This market research study identifies Arkema, Airgas, DAIKIN INDUSTRIES, The Dow Chemical Company, and Honeywell International as the leading players in the global refrigerant market for industrial and commercial applications. A comprehensive analysis of this market is also presented by application (commercial and industrial), by product type (inorganic compounds, fluorocarbon, and hydrocarbon), and by geography (the Americas, APAC, Europe, and MEA).
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<h3>Overview of the global refrigerant market for industrial and commercial applications</h3>
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Research analysis on the global refrigerant market for industrial and commercial applications identifies that the increase in global warming will be one of the major factors that will have a positive impact on the growth of the market. Technavio’s market research analysts predict that this market will grow at a CAGR of close to 9% by 2021. Gases such as methane, chlorofluorocarbon (CFC), and carbon dioxide are responsible for the rise in global temperature. It has been estimated by the as per the intergovernmental panel on climate change (IPCC) that the global temperature will rise in the range of 0.3°C-0.9°C per decade. This in turn, will boost the demand for AC and air conditioning installation in various regions during elevated temperatures, consequently driving the demand for refrigerants.
APAC is witnessing growth in the refrigerant market for industrial and commercial applications due to the rising disposable income of individuals. Furthermore, hotels, malls, cinema houses, IT and software companies, schools, colleges, universities, manufacturing industries, automotive, and beverage industries extensively require refrigerants. The market will continue to grow in the region during the next four years due to the development of infrastructure on a large-scale.
<h3>Competitive landscape and key vendors</h3>
The refrigerant market is highly competitive and is characterized by the presence of both global and regional vendors. These vendors are focusing on the development of refrigerants with improved cooling properties and other applications. The vendors are also increasingly competing against each other based on factors such as product quality and its properties, product availability, price, and variety of applications.
Key vendors in this market are -
<ul>
<li>Arkema</li>
<li>Airgas</li>
<li>DAIKIN INDUSTRIES</li>
<li>The Dow Chemical Company</li>
<li>Honeywell International</li>
</ul>
Other prominent vendors in the market include The Linde Group, Mexichem, Gujarat Fluorochemicals, Navin Fluorine International, Shandong Yuean Chemical Industry, SINOCHEM GROUP, SRF, Danfoss, Johnson Controls, Trane, Star Refrigeration, and BITZER.
<h3>Segmentation by application and analysis of the refrigerant market for industrial and commercial applications</h3>
<ul>
<li>Commercial</li>
<li>Industrial</li>
</ul>
The commercial segment accounted for the majority shares of the refrigerant market for industrial and commercial applications during 2016. The growth in commercial sectors such as convenience stores, pubs, clubs, and hotels, supermarkets, hotels, railway stations, and airports will be a major factor driving the demand for refrigerants in the coming years.
<h3>Segmentation by product type and analysis of the refrigerant market for industrial and commercial applications</h3>
<ul>
<li>Inorganic compounds</li>
<li>Fluorocarbon</li>
<li>Hydrocarbon</li>
</ul>
Technological advancements in products such as ACs, refrigerators, and other electrical appliances will directly influence the growth of the fluorocarbon refrigerant segment. The segment will continue to grow during the forecasted period due to infrastructure development and economic improvement. Countries such as China, India, and Japan in the APAC region are witnessing an increasing demand for fluorocarbon in the refrigeration system and AC equipment or air conditioning units.
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