Growing demand for eco-friendly refrigerants, coupled with rising investments in development of advanced refrigerants are key factors driving market revenue growth.
Market Size - USD 26.60 Billion in 2020, Market Growth - CAGR of 5.8%, Market Trends - Rising demand for technologically advanced environmentally friendly refrigerants for application in air conditioners.
The global refrigerants market size is expected to reach USD 41.73 Billion in 2028, and register a CAGR of 5.8% during the forecast period. Rapid urbanization and industrialization, growing cold chain sector, rising need for air conditioning in automobiles, increasing demand for energy-efficient and eco-friendly cooling solutions, coupled with growing awareness regarding ozone depletion and global warming are some of the major factors expected to drive growth of the global refrigerants market.
Increasing use of the product in commercial refrigeration due to rising number of hypermarkets, supermarkets, retail shops, and food chains, along with rising consumption of frozen and packaged foods is resulting in higher need for commercial refrigerants for food storage. This is another major factor driving market growth to a substantial extent.
Some Key Findings From the Report:
For the purpose of this report, the global refrigerants market is segmented on the basis of type of refrigerant, geographical impact, application, and region:
Type of Refrigerant Outlook (Revenue, USD Billion; 2018 - 2028)
Geographical Impact Outlook (Revenue, USD Billion; 2018 - 2028)
Application Outlook (Revenue, USD Billion; 2018 - 2028)
Region Outlook (Revenue, USD Billion; 2018 - 2028)
Reasons to Buy the Report
Market Size - USD 26.60 Billion in 2020, Market Growth - CAGR of 5.8%, Market Trends - Rising demand for technologically advanced environmentally friendly refrigerants for application in air conditioners.
The global refrigerants market size is expected to reach USD 41.73 Billion in 2028, and register a CAGR of 5.8% during the forecast period. Rapid urbanization and industrialization, growing cold chain sector, rising need for air conditioning in automobiles, increasing demand for energy-efficient and eco-friendly cooling solutions, coupled with growing awareness regarding ozone depletion and global warming are some of the major factors expected to drive growth of the global refrigerants market.
Increasing use of the product in commercial refrigeration due to rising number of hypermarkets, supermarkets, retail shops, and food chains, along with rising consumption of frozen and packaged foods is resulting in higher need for commercial refrigerants for food storage. This is another major factor driving market growth to a substantial extent.
Some Key Findings From the Report:
- Among the geographical impact segments, the non-eco-friendly segment accounted for the 88.8% in 2020, mainly because it is more cost-effective as compared to eco-friendly devices.
- North America market accounted for the largest revenue share in 2020, and is expected to continue with dominance over the forecast period.
- The Asia Pacific market size was USD 8.13 Billion in 2020, due to increasing production and sales of air conditioners, and electronic devices.
- Europe market accounted for the third-largest revenue share in 2020, owing to growing demand for refrigerants for application in industrial, and commercial air conditioners, electronics, etc. Stringent regulations by government in countries in the region in order to ensure the overall sustainability of products is compelling manufacturers to adhere to the rules, which could hamper production process.
- Key players profiled in the report include Daikin Industries, Ltd., Asahi Glass Corporation, The Chemours Company, Sinochem Group, Honeywell International Inc., Gujarat Fluorochemicals Limited, Airgas Refrigerants Inc., Linde Group, Mexichem, and SRF Limited. The market players have adopted various strategies including mergers, acquisitions, partnerships, and new product developments, among other strategies, to stay ahead of the competition and expand market footprint.
For the purpose of this report, the global refrigerants market is segmented on the basis of type of refrigerant, geographical impact, application, and region:
Type of Refrigerant Outlook (Revenue, USD Billion; 2018 - 2028)
- CFCs
- HCFCs
- HFCs
- Hydrocarbons
- Inorganic Refrigerants
- Mixtures
Geographical Impact Outlook (Revenue, USD Billion; 2018 - 2028)
- Eco-Friendly
- Non Eco-Friendly
Application Outlook (Revenue, USD Billion; 2018 - 2028)
- Air Conditioners
- Refrigerators
- Chillers
- Heat Pumps
- Electronics Devices
Region Outlook (Revenue, USD Billion; 2018 - 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
Reasons to Buy the Report
- A robust analysis and estimation of the Refrigerants Market with four levels of quality check - in-house database, expert interviews, governmental regulation, and a forecast specifically done through time series analysis
- A holistic competitive landscape of the all the major players in the Refrigerants Market. The report covers their market shares, strategic initiatives, new product launches, R&D expenditure, M&As, Joint ventures, expansionary plans, product wise metric space analysis and key developments
- Go-to-market strategies specifically formulated in line with location analysis which takes into the factors such as government regulations, supplier mapping, supply chain obstacles, and feedback from local vendors
- Most deep dive segmental bifurcation available currently in the market. Our stellar methodology helps us understand the overall gamut of the supply chain and will help you explain the current market dynamics
- Special focus given on vendor landscape, supplier portfolio, customer mapping, production capacity, and yearly capacity utilization
Table of Contents
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 4. Refrigerants Market Segmentation & Impact Analysis
Chapter 5. Refrigerants Market By Type of Refrigerants Insights & Trends
Chapter 6. Refrigerants Market By Geographical Impact Insights & Trends
Chapter 7. Refrigerants Market By Applications Insights & Trends
Chapter 8. Refrigerants Market Regional Outlook
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles
Companies Mentioned
- Daikin Industries Ltd.
- Asahi Glass Corporation
- The Chemours Company
- Sinochem Group
- Honeywell International Inc.
- Gujarat Fluorochemicals Limited
- Airgas Refrigerants Inc.
- Linde Group
- Mexichem
- SRF Limited.
