Refrigerant Market to observe high growth by 2024

Global Refrigerant Market: Overview

The uses of halons such as chlorofluorocarbon (CFC) hydro-chlorofluorocarbons (HCFC) have considerable adverse effect on the environment. As a result, new refrigerant substances have been developed in the recent times, such as R-410A, R-404A, and R-407C, which are environment friendly. As the demand for economically feasible refrigeration of various products escalates across the world, the demand in the global refrigerant market is expected to expand at a robust growth rate during the forecast period of 2016 to 2024.

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This report on the global market for refrigerant is an all-inclusive overview of the demand and revenue available in its current scenario, and based on an examination of all the micro and macro factors that may influence the demand in the near future, it estimates the market’s status until 2024. To present a clear picture of the competitive landscape, the report profiles a number of key players operating in the global refrigerant market, including their market share, product segmentations, regional outreach, and latest strategic developments.

Based on type of the product, the market for refrigerant can be segmented into inorganics, fluorocarbon, and hydrocarbons, while on the basis of application, the global market can be bifurcated into commercial refrigeration, domestic refrigeration, industrial refrigeration, transportation refrigeration, chillers, stationary AC, and mobile AC. Geographically, the report studies the potential of the market in regions such as Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa.

Global Refrigerant Market: Drivers and Restraints

Several consumer products industries, such as the food and beverage industry as well as the automotive industry are at an all-time peak, owing to growing population and increasing disposable income among the urban areas. This surge is reflecting positively on the global refrigerant market, as the trend for packaged food and mobile refrigeration escalates. The growth of other remotely connected industries such as construction, oil and gas, and pharmaceutical is also anticipated to augment the demand during the forecast period.

Based on the type of refrigerant, the segment of fluorocarbons accounts for the maximum share, although the growth rate of this segment is expected to be sluggish over the course of next few years, owing to stringent government regulations such as F-gas and Montreal Protocol. As a result, the segment of inorganic refrigerants is anticipated for the best growth rate over the course of the forecast period. By application, the segments of domestic and industrial refrigeration serve maximum demand and are expected to remain most prominent in the near future.

Global Refrigerant Market: Region-wise Outlook

Owing to vast population and rapid urbanization in several emerging economies such as China, India, North Korea, and Japan, the region of Asia Pacific currently serves most of the demand for refrigerants and will remain most lucrative throughout the forecast period. Rapid construction in this region is another reason augmenting the growth rate. North America and Europe are expected to expand the demand steadily.

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Companies mentioned in the research report

The Chemours Company, Arkema S.A., Daikin Industries Ltd, Asahi Glass Co. Ltd., Airgas Inc., Honeywell International Inc., SRF Ltd., Mexichem S.A.B. de C.V., The Linde Group, and Sinochem Group are some of the leading companies in the global refrigerant market. These companies are actively researching and developing products that comply with government policies for environment-friendliness and reducing power consumption to gain ground over their competitors.

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