The Global Refrigerant Market is estimated to reach USD 21.1 Billion by 2027 at a CAGR of 4.1%, says forencis research (FSR).
Refrigerant is referred to as the compound used in the refrigerators in order to offer cooling effects. It is crucial in the products offering air conditioning, refrigeration, and freezing. These refrigerants work by absorbing the heat from the air entrapped inside the equipment, and transfer it from the low pressure gas to the high-pressure liquid. The components installed in the air conditioning system circulates the refrigerant outside. After this, the refrigerant cools down and turns back into low-pressure gas. Due to its efficient working, it is widely used in residential, commercial and industrial sector.
Market Drivers:
The demand for the refrigerant is escalating owing to rising demand for the chillers and freezers which is attributed to the increasing adoption from various industries. Among these, food and beverage sector is emerged as the promising sector, which can be boosting the demand for chillers and freezer. The increasing trend of consuming frozen food by the potential population is expected to foster the chillers and freezer demand. In addition to this, higher preference to ready to eat/drink, and processed food products is further fueling the demand for chillers to increase the shelf life of the products.
In industrial sector, the demand for efficient cooling system is increasing. It is crucial in industries to reduce the overall heating of the industrial components and equipment. Rise in manufacturing sector in emerging regions with ongoing industrialization along with higher preference of the prominent industrialists towards cooling system is projected to push the market growth. Increasing preference towards domestic heating equipment is further fostering the market growth in the forecast period.
Market Restraints:
Chlorofluorocarbon and hydrochlorofluorocarbons are the compounds that are responsible for the emission causing major global concerns: global warming and greenhouse emissions. To overcome this, stringent emission regulation has been imposed by the developing countries. Also, some of the developing and developed countries has taken initiative to phase out the refrigerant with higher global warming potential GWP by 2030 and 2020 to promote environmental health. This is acting a restrain for the market growth.
The report on the refrigerant market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features |
Specifics |
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Historical/Estimated/Forecasted Market Size Years |
2018-2027 |
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Base Year for Market Calculation |
2019 |
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Forecasted Period |
2020-2027 (2020 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million) Volume (Kiloton) |
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Segments Included |
Type, Application |
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Regional Coverage |
Asia-Pacific, North America, Europe, Middle East & Africa and South America |
For the scope of report, In-depth segmentation is offered by Forencis Research
Refrigerant Market, by Type
Refrigerant Market, by Application
Refrigerant Market, by Region
1 INTRODUCTION
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Regional Coverage
1.5 Research Timeline
1.6 Assumptions
1.7 Limitations
2 RESEARCH DESIGN & SCOPE
2.1 Introduction
2.2 Primary Research
2.2.1 Key Industry Expert Insight
2.3 Secondary Research
2.3.1 Vital Data from Secondary Sources
2.4 Market Size Estimation
2.5 Data Validation & Triangulation
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Introduction
4.2 Drivers
4.2.1 Higher Demand for Chillers and Freezers
4.2.2 Growing Demand for an Efficient Cooling equipment
4.3 Restraints
4.3.1. Strict Regulation Imposed On the Use High-GWP refrigerants
4.4 Opportunities
4.4.1. Advent of Next Generation refrigerant
5 INDUSTRY TRENDS – PORTERS FIVE FORCES ANALYSIS
5.1 Introduction
5.1.1. Power of Buyers
5.1.2. Power of Suppliers
5.1.3. Intensity of Competition
5.1.4. Challenges of Substitutes
5.1.5. Challenges of New Entrants
5.2 Macro-Economic Indicators
6 REFRIGERANT MARKET BY SERVICE, Market Size in USD Million and Kiloton (2019—2027)
6.1 Introduction
6.2 ChloroFluoroCarbons
6.3 HydroChloroFluoroCarbons
6.4 HydroFluoroCarbons
6.5 FluoroCarbons
6.6 HydroCarbons
6.7 Ammonia
6.8 Carbon Dioxide
6.9 Propane
6.10 Iso-Butane
6.11 Others
7 REFRIGERANT MARKET BY APPLICATION, Market Size in USD Million and Kiloton (2019—2027)
7.1 Introduction
7.2 Residential
7.3 Commercial
7.4 Industrial
7.5 Transportation And Refrigeration
8 REFRIGERANT MARKET BY REGION, Market Size in USD Million (2019—2027)
8.1 North America
8.1.1. US
8.1.2. Canada
8.1.3. Mexico
8.2 Europe
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. UK
8.2.5. Spain
8.2.6. Rest of Europe
8.3 Asia-Pacific
8.3.1. China
8.3.2. Japan
8.3.3. India
8.3.4. South Korea
8.3.5. Rest of Asia-Pacific
8.4 Middle East & Africa
8.4.1. Saudi Arabia
8.4.2. UAE
8.4.3. Rest of Middle East & Africa
8.5 South America
8.5.1. Brazil
8.5.2. Argentina
8.5.3. Rest of South America
9 COMPETITIVE LANDSCAPE
9.1 Introduction
9.2 Market Ranking/Share Analysis of Key Companies
9.3 Company Benchmarking
10 COMPANY PROFILES
10.1 Danfoss
10.1.1 Company Overview
10.1.2 Financial Overview
10.1.3 Products/Solutions/Services Offered
10.1.4 Key Developments
10.1.5 SWOT Analysis
10.2 Linde
10.3 DAIKIN INDUSTRIES, Ltd
10.4 Honeywell International Inc.
10.5 Arkema SA
10.6 DuPont
10.7 The Chemours Company
10.8 Air Liquide
10.9 Dongyue Group
10.10 Asahi Glass Co, Ltd
10.11 Other Key Companies
11 APPENDIX
11.1 Key Industry Expert Insights
11.2 Primary Discussion Guide
11.3 Customization Options
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain