The global refrigerant market size is expected to reach USD 30.37 billion by
2025, according to a new report by Grand View Research, Inc., expanding at a
CAGR of 5.3% during the forecast period. Development of eco-friendly
alternatives, as a result of environmental policies aimed at ozone depletion
and GHG emissions, is a key factor driving market growth.
Regulations across EU,
Japan, China, and U.S. have prompted consumers to shift toward hydrocarbon and
inorganic refrigerants, with its demand predicted to increase drastically over
the forecast period. The fluorocarbons segment accounted for over 50% of the
overall consumption in 2016.
Inorganics emerged as
the second-largest product segment in terms of revenue. Thermal efficiency of
the product has enabled its penetration across industrial applications. Low
cost, easy availability, and eco-friendly characteristics are key factors
boosting its demand in industrial areas.
The Asia Pacific market
for refrigerants has reported strong demand in recent times. Growth in
industrial activity and productivity across China and India will continue to
spur demand for refrigeration across residential, industrial, and commercial
sectors. China represented more than one fifth of the global consumption in
2016.
Companies are constantly
striving to consolidate their presence through product development, regional
expansions, and application diversification strategies. Innovative and cost-effective
products that meet both end-user specifications and regulatory standards are
key determinants for competitive edge.
Access Research Report
of Refrigerant Market@ www.grandviewresearch.com/industry-analysis/refrigerant-market
Further
key findings from the report suggest:
· The global refrigerant demand was estimated
at 1.73 million tons in 2016 and is expected to rise at a CAGR of 5.4% from
2017 to 2025
· The United Nations Framework Convention on
Climate Change has played a pivotal role in regulating the use of refrigerant
products and has compelled industry participants to develop alternative sources
· Europe is the second largest consumer, with
the mobile air conditioning, industrial, and commercial refrigeration sectors
exhibiting strong demand. A standard environmental policy across EU has
impelled regional manufacturers to invest extensively in R&D
· The hydrocarbon refrigerant segment is
expected to witness a CAGR of 8.9% in terms of volume over the forecast period.
Energy efficiency, low cost, and ecofriendly nature of the product are key
traits positively influencing demand
· Domestic refrigeration is estimated to
emerge as the most promising segment in terms of volume, exhibiting a CAGR of
6.2% over the forecast period
· Some of the key players in the market are
Honeywell International, Daikin Industries Limited, Arkema S.A., Linde Group,
and The Chemours Company.
Grand View Research has
segmented the global refrigerant market on the basis of product, application,
and region:
Refrigerant Product Outlook (Volume, Kilo Tons; Revenue,
USD Million, 2014 - 2025)
·
Fluorocarbon
·
Hydrocarbon
·
Inorganic
·
Others
Refrigerant Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2014 - 2025)
·
Industrial Refrigeration
·
Domestic Refrigeration
·
Transport Refrigeration
·
Commercial Refrigeration
·
Stationary Air Conditioning, Chillers &
Heat Pumps
·
Mobile Air Conditioning
Refrigerant Regional Outlook (Volume, Kilo Tons; Revenue,
USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research
reports, customized research reports, and consulting services. To help
clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More
Information: www.grandviewresearch.com
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