The report "Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane), Application (Refrigeration System, Air Conditioning System, Chillers, MAC) and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2027", will grow to USD 8.4 billion by 2027, at a CAGR of 6.2% from USD 6.2 billion in 2022
Browse 311 market data Tables and 58 Figures spread through 307 Pages and in-depth TOC on "Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane), Application (Refrigeration System, Air Conditioning System, Chillers, MAC) and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2027"
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Refrigeration, refrigerants are cooling mediums that absorb heat at low temperatures and pressure and release heat at high temperatures and pressure. The major factors contributing to the growth of the global refrigerants market are the increasing demand for consumer appliances, especially in Asia Pacific, and the growing pharmaceutical industry. The growing use of natural refrigerants is expected to act as an opportunity for stakeholders to grow in the refrigerants market. Natural refrigerants are likely to be in high demand in the coming years, driven by the multiplying demand from domestic, industrial, and chiller applications.
HFC & Blend is estimated to be the largest type of refrigerants in 2021
HFC & blends refrigerants accounted for the largest share of the global refrigerants market in 2021. HFCs are used as refrigerants, blowing agents, and aerosol propellants. Following the phase-out of chlorofluorocarbons (CFCs) and later HCFCs, which were also greenhouse gases, HFC & blends became popular. Although HFCs are greenhouse gases but not as potent as CFCs or HCFCs. Following the phase-out of CFCs and HCFCs, demand for HFCs has risen rapidly and further increased with the expansion of air conditioning in developing countries. However, due to its high GWP, on October 15, 2016, it was announced in Kigali, Rwanda, that 170 nations had agreed to phase down HFCs through an amendment to the Montreal Protocol.
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Air conditioning systems is estimated to be the second-largest application of refrigerants market in 2021
Air conditioners are used to cool single or multiple rooms in residential or commercial areas. This application segment is further segmented into window AC, split AC, variable refrigerant flow, and ducted, packaged, and rooftop ACs based on application and capacity. R–407C, HCFC–22, and R–410A are the most commonly used refrigerants in these applications. Air conditioners are the largest source of indirect emissions of greenhouse gases. Hence, OEMs are emphasizing developing low-GWP refrigerants. The best available low GWP refrigerants are R–290 and R–1270. In the EU, air conditioning systems use hydrocarbon-based refrigerants.
“North America was the second-largest refrigerants market, in 2021”.
North America was the second-largest refrigerants market, in 2021. The market in this region is characterized by the increasing demand for better-performing consumer appliances and environment-friendly refrigerants. The growing commercial spaces are increasing the demand for efficient refrigeration systems. The growth of commercial applications is expected to support the growth of the refrigerants market in North America. The presence of an expansive, organized retail sector and a well-established cold chain network support the commercial applications of refrigerants.
New product launches and expansions are the major growth strategies adopted by the key players in the market. Honeywell International Inc. (US) and Orbia (Mexico) are the key players that have focused on new product launches and developments for deeper market penetration. The Linde Group (Ireland), The Chemours Company (US)and Daikin Industries Ltd. (Japan) have undertaken expansions in the refrigerants market.
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