Refrigerants Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Chemical & Materials
Report Code - OMR-CM-141
Format: PDF, PPT, and Excel
Refrigerants Market to Extradite a CAGR Growth of 4.6%; Improving Regulatory Measures From Various Government Agencies, Increasing Demand for Products that Undertake Cold-Chain Logistics, and Integration of Air Conditions Within Infrastructure to Produce Growth
During the chilling process of cooling systems and heat exchangers, a refrigerant undergoes multiple phase changes between liquid and gas. Refrigerants are subject to stringent regulations due to their toxic nature, combustibility, and adverse environmental effects (CFC and HCFC refrigerants contribute to the loss of ozone, while HFC coolants contribute to climate change).
The destructive effects of COVID-19 on global commerce affected households, companies, banks, industrial enterprises, and infrastructure firms. The decline in end-use demand for refrigerants caused by the COVID-19 pandemic was detrimental to the global refrigerants industry.
Key Takeaways of Refrigerants Market
By Type
By 2022, the most lucrative product category was fluorocarbons. Their principal application is in residential heating and cooling. Fluorocarbons may contribute to the depletion of the ozone layer and global warming. Thus, it is anticipated that stringent government restrictions on their use and production will impede the market's expansion.
By Region
Asia-Pacific held the highest market share, which is anticipated to dominate over the forecast period. Since China's population, standard of living, and income per capita are all on the rise, virtually every end-user industry has experienced substantial growth. Organic products, such as legumes, corn, and other perishable goods, are in great supply among Chinese consumers.
Demand for Data Centers and Cold Chain Logistics Will Freeze Market Value
Future market demand for climate control solutions is projected to be driven by the growing amount of data centers containing internet servers. As internet access becomes more broadly available and affordable, it is anticipated that the percentage of the global population using it in emerging economies will increase dramatically. As more objects and aspects of daily life become internet-connected, the importance of data centers will grow.
Energy-Efficient Air Conditioning Applications to Increase Market Volume
Refrigerants are substances used to chill products by absorbing heat from their surroundings. Without refrigerant, modern air conditioners, refrigerators, freezers, chillers, and other refrigeration appliances could not operate. Chlorofluorocarbons have been phased out and supplanted by hydrofluorocarbons as the industry's preferable refrigerant due to their ozone-depleting properties. The growth of the construction industry is also propelling the market for commercial air conditioning.
Global Refrigerants Market Prominent Players
• Orbia (Mexico)
• Honeywell International Inc. (U.S.)
• The Chemours Company (U.S.)
• The Linde Group (Ireland)
• Air Liquide (France)
• Sinochem Corp (China)
• Arkema (France)
• Daikin Industries Ltd (Japan)
• Gujarat Fluorochemicals Limited (India)
• Asahi Glass Co, Ltd (AGC) (Japan)
Report Scope for Refrigerants Market
Type
• Fluorocarbons
o Chlorofluorocarbons
o Hydrochlorofluocarbons
o Hydrofluorocarbons
• Inorganics
• Hydrocarbons
• C02
• Others
Application
• Refrigeration
o Industrial
o Transportation
o Domestic
• Air-Conditioning
o Stationary
o Mobile
o Others
Refrigerants Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
*Our reports are available on a region/wise and chapter/wise basis as well. For any additional personalization contact our sales representative directly at sales@objectivemarketresearch.com