Market research, 06 February 2024
Improving standard of living, dual income families and increasing disposable income is driving the market growth in developing countries. Rapid industrialization followed by infrastructural developments along with the increasing number of increasing demand for consumer appliances has created new opportunities and gateways for OEM. Increasing identification of the environmental impact associated with the use of refrigeration and air conditioning equipment has brought about changes in the composition of refrigerant gases and in the way they are being used. Global Refrigerant Market was valued US$ 3.2 in 2017 and is estimated to reach US$ 19.5 Bn 2026 at a CAGR of 5.0 % 2017-2026.
Fluorocarbon is the leading segment due to its energy efficiency and less flammability. Fluorocarbon is being used more extensively owing to their low impact on the environment. Natural refrigerants are R717 (Ammonia), R744 (CO2) and Hydrocarbons. CFCs are banned from use in refrigeration Product s globally, and hydrofluorocarbons (HFCs), provide a non-ozone depleting solution, they still have a relatively high global warming potential (GWP).
Refrigeration segment dominated the Product segment in 2017 owing to growth in, consumer durable and food & beverage sector. Increasing demand for the domestic air-cooling system due to the rising disposable income of the population from developed countries is fuelling the market growth. Numerous Product areas of refrigerant in commercial air conditioning systems & refrigeration for frozen food & chilled beverages has contributed to the growth of the refrigeration market
Asia Pacific is foreseen to be growing at rapid pace in the global refrigerant market owing to rapid industrialization, high disposable income boosting the market growth. Growth in industrial activity and productivity in China and India will boost the demand for refrigeration across residential, industrial, and commercial sectors.
Daikin Industries Ltd., SRF Ltd., Honeywell International, Arkema SA, Mexichem Fluor S.A. de C.V., Dongyue Group, Navin Fluorine International Ltd., E.I. du Pont Nemours & Co., SRF Ltd., Chemours Company, The Linde Group, Sinochem Group, Airgas Inc., Tazzetti SPA, Deepfreeze Refrigerants Inc., Hess Corporation, General Utilities, HyChill, Engas Australasia, Shandong Yuan Chemical Company Limited, A-Gas International, Puyang Zongwei Fine Chemical Co. Ltd., and Sinochem are major player operating in the global refrigerant market.
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