Market research, 03 December 2024
On the basis of application, the refrigerants market has been segmented into domestic, commercial, industrial refrigeration; chillers; window, split, VRF, and other air-conditioning systems; and MAC. The increased consumption of refrigerants in split ACs is attributed to the growing construction industry in APAC. The construction output of the APAC countries is increasing gradually due to the growing population and the increased number of nuclear families. In addition, the increasing purchasing power of the middle-class population and rising standards of living are driving the industry. These factors are expected to fuel the refrigerants market between 2018 and 2023.
On the basis of type, the refrigerants market has been segmented into HCFCs, HFCs, HFOs, isobutane, propane, ammonia, carbon dioxide, and others. Ammonia refrigerants are gaining popularity in APAC mainly due to lower carbon dioxide emissions. Factors such as the emergence of China as the global leader in the grocery market and the emergence of India and Indonesia as the fastest-growing grocery markets are increasing the demand for ammonia refrigerants in the region.
APAC is estimated to be the largest market for refrigerants due to its growing economy and increasing population. With industrialization and increasing employment, disposable income is expected to increase. This dominance of APAC is mainly due to the increasing population and improving lifestyles at each financial stratum. The demand for refrigerants is dependent on their usage in applications such as domestic, commercial, industrial refrigeration; chillers; window, split, VRF, and other air-conditioning systems; and MAC. Companies are investing more in R&D to find out more environmentally friendly refrigerants for applications in refrigeration and air-conditioning systems.
The key market players profiled in the report include Arkema S.A. (France), Dongyue Group Co. Ltd. (China), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Ireland), Air Liquide (France), Sinochem Lantian Co. Ltd. (China), Daikin Industries (Japan), Mexichem (Mexico), and Asahi Glass Corporation (Japan).
Honeywell International Inc. (US) is one of the leading players in the refrigerants market. To expand its business, the company is focusing on enhancing its market reach by entering new markets and regions. For instance, in April 2016, Honeywell International Inc. (US) entered into an agreement with Chinese manufacturer Juhua Corp. to produce low GWP refrigerant for use in MAC application. This agreement enabled it to capture the refrigerants market in China and to increase revenue. The company also adopted new product launch as a strategy in order to expand its product portfolio and market presence. For instance, in January 2015, Honeywell International Inc. (US) launched four new low GWP products Solstice zd, Solstice ze, Solstice N13, Solstice N40, for applications such as supermarket refrigeration, and industrial cooling.
The Chemours Company (US) is also one of the leading suppliers of refrigerants. It caters to the demand for specialized refrigerants in North America, South America, the Middle East & Africa, Europe, and APAC. It has a strong foothold in the markets in APAC, North America, and Europe, generating a majority of its revenue. It has expanded its R&D centers and floor capacity by continuously investing in the expansion of laboratories, which enables the company to cater to the demand of customers effectively.
