Refrigerant Market Worth US$ 25,534.6Mn, Globally, by 2028 at 6.5% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 4, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Refrigerant Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application", 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 projected growth of the market during the forecast period is attributed to a rise in demand for refrigeration systems and an increase in per capita income in developing economies.

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Refrigerant Market: Competition Landscape

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 market are constantly focusing on strategies such as investments in research and development activities and new product launches.

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In 2020, Asia Pacific held the largest share of the global market. The growing demand for refrigeration systems, industrial chillers, and air conditioning in automotive, electronic, food & beverages, and manufacturing industries is contributing to the growth of the market. Asia Pacific is known as the manufacturing hub of automotive, electronics, and several other industries. The rising investment in the industrial sector is creating demand for cooling infrastructure in manufacturing industries, which, in turn, is driving the global market in the region. electronics industries in countries such as China, Japan, South Korea, and India create a huge demand for refrigerants. Factors such as the emergence of China as the global leader in grocery market and the development of Indonesia and India as the fastest-growing grocery markets are increasing demand for refrigerants in the region. Moreover, players operating in the Asia Pacific refrigerant market are focusing on adopting different strategies such as investments in research and development activities and new product launches. This is further fueling the market growth in the region.

Rise in Demand for Refrigeration Systems

Refrigeration systems are highly utilized in commercial and industrial refrigeration purposes for maintaining the temperature level. Refrigerant is a type of coolant used in these systems which acts as a heat carrier and provides a cooling effect. In industrial food processing, refrigeration systems are used to maintain the freshness of food during transportation and other areas where food is handled. Refrigeration systems are also used in chemical industries for the processing of chemicals. The rising demand for refrigeration systems for domestic use is creating a significant need for refrigerants. Refrigeration systems are also used in several manufacturing industries in the hotter region, such as the Middle East & Africa, to overcome the atmospheric temperature. Thus, the growing need for refrigeration systems in industrial and commercial sectors is driving the refrigerants market.

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Refrigerant Market: Segmental Overview

Based on type, the refrigerant market is segmented into HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others. The HFC segment held the largest share in the global refrigerant market in 2020. HFCs are being utilized in automotive air conditioning and various industrial chillers on a large scale. HFC refrigerants are being used in various industries, including food & beverages, healthcare, and chemical.

Based on application, the refrigerant market is segmented into refrigeration systems, chillers, air-conditioning systems, MACs, and others. The refrigeration systems segment held the largest share in the global refrigerant market in 2020. Refrigeration systems are developed in many industries for cooling purposes. An increase in commercialization is one of the key factors in the large-scale development of refrigeration systems.

Impact of COVID-19 Pandemic on Refrigerant Market

The COVID-19 pandemic caused a significant economic loss across the globe. The refrigerant market also experienced the adverse effects of the pandemic in 2020. The pandemic led to temporary effects on the operational efficiencies of various industries. The pandemic negatively impacted the demand for refrigerants from various industries.

Various economies have started reviving their operations. Further, the demand for refrigerants from different applications started increasing, backed by the recovery of the various industrial activities. Rise in the need for refrigerants and significant investments by prominent manufacturers to increase production capacity are expected to drive the refrigerants during the forecast period. The demand for refrigerants is gradually increasing, backed by the recovery of industrial and commercial activities. The increasing use of refrigerants in various applications is expected to offer more growth opportunities for the global refrigerant market during the forecast period.

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Based on application, the air conditioning system is the fastest-growing segment owing to the increasing use of air conditioning systems in commercial and residential places as they provide cooling or maintain a specific room temperature.

Asia Pacific accounted for the largest share of the global refrigerant market. Growing consumption of eco-friendly refrigerants offers a strong growth opportunity for the refrigerant market in the coming years. Based on type, the HFC segment accounted for the largest revenue share. HFCs are widely utilized refrigerants in most cooling units across the world. The rise in demand for refrigeration systems and an increase in per-capita income in the developing economies are some of the key driving factors for the refrigerant market.

Refrigerants are to a great extent utilized in refrigeration frameworks in both business and private areas. The rising use of refrigerants in refrigeration frameworks, chillers, cooling, MACs, and others is helping the refrigerant market development. The interest for refrigeration framework can be ascribed to the developing interest for cold chain. The virus chain is a production network for capacity and conveyance exercises that significantly depends on HFC, HFO, and HCFCs refrigerants for dispersion by keeping up with the necessary temperature range. Drug and food and refreshments ventures are significant clients of the virus chain.

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The food and refreshments industry utilizes the virus chain to save the reaped nature of new produce. The refrigerants are exceptionally utilized in modern refrigeration and cooling for enormous scope cooling frameworks. The homegrown purposes of refrigeration frameworks are additionally expanding with ascend in populace and urbanization across the globe. The rising utilization of refrigerants for different applications in creating areas, like Asia Pacific, the Middle East and Africa, and South and Central America, made a tremendous effect available, with Asia Pacific adding to the biggest offer in the refrigerant market.

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