“Refrigerants Market by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, Air, Water, Propene, Isopentane), Application (Domestic, Industrial, Commercial, Chillers, Split AC, VRF, Window, MAC), and By Region – Global Forecast to 2023″ indicates that the global refrigerants market size is deliberated to reach up to USD 31.0 billion by the year 2023. The key driving force of this rapid growth that reaches the CAGR of 6.2% is growing urbanization and industrialization.
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When we discuss various types of refrigerants that are HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, air, water, propene, and isopentane, ammonia is the most flourishing segment within the global refrigerants market. This is because of its increasing popularity in APAC (Asia Pacific) countries. Asian countries, especially China, are emerging to be the global leader in terms of grocery. Even India and Indonesia are close by and need huge amounts of ammonia for their refrigerant needs. Another factor that is determinant in ammonia being accepted with open hands is because of its lower carbon-dioxide emissions.
Several industries, such as domestic, commercial, industrial refrigeration, chillers, window, split, VRF, and other air-conditioning systems, and MAC use refrigerants as the basis of their existence. However, when we need to point out a specific sector that will bloom in the global refrigerants market in the near future is split AC. The tremendous amount of commercialization and urbanization occurring in APAC countries is responsible for this too. People are inclined towards the nuclear family setup that proves a catalyst to the construction industry. Moreover, the purchasing power of middle-class families has increased that eventually raises their standards and the scope of success for various industries. The atmosphere, too, has a significant impact the people’s life where the brunt is brutal, and people are ready to escape it at any cost. Being near to the equator and bearing colossal amount of heat does require them to find solace at least at home and office.
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By now, it is understandable that APAC is a promising refrigerants market, whether it is industrialization or having better standards at each financial spectrum. Hence, it is also the area to use refrigerants at a broad pace. The increasing population and need to increase the standard of living have been the vital factors of this area being a huge consumer base. Also, the companies here are investing their resources in research and development of products that are environment-friendly as there has been enough harm already.
Arkema SA (France), Honeywell International Inc. (US), The Linde Group (Ireland), Dongyue Group Co. Ltd. (China), The Chemours Company (US), Air Liquide (France), Daikin Industries (Japan), Sinochem Lantian Co. Ltd. (China), Asahi Glass Corporation (Japan), and Mexichem (Mexico) are the key refrigerants market players in this report. But, Honeywell International Inc. (US) is leading in the niche. This is due to the company’s advances towards expanding its business to the APAC zone. Notably, Honeywell International Inc. (US) agreed with Chinese company Juhua Corp. in April 2016 to produce low GWP refrigerants for MAC applications. Here GWP is quintessential in the present times as it depicts the global warming potential of the coolant, so the lower it is better for the environment. The agreement has been vital in increasing the revenue of Honeywell in the Chinese market due to the fineness of quality and no adverse effect on the greenhouse. Moreover, in January 2015 the company also introduced four new low GWP products namely Solstice zd, Solstice ze, Solstice N13, Solstice N40.
Another leading supplier of refrigerant is The Chemours Company (US). They cater to North America, South America, the Middle East & Africa, Europe, and APAC. The hugely capable R&D of this company is investing a considerable amount of time and resources into the development of refrigerant that has less adverse effects on the environment.
Low GWP Refrigerants Market
Commercial Refrigeration Equipment Market
Cold Storage Construction Market
Secondary Refrigerants Market
Hydrofluoric Acid Market
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