Press release
Global Refrigerant Market Volume of 1,887.50 Thousand Metric Tons by 2024
Global Refrigerant Market Growth of 5.5% by 2024
Global Refrigerant Market is expected to reach 1,887.50 Thousand Metric Tons by 2024 from 1,244.18 Thousand Metric Tons in 2016, at a CAGR of 5.5% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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The major factors driving the growth of this market are china focusing on natural refrigerants as advised by MEP/FECO china, technological changes such as low GWP refrigerants, growth in the cold chain market and increase in the disposable income leading to rise in purchasing power of consumer appliances. On the other hand, government regulation on cutting down HFC emission, banned gases owing to regulation such as SNAP and increasing threats of ozone depletion and global warming may hinder the growth of the market.
Key Points:
The Chemours Company is going to dominate the global Refrigerant market other players operating in this market are Arkema SA, Dongyue Group Co. Ltd., Honeywell International Inc., The Linde Group, Daikin Industries Limited, Mexichem S.A.B. De C.V., Sinochem Corporation, Asahi Glass Co., Ltd. (AGC), SRF Limited, Air Liquide (Airgas Refrigerants Inc.), A-Gas International, OZ-Chill Refrigerants, Shandong Yuean Chemical, Gas Servei S.A., Zhejiang Fotech International Co Ltd., Changsu 3F Fluorochemical Industry Co Ltd., Tazzetti SPA, Quimobasico among others.
Market Segmentation:
The report provides data for 2015 to 2024, 2016 being the current year while 2017 to 2024 is the forecast period for the report.
On The Basis Of Industry Type, the global refrigerant market is segmented into domestic household, industrial refrigeration, commercial racks & condensing units, and light commercial. In 2017, domestic household based market segment is expected to dominate the global refrigerant market with 43.3% market share and is expected to reach 836.49thousand metric tons by 2024, growing with the highest CAGR of 5.8%.
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On The Basis Of Application Type, the global refrigerant market is segmented into refrigerators, large scale refrigerators, chillers, air conditioners, heat pumps and others. In 2017, refrigerators based market segment is expected to dominate the global refrigerant market with 38.7% market share and is expected to reach 759.11 thousand metric tons by 2024, growing with the highest CAGR of 6.1%.
On The Basis Of Geography, the market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and Middle East and Africa.
Key Drivers:
The major factors driving the growth of this market are China focusing on natural refrigerants as advised by Chinese Ministry for Environmental Protection/Foreign Economic Cooperation OfficeChina, technological changes such as low global warming potential refrigerants, growth in the cold chain market and increase in the disposable income leading to rise in purchasing power of consumer appliances. On the other hand, government regulation on cutting down hydrofluorocarbonsemission, banned gases owing to regulation such as Significant New Alternatives Policyand increasing threats of ozone depletion and global warming may hinder the growth of the market.
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