Global Refrigerant Market Analysis and Growth 2024
Global Refrigerant Market, By Type(Fluorocarbons, Inorganics, Hydrocarbons); Application(Home Refrigerators, Large-scale Refrigerators, Chillers, Air Conditioners, Heat Pumps)By Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa) – Industry Trends and Forecast to 2024
The global refrigerant market accounted for USD 14.9 billion in 2016 and is projected to grow at a CAGR of 4.6% during the forecast period of 2017 to 2024.
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Refrigerant is a compound that absorbs heat from the environment and provides refrigeration or air conditioning using the combination components such as compressors and evaporators. Three major forms of refrigerants include fluorocarbons, inorganics and hydrocarbons. Refrigerants are majorly used in refrigerators, chillers, air conditioners and heat pumps.
Major Market Drivers:
- Increasing demand for consumer appliances
- Growing cold chain industry
- Technological advancements in the refrigeration market
Market Restraint:
- Flammability and toxicity issues
- Stringent regulations regarding gas emissions
Global Refrigerant Major Market Competitors:
Some of the major players in the refrigerant market include Arkema SA, Dongyue Group Co. Ltd., Honeywell International Inc., The Chemours Company, The Linde Group, Daikin Industries Limited, Mexichem S.A.B. De C.V., Sinochem Corporation, Asahi Glass Co., Ltd. (AGC), SRF Limited, Air Liquide (Airgas Refrigerants Inc.) Gujarat Fluorochemicals Ltd., Navin Fluorine International Ltd, A-Gas International, Oz-Chill Refrigerants, PuyangZhongwei Fine Chemical, Shandong Yuean Chemical, Harp International, Quimobasico, Zhejiang Juhua Co Ltd, Tazzetti SPA, Gas Servei S.A., Zhejiang Fotech International Co Ltd, Refrigerant Solutions, Changsu 3f Fluorochemical Industry Co Ltd and many more.
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Global Refrigerant Market Segmentation:
The refrigerant market is segmented on the basis of type into
- Fluorocarbons
- Inorganics
- Hydrocarbons
On the basis of application, the market is segmented into refrigerators, large-scale refrigerators, chillers, air conditioners, heat pumps.
On the basis of geography, the refrigerant market report covers data points for 28 countries across multiple geographies such as
- North America
- South America
- Europe
- Asia-Pacific
- Middle East & Africa
Global Refrigerant Market Competitive Landscape:
The global refrigerant market is highly fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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