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.
Players in the refrigerants market are mainly concentrating on new product launches, agreements, mergers & acquisitions, and expansions to meet the growing demand for refrigerants for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the refrigerants market has been largely influenced by agreements and new product launches that were undertaken between 2013 and 2018. Companies such as Chemours Company (US) and Honeywell International Inc. (US) have adopted agreements, and new product launches to enhance their market position.
Honeywell International Inc. (US) is one of the leading players in the refrigerants market. In order to expand its business, the company is focusing on enhancing its market reach by entering new markets and regions. For instance, in April 2016, Honeywell International Inc. (US) entered into an agreement with Chinese manufacturer Juhua Corp. to produce low GWP refrigerant for use in the MAC application. This agreement enabled it to capture the refrigerants market in China and to increase revenue. Similarly, The Chemours Company (US) entered into a sales agreement in March 2015 with Emerson Climate Technologies (US) to supply Opteon XP40 (R-449A) and XP10 (R-513A), which are used in scroll and semi-hermetic compressors.
The companies also adopted new product launch as a strategy to expand their product portfolio and market presence. For instance, in October 2016, The Chemours Company expanded its product portfolio by launching a line of new product series under the brand Opteon XL. The refrigerants will have applications in refrigeration and air-conditioning systems. Similarly, in January 2015, Honeywell International Inc. (US) launched four new low GWP products Solstice zd, Solstice ze, Solstice N13, Solstice N40, for applications such as supermarket refrigeration and industrial cooling.
The Chemours Company (US) is also one of the leading suppliers of refrigerants. It caters to the demand for specialized refrigerants in North America, South America, the Middle East & Africa, Europe, and APAC. It has a strong foothold in the markets in APAC, North America, and Europe, generating a majority of its revenue. It has expanded its R&D centers and floor capacity by continuously investing in the expansion of laboratories, which enables the company to cater to the demand of customers effectively. The company believes in performing various inorganic and organic growth strategies to maintain its position in the refrigerants market. For instance, it invested USD 230 million to increase its production capacity of Opteon product line refrigerants.
