Attractive Opportunities in the Refrigerants Market

PUNE, India, 2020-Mar-04 — /EPR Network/ — The refrigerants market size is estimated to be USD 22.9 billion in 2018 and is expected to reach USD 31.0 billion by 2023, at a CAGR of 6.2% during the forecast period. Factors such as increasing demand for consumer appliances and growing cold chain market are expected to drive the refrigerants market. The major restraint for the market will be the regulations imposed against usage of fluorocarbons such as HCFCs and HFCs in North America and Europe. However, the increasing demand for natural refrigerants will act as an opportunity for the market.

Browse 137 market data Tables and 36 Figures spread through 149 Pages and in-depth TOC on “Refrigerants Market”

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Split ACs is the largest application segment in the refrigerants market. APAC was the largest market for refrigerants in split ACs application in 2018, in terms of both volume and value. Factors such as rapid urbanization, increasing spending income, and rising standard of living are expected to drive the demand for split ACs during the forecast period.

Ammonia was the largest type segment in the refrigerants market in 2018

Ammonia, an inorganic refrigerant, is mostly used in applications such as supermarket/hypermarket, industrial refrigeration, and chillers. It offers advantages such as low-cost refrigeration system, high efficiency that results in low power consumption, and a zero OPD and GWP rating, thus improving the overall ratings of HCFCs and HFCs. Ammonia refrigerants are gaining popularity in the APAC market mainly due to lower carbon dioxide emissions. The emergence of China as the global leader in the grocery market and the emergence of India and Indonesia as the fastest-growing grocery markets are driving the demand for ammonia refrigerants in the region.

The split ACs segment is estimated to dominate the refrigerants market during the forecast period.

Splits ACs was estimated to be the largest application in 2018 and is projected to continue its dominance throughout the forecast period. Factors such as increasing demand for ACs with better performance and durability are driving the split ACs segment. With an increase in disposable income, the standard of living in APAC is increasing drastically. Thus, the demand for luxury products is increasing rapidly.

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APAC to account for the largest share of the refrigerants market and the trend is expected to continue throughout the forecast period

APAC is the largest market for refrigerants due to the presence of the largest and fastest-growing economies such as China and India, respectively, in the region. The rapid industrialization coupled with the growing manufacturing industry is also driving the market in the region. The rising disposable income of consumers along with the changing lifestyle plays a significant role in boosting the refrigerants market. Factors such as advancements in civil construction and high demand for efficient refrigerants drive the market. In addition, the rising demand from Thailand, Indonesia, Malaysia, Japan, and South Korea is estimated to boost the market for refrigerants.

Digital technologies such as Internet of Things, machine learning and autonomous mobile robots will continue to advance in the refrigeration systems. The IoT is extending the monitoring and control capabilities of machines such as air conditioning systems, refrigeration systems, and chillers. Control devices automatically connect to the internet to record and graph data over the time

MarketsandMarkets has wide coverage on adjacent markets of refrigerants such as refrigerated transport system, cold chain monitoring, air treatment, electric heat tracing market and automotive thermal management

The key market players profiled in the report include Arkema S.A. (France), Dongyue Group Co. Ltd. (China), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Ireland), Air Liquide (France) (US), Sinochem Lantian Co. Ltd. (China), Daikin Industries (Japan), Mexichem (Mexico), and Asahi Glass Corporation (Japan).

Bundle Reports

• Low GWP Refrigerants Market
• Commercial Refrigeration Equipment Market
• Cold Storage Construction Market
• Secondary Refrigerants Market
• Hydrofluoric Acid Market

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