Refrigerant refers to a substance that is used for absorbing heat from another required substance. In a refrigerating system, the channel of heat transfer picks up the heat by evaporating at a low temperature and pressure. It provides heat on condensing at higher temperatures and pressure that is done by a fluid which is called as a refrigerant.
Surging demand for energy-efficient cooling solutions is the major trend in the refrigerant industry. Increasing average global temperatures due to climate change, economic growth and urbanization are widely expected to lead to a greater demand for energy-efficient refrigerants. Refrigerants with lower global warming potential will help reduce total greenhouse gas emissions. Usage of various refrigerants and environmental effects causing depletion ozone layer has been a constant matter of discussion, which has also shifted the focus of manufacturers in developing energy-efficient refrigerants. Ongoing technological advancements in cooling and replacing traditional refrigerants with natural and energy efficiency will positively impact the market. Energy consumption has seen a rise in past years; most of the energy demand is expected to grow from emerging economies where strong economic growth, increased access to marketed energy and growing population have led to a rise in demand for energy; this has also fueled the demand for energy-efficient refrigerant to cater the growing need for energy from emerging economies.
A few players operating in the refrigerants market are The Chemours Company; Arkema; Honeywell International Inc.; Linde plc; Air Liquide; Dongyue Group; SINOCHEM GROUP CO., LTD.; DAIKIN INDUSTRIES, Ltd.; AGC Inc.; Airgas, Inc. among few others.
