Refrigerants Market size worth USD 22.50 Billion, Globally, by 2027 at 4.40% CAGR: Verified Market Research®
The "Global Refrigerants Market Size By Type, By Application, By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Refrigerants Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Oct. 11, 2023 /PRNewswire/ -- The Global Refrigerants Market is projected to grow at a CAGR of 4.40% from 2020 to 2027, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 16.34 Billion in 2019 and is expected to reach USD 22.50 Billion by the end of the forecast period.
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Browse in-depth TOC on "Refrigerants Market"
202 - Pages
126 – Tables
37 – Figures
Global Refrigerants Market: A Revolution in Cooling Technology
In a groundbreaking evolution that traces its roots back to 1856, the refrigerants industry has undergone transformative advancements, positioning itself as a cornerstone of modern cooling technology. These intricate chemical compounds, functioning as cooling agents in heat pumps and refrigeration cycles, have embraced the principle of phase transition, seamlessly transitioning between liquid and gas states at variable temperatures. Their applications are diverse, serving as primary working fluids in absorption refrigeration systems and secondary fluids for thermal energy transport.
Rising Demand for Refrigerants Market in Industrial and Commercial Sectors:
The demand for refrigerants has witnessed an unprecedented surge, primarily propelled by the burgeoning industrial and commercial sectors. Nations such as China, India, and Indonesia are experiencing a remarkable escalation in cooling equipment demand due to rapid industrialization and increased disposable incomes. This surge is particularly evident in the widespread adoption of air conditioning systems, leading to a global upswing in energy consumption. Industries requiring cold environments, especially in oil & gas refineries, are fostering the adoption of absorption chillers. Moreover, the rise in per capita incomes, particularly in developing economies, is driving domestic air conditioning system demand, amplifying the global refrigerants market.
Lucrative Opportunities Amid Environmental Challenges:
The global refrigerant industry offers abundant opportunities, bolstered by robust global economic growth and rising disposable incomes. Their applications in automobiles, food products, and enhanced living standards contribute significantly to Refrigerants Market expansion.
The commercial refrigeration sector is witnessing a surge in the adoption of mobile air conditioners and chillers. However, environmental concerns, particularly global warming and ozone layer depletion, have led to stringent regulations governing the use of toxic refrigerants, notably CFCs and HCFCs.
Asia-Pacific: A Dominant Refrigerants Market Force:
Asia-Pacific (APAC) emerges as the leading market, propelled by its growing economy and population. The region's industrialization and increased employment opportunities have contributed to rising disposable incomes, reinforcing its dominance in the global refrigerants market. Improved lifestyles across all financial strata further bolster the demand for refrigerants in the APAC region, making it a pivotal market amid evolving economic landscapes.
Key Players In Refrigerants Market
The "Global Refrigerants Market" study report will provide a valuable insight with an emphasis on global market including some of the major players such as Arkema SA, Daikin Industries Ltd., E.I. du Pont Nemours & Co., Honeywell International, Mexichem SA, Dongyue Group, Navin Fluorine International Ltd., The Chemours Company, The Linde Group, and SRF Ltd.
The global refrigerants market is amidst a significant growth phase, driven by industrialization, increased incomes, and the rising demand for advanced cooling systems. As opportunities abound, businesses are navigating stringent environmental regulations to sustain this growth. APAC stands as a beacon of potential, reflecting the industry's resilience and adaptability in the face of evolving challenges.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Refrigerants Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Refrigerants Market into Type, Application, And Geography.
- Refrigerants Market, by Type
- HFC
- CFC
- Azeotropic
- Others
- Refrigerants Market, by Application
- AC
- Refrigeration
- Others
- Refrigerants Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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