Refrigeration, and Other Applications

Further breakdown of these segments includes:
- Halocarbons: Chlorofluorocarbons (CFCs), Hydrochlorofluorocarbons (HCFCs), Hydrofluorocarbons (HFCs), Hydrofluoroolefins (HFOs)
- Inorganic: Ammonia (NH3), Carbon Dioxide (CO2), Water (H2O)
- Hydrocarbons: Propane (R-290), Isobutane (R-600a), Ethane
- Other Types: Blended Refrigerants, New Low-GWP Refrigerants, Natural Refrigerants

This detailed segmentation allows for a comprehensive understanding of market trends and helps identify which refrigerant types and applications are fueling growth.

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This release was published on openPR.