Press release
Automotive Refrigerant Market Global Industry Analysis and Forecast Till 2027
This colorless gas is being introduced as a replacement for R-134 refrigerant maintaining a global warming potential rating 1/335 of R-134 which is estimated to be only four times higher than that of CO2. Introduction of new refrigerants in the market with salient features is increasing the demand for automotive refrigerant resulting in the significant growth of the market over the forecast period.
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Automotive Refrigerant market: Dynamics
Growing use of air conditioning system in the automotive industry is the key driver for the global automotive refrigerant market. Increasing environmental concerns among all the nations is causing the government to issue stringent norms and regulations regarding harmful emissions resulting in the increased demand for nontoxic refrigerants.
There are some technical constraints and maintenance issues during the usage of air conditioning refrigerant that poses minor resistance towards the growth of automotive refrigerant market
Various amendments introduced by the government for ozone protection such as cut of Australia’s use of HFCs by 20% in 2018 and banned usage of R134a in Europe and the U.S. is leading to increase the demand of new and less harmful refrigerants.
The global automotive industry is turning towards the usage of natural refrigerants, as synthetic refrigerants causes’ significant damage to the environment. Several arguments are going on for and against the usage of CO2 also known as R-744 as a refrigerant in automotive air conditioning systems.
Automotive Refrigerant market: Regional Outlook
As being an important comfort feature of the automotive, the application of mobile air conditioning system is significantly rising which in turns is driving the growth of automotive refrigerant market across the globe. Owing to the significant growth in automotive industry across Asia Pacific, there has been a substantial rise in the production as well as consumption of automotive refrigerant in the region. The propelling demand of automobiles from industrial and infrastructural sectors in the region of North America is in turn supporting the growth of the automotive refrigerant market.
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Stringent emission regulations and fuel-efficiency standards in the region of Eastern and Western Europe is demanding the new and advanced automotive refrigerants in the market. Being one of the promising global economies with growing potential for light vehicles in the region of Middle East and Africa is expected to fuel the demand for automotive refrigerant market.
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