Worldwide Refrigerants Market Estimated to Reach USD 9.0 Billion by 2028, at a CAGR of 6.4% During the Forecast Period

DUBLIN, Aug. 15, 2023 /PRNewswire/ -- The "Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide), Application (Refrigeration System, Air Conditioning System, Chillers, and MAC), and Region (Asia Pacific, North America, Europe, MEA) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global refrigerants market is projected to grow from USD 6.3 billion in 2022 to USD 9.0 billion by 2028, at a CAGR of 6.4% during the forecast period.

The major factors contributing to the growth of the global refrigerants market are the increasing demand for consumer appliances, especially in Asia Pacific, and the growing pharmaceutical industry. The burgeoning disposable income, rising standard of living, and increasing manufacturing facilities of consumer appliances contribute to the market growth in the region.

Isobutane Expected to be the Second Fastest-Growing Type of Refrigerants Market

Isobutane (R-600a) is a natural refrigerant used in various refrigeration applications and is an excellent substitute for hazardous refrigerants. Due to its remarkable thermodynamic performance and minimal environmental effect, isobutane R-600a has attracted significant interest recently. It is a non-toxic chemical with zero ODP and a modest potential for global warming, making it a refrigerant gas of choice in small commercial and domestic refrigeration.

MAC Expected to be the Fastest-Growing Application of the Refrigerants Market

Mobile Air Conditioning (MAC) includes air conditioning in vehicles such as cars, trucks, and buses. The commonly used refrigerant in MAC is HFC134A. However, alternative refrigerants like R-1234yf are being used due to environmental concerns. Additionally, refrigerants such as HFC-1234yf, HCs, and carbon dioxide have low GWPs and more potential to achieve fuel efficiency as compared to existing systems.

Asia Pacific Projected to be the Fastest-Growing Region

Asia Pacific dominates the global refrigerants market, with China being the largest consumer of refrigerants globally. Increased investments and a rise in the number of new manufacturing establishments make Asia Pacific a prime market for refrigerants. The growing population, along with industry alliances, is also expected to propel market growth in the region.

Premium Insights

• Increasing Application Areas Offer Growth Opportunities for Refrigerants Market
• Asia-Pacific to Record Highest Growth During Forecast Period
• HFC & Blends and China Accounted for the Largest Market Share of the Asia-Pacific Refrigerants Market in 2022
• Refrigeration System Segment Led Refrigerants Market
• India to Register Highest CAGR During Forecast Period

Market Dynamics

Drivers

• Increasing Demand for Consumer Appliances
• Growing Pharmaceutical Industry

Restraints

• Stringent Regulations Against Fluorocarbon Refrigerants
• Flammability and Toxicity Issues

Opportunities

• Increasing Demand for Natural Refrigerants

Challenges

• Illegal Trade of Refrigerants

Competitive Landscape

Major Players

• Arkema S.A.
• Dongyue Group Co. Ltd.
• Honeywell International Inc.
• The Chemours Company
• Linde plc
• Air Liquide S.A.
• Sinochem Corporation
• Daikin Industries Ltd.
• Orbia
• Asahi Glass Corporation
• A-Gas International

Startup/SME Players

• Srf Limited
• Gujarat Fluorochemicals Limited
• Navin Fluorine International Ltd.
• Puyang Zhongwei Fine Chemicals Co.Ltd.
• Shandong Yuean Chemical Industry Co. Ltd
• Harp International Limited
• Quimobasicos S.A. De C.V.
• Tazzeti S.P.A.
• Gas Servei S.A.
• Zhejiang Fotech International Co. Ltd.
• Refrigerant Solutions Ltd.
• Brothers Gas Bottling & Distribution Co. LLC
• Eco Freeze International
• Engas Australasia

For more information about this report visit https://www.researchandmarkets.com/r/owz34j

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