The Global Refrigerants Market is forecast to reach USD 41.73 Billion by 2028, according to a new report by Reports and Data. The market is rising rapidly in the global market due to the high demand from the air-conditioner, refrigerator, and other electronics appliances manufacturing industries. The eco-friendly segments are driving the market growth as the consumers and the manufacturers are being concerned with global warming and ozone layer depletion caused by the non-eco-friendly segment.
The air conditioner segment had the highest market share of 38.2% in the year 2018. Global warming is increasing the average surface temperature of Earth and the consumers from the developing economy are slowly being capable of affording an air conditioner. The temperate and desert regions in the world are mostly adopting the air conditioner and the refrigerators at a large scale.
Top Companies Operating in the Global Refrigerants Market:
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.
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Further key findings from the report suggest
- Refrigerators undergo the refrigeration cycles and cools down the interior of a refrigerator and keeps food kept in the fridge fresh. The refrigerators has a large market share of about 30.0% in 2018. The segment is forecasted to grow high during the forecast period due to the rise in average temperature for global warming worldwide and increase in the rate of per-capita income in the developing countries.
- Electronic Devices get heated up after continuous and extended period of usage. This, in turn deteriorates the performance of the processing unit and slows down the device. The refrigerant is being used inside the electronic gadgets which undergoes a cycle of cooling. In the recent trend, the gaming and high-end smartphones are incorporating the water cooling inside the mobiles. About USD 0.72 Billion revenue is forecasted for the electronics devices segment by 2026.
- Chlorofluorocarbons (CFCs) were the first used refrigerants and had been extensively used because of being non-toxic and non-flammable in the previous century. Some governments have put up a regulation against the use of CFCs. However, some manufacturers in different part of the world still uses this type for cost cutting. R11, R12, R13, R500, R502, R503 are some of the examples under the group of CFC. This segment is gradually being diminished and the market share will be about 5.8% by the year 2026.
- The inorganic segment are quite easy to get and cheap compared to other organic ones. Ammonia, Carbon Dioxide, Water, are some of the examples of inorganics. These have zero ozone depletion potential and also negligible effects on the global warming. The segment is growing with a CAGR of 8.7% in the forecast period.
- European region is forecasted to witness significant growth in the overall market, with 17.6% of market possession by 2026 and CAGR of 6.0% during the forecast period.
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Refrigerants Market Segmentation
Type of Refrigerants 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
Applications Outlook (Revenue, USD Billion; 2018-2028)
- Air Conditioners
- Refrigerators
- Chillers
- Heat Pumps
- Electronics Devices
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The Refrigerants market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Refrigerants market.
The global Refrigerants market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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