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Refrigerant are defined as a chemical that is used for the cooling in air conditioners and refrigerators. It acts as a heat carrier, which changes from gas to liquid and then change back to gas in refrigeration cycle. Refrigerator mixtures are the combination of two or more pure refrigerant fluids. Refrigerant R-125 is a chlorine free, non-Ozone Depleting Substance (ODS) refrigerant and comes into the category of hydrofluorocarbons. It is a major component in various azeotropic refrigerant mixture such as R404A, R407C and Zeotropic refrigerant mixture R410A (near Azeotropic). It is a non-Ozone Depleting Substance (ODS) that is used in place of R22. Increasing global warming and stringent government policies to reduce the emission of ozone depleting substance are augmenting the demand of R125 refrigerant in market. The global market of refrigerant R125 is estimated to grow with the CAGR of 2% during the period 2017-2022. Growing demand of cooling product, and stringent government regulations to reduce the emission of the ozone depletion substance in the atmosphere is estimated to be the major factors that are augmenting the growth of the market. Moreover, rising cold chain market, increasing use of unconventional production techniques for optimizing energy source are also estimated to drive the growth of the market.
However, there are certain factors that are hindering the growth of the market. Health and safety concern among people and frequent modification in refrigerants due to continuous amendments in Montreal protocol is estimated to be the major constraints in the growth of the market. Besides these challenges, increasing demand from Asia Pacific is estimated to develop myriad growth opportunities for the market.
The market is expected to grow at a CAGR of 2% for the forecasted period of 2017-2022. The growth is affected by strict regulations and demand to eliminate gases responsible for ozone depletion and global warming. However, the due to high demand mainly from Asia markets will keep the market afloat.
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