Rise in Demand for Refrigeration Systems to Escalate Refrigerant Market Growth
According to our latest market study on “Refrigerant Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, and Others) and Application (Refrigeration Systems, Chillers, Air-Conditioning Systems, MACs, and Others)” the refrigerant market was valued at US$ 16,458.3 million in 2021 and is projected to reach US$ 25,534.6 million by 2028; it is expected to grow at a CAGR of 6.5% from 2021 to 2028. The report highlights key factors driving the market and prominent players along with their developments in the market.
Refrigerant is a compound used to abstract heat from other substances and lower their temperatures. Refrigerants’ property of absorbing heat at low temperature and pressure and rejecting heat at high temperature and pressure makes them more suitable for use in air conditioning and refrigeration systems. The global market is mainly driven by the increasing use of refrigerants in industrial refrigeration systems. In 2020, Asia Pacific held the largest revenue share of the global `market.
Refrigerants are largely used in refrigeration systems in both commercial and residential sectors. The increasing application of refrigerants in refrigeration systems, chillers, air conditioning, MACs, and others is boosting the refrigerant market growth. The demand for refrigeration system can be attributed to the growing demand for cold chain. The cold chain is a supply chain for storage and distribution activities that majorly relies on HFC, HFO, and HCFCs refrigerants for distribution by maintaining the required temperature range. Pharmaceutical and food & beverages industries are major users of the cold chain. The food & beverages industry uses the cold chain to preserve the harvested quality of fresh produce. The refrigerants are highly employed in industrial refrigeration and air conditioning for large-scale cooling systems. The domestic uses of refrigeration systems are also increasing with rise in population and urbanization across the globe. The rising use of refrigerants for various applications in developing regions, such as Asia Pacific, the Middle East & Africa, and South & Central America, created a huge impact on the market, with Asia Pacific contributing to the largest share in the refrigerant market.
The Chemours Company; Arkema; Honeywell International Inc.; Linde plc; Air Liquide; Dongyue Group; SINOCHEM GROUP CO., LTD.; DAIKIN INDUSTRIES, Ltd.; AGC Inc.; and Airgas, Inc. are among the major players operating in the global market. Players operating in the global refrigerant market are highly focused on developing high-quality and innovative product offerings to fulfill the customer’s requirements.
Impact of COVID-19 Pandemic on Refrigerant Market
Many industries, including the chemicals & materials industry, faced unprecedented challenges due to disruptions in the global supply chain caused by the COVID-19 pandemic that adversely affected the manufacturing, delivery schedules, and sales of various goods. The market size for refrigerants decreased due to a decline in the growth of several industrial sectors. Many production sites were either partially or fully closed to combat the spread of SARS-CoV-2. The COVID-19 pandemic also caused fluctuations in the prices of refrigerants. However, as the economies revived their operations, the demand for refrigerants also began to rise globally.
Global Refrigerant Market Breakdown – by Region
Refrigerant Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, and Others) and Application (Refrigeration Systems, Chillers, Air-Conditioning Systems, MACs, and Others)
Refrigerant Market Trends, Size & Forecast to 2028
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The report includes the segmentation of the global refrigerant market as follows:
Based on type, the global refrigerant market is segmented into HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others. Based on application, the global market is segmented into refrigeration systems, chillers, air-conditioning systems, MACs, and others. By geography, the global refrigerant market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The market in Europe is sub segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The market in South & Central America is divided into Brazil, Argentina, and the Rest of South & Central America.
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