The refrigerants market size was projected to be USD 31.0 billion by 2023, at a CAGR of 6.2% between 2018 and 2023. Refrigerants are mainly used as a medium to produce a cooling effect in the air-conditioning and refrigeration industry. They are used in cooling equipment such as freezers, refrigerators, air conditioners, and heating units.
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The major drivers contributing to the growth of the global refrigerants market are increasing demand for consumer appliances and the growing cold chain market. The growth of consumer appliances such as refrigerators and air-conditioners in APAC is contributing to the refrigerants market growth. Factors such as increasing disposable income, a higher standard of living, and increasing manufacturing facilities of consumer appliances will contribute to the growth of refrigerants market in the region.
Based on type, the most commonly used refrigerants are HCFCs, HFCs, HCs, ammonia, carbon dioxide, isobutane, propane, air, and water, among others. The growth of the market is attributed to the increasing demand for cooling products globally. Ammonia and HFC refrigerants accounted for the maximum share of the global refrigerant consumption in 2017.
However, for HFCs, owing to their undesirable effect on the ozone layer, the demand for HFC refrigerants is anticipated to decline. As per the Montreal Protocol, the use of high GWP and ODP refrigerant has to be phased out in the future. This has increased the demand for environmentally friendly refrigerants.
Based on application, the refrigerants market has been segmented into domestic, industrial, and commercial refrigeration; chillers; window, split, VRF, and other air-conditioning systems; and MAC. Emerging economies such as China and India are expected to account for a maximum share of the overall refrigerants market during the forecast period. Factors such as rapid economic growth, industrialization, and changing production & consumption patterns in these countries are expected to support the refrigerants market growth in these countries.
On the basis of region, APAC is projected to be the largest market for refrigerants during the forecast period. This is due to its growing economy and increasing population. 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. APAC consists of approximately 60.0% of the global population, which is expected to boost the refrigeration and air-conditioning applications.
Keys players in the industry are The Linde Group (Ireland ), The Chemours Company (US), and Honeywell International Inc. (US). They have adopted strategies such as agreement, merger & acquisition, expansion, and new product launch in order to gain an advantage over their competitors.
