Refrigerants Market is Projected to Reach USD 45.7 Billion by 2030 at a CAGR of 7.98% from 2022 to 2030; Rise in Industrialization and need for Efficient Cooling Systems to Bolster Market Growth
SkyQuest Technology Consulting Pvt. Ltd.
5 min read
SkyQuest Technology Consulting Pvt. Ltd.
SkyQuest, a reputed research firm, offers an elaborate report overview on the refrigerants market that focuses on key industry trends and recent developments shaping the future market. The report throws light on the key insights such as drivers, restraints, challenges, and new growth opportunities. It also enlists the key players operating in this market and initiatives that will help them gain a competitive edge in the market competition. The report further discusses major trends and significant developments in the industry worldwide that will help shape the future of this market during the forecast period. It further throws light on the nature of players in this industry and key initiatives taken by players to maintain a strong position in the market competition.
Westford, USA, March 15, 2023 (GLOBE NEWSWIRE) -- Asia Pacific emerged as the key share holder for the refrigerant market due to the rapidly growing economy. The rapid rate of urbanization and industrialization resulted in a number of industrial and manufacturing setups. The need to ensure cooling environment for industrial setups is projected to help promote the growth of the global refrigerants market in the coming years.
SkyQuest's global research indicates the increase in the number of construction and renovation activities for residential and commercial purposes have resulted in high demand smart, healthy, and sustainable buildings. This, coupled with the rise in global warming and major temperature fluctuations also augments the need for refrigerants. The aforementioned factors are likely to help the refrigerants market gain significant growth opportunities in the forecast duration.
According to a recent study by SkyQuest, rapid urbanization and lifestyle upgradation is positively influencing the demand for air conditioners and coolers in both developed as well as emerging nations. Besides this, the rise in production of electric vehicles is also projected to augment the demand for refrigerants for ensuring cooling system inside the vehicle. Additionally, the rise in popularity and increase in adoption of international cuisine opens gateway to more import-export routes. This requires safe transportation and delivery of cold cut or processed food delivery across the world. Skyquest predicts significant demand for refrigerants from the transportation sector in the next couple of years.
The rise in need for cooling equipment for industrial, corporate, and residential buildings is considered a key growth driver promoting the global refrigerants market in the forecast period. The rise in disposable incomes of people and their willingness to spend on better conditioning systems is further projected to add boost to the overall growth of the refrigerants market in the coming years.
The rise in use of multiple appliances on a daily basis such as kitchen appliances, microwave, and others augments the demand for energy on a global level is likely to propel the need for air conditioning in households to ensure a cool environment for the products and to prevent any accident caused due to overheating. These factors are projected to boost the growth of the global refrigerants market in the forecast period.
Changshu Sanaifu Zhonghao Chemical New Material Co.Ltd.
Carier Corportaion
Tazzetti S.Pa.
Zheijiang Fotech International Co.Ltd
Quimobasicos
Gujrat Fluorochemicals Ltd.
Gas Servei
AGC Inc.
Mexichem
Sinochem Lantian Co.Ltd.
Air Liquide
Linde Plc.
The Chemours Company
Honeywell International Inc.
Dongyue Group Co.Ltd.
Arkema
Fluorocarbons Segment to Gain Significant Impetus Attributing to High Demand from Residential Setups
The refrigerant market is likely to witness a remarkable growth and hold an estimated 53.13% share in the total market. Growth of this segment is attributable to their wide use in commercial as well as residential air conditioning equipment. The increase in economic growth in developing nations are focusing on adopting fluorocarbon refrigerants and phasing out HCFCs. This in turn is likely to aid in market expansion for the refrigerants market in the forecast period.
Browse summary of the report and Complete Table of Contents (ToC):
Stationary Air Conditioning, Chillers, and Heat Pumps Segment to Lead Market in Future
With respect to classification by application, the global refrigerants market is categorized into industrial refrigeration, domestic refrigeration, transportation refrigeration, commercial refrigeration, stationary air conditioning, chillers & heat pumps, and mobile air conditioning. Among these, the stationary air conditioning, and the chillers and heat pumps segments are projected to collectively dominate the market revenues during the forecast period. Factors supporting the growth of these segments include the rise in demand for consumer electronic devices especially from regions with middle-income population. Besides this, the rapidly growing food and beverage industry and the rise in adoption of international cuisines worldwide augments the need for frozen food delivery, thereby creating new growth opportunities for the transportation refrigerants segment in the coming years.
Regionwise, the market for refrigerants witnessed high market shares from Asia Pacific. This is primarily due to the presence of major players, coupled with the high manufacturing base for refrigerants in this region. China emerged as the largest contributor of this market, growth of which is attributed to the presence of manufacturing base for multiple end-user industries worldwide. Besides this, the rise in popularity of organic crops that require cold storage such as peas and maize for longevity is further expected to help the entire region continue dominating the global market in the near future.
SkyQuest offers an intensive overview of the market focusing on possible ifs and buts as well as growth opportunities for the global refrigerants market. This includes factors driving, promoting, challenging, and creating new growth opportunities. Additionally, the report discusses the table of segmentation and names of leading segment with attributed factors supporting its growth. Furthermore, other segments of this market are also discussed to understand how revenue generation opportunities can be created for each segment to outgrow others in the future market competition.
Recent Developments in Refrigerants Market
A global leader in smart, healthy and sustainable buildings called Johnson Controls launched their first air-cooled scroll chiller in the U.S. market promoting the use of the R-454B refrigerant. The product, namely York YLAA Air-Cooled Scroll Chiller promises efficient performance in compliance with the lowest global warming potential or GWP.
Honeywell launched their new refrigerant called Solstice N71 (R-471A) that follows the stringent regulations imposed for reducing greenhouse gas emissions.
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