Refrigerants Market To Reach USD 20 Billion By 2023; Asserts Market Density
California, US, PR Submission Site July 24, 2018 – Market Density Publishes Market Research and Industry Analysis Report on the “Global Refrigerants Market” – Scope, Stake, Progress, Trends and Forecast up to 2023.
Refrigerants are liquid substances used in a heat pump and refrigeration cycle. These materials possess unique thermodynamic and thermo-physical properties, which makes them ideal for a wide range of general-purpose heating and cooling solutions. Growing, population, urbanization and industrialization over past few years, are prompting the demand for various heating and cooling solutions across the industries. Improving economic conditions are improving quality of lives, enhancing consumers’ purchasing power. Hence, the Refrigerants market witnesses a steady increase, observing strong demand.
According to Market Density, The global market for Refrigerants is expected to garner a substantial value at US$ 20 billion by 2023 with approx. 4% CAGR over the forecast period (2017 – 2023). Increasing emphasis on energy conservation is another key factor propelling the market growth. Emergence of HFO (Hydrofluro-Olefins) refrigerants those are comparatively less harmless to the environment than the HFC alternatives is one of the key factors, propelling the market growth.
Ironically, environmental changes and anthropogenic effects such as global warming that define the market growth of Refrigerants are also causing hurdles to the market growth. For instance; the infamous fluorocarbon refrigerants have high levels of GWP (global warming potential) and ODP (ozone depletion potential). The release of these refrigerants in the atmosphere causes thinning of the ozone layer, and their uses can have a severe indirect effect on the environment in addition to the ozone depletion.
Hence, strict governmental regulations are imposed on the use of harmful fluorocarbon refrigerants. Besides various regulations such as Montreal protocol and the Kyoto protocol, and EU F-gas phase-down plan among others are accounting for the factors causing the impediment to the market growth.
Nevertheless, substantial investments made in the field of R&D activities by various market players are expected to pay off well by bringing about betterments in the products. For example, the innovation brought by Daikin Industries, Ltd. (Japan), a multinational air conditioning manufacturing company. In 2017 Daikin introduced R-407H refrigerant, which has around 62%*1 lower GWP as compared to R-404A. Such innovations will foster the market growth during the assessment period.
Report Segments – Global Refrigerants Market
Market Density has segmented the analysis into three categories:-
By Types: Fluorocarbons (HCFC’s, CFC’s, HFO’s and HFC’s), Inorganic refrigerants (Carbon Di-oxide, Ammonia, and Water), and Hydrocarbons (Iso-butane, and Propane, others) among others.
By Applications: Industrial, Domestic, Commercial, Portable, Transport, Single Split, Multi-Split, Chillers, MAC, and Heat Pumps, among others.
By Regions: North America, Europe, APAC and Rest of the World.
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The segment Air-conditioning by applications captured the largest market share in 2017 mainly due to technological advancements, growing demand for the air conditioner, and portable air conditioners.
Competitive Analysis – Global Refrigerants Market
Key Players: SRF Limited, Daikin Industries, Air-Liquide, Sinochem Group, Linde Gas, Gujarat Flurochemicals, Mexichem, Asahi Glass, Chemours, Dongyue Group, Harp International, and Honeywell International are some of the fervent market players operating in the market.
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JUN. 21, 2018 – Researchers at the Polo research laboratories at the Federal University of Santa Catarina (Brazil), working on emerging technologies in cooling and thermophysics published their study of hydrocarbons that have some unique properties, making them the best-performing refrigerants for light commercial applications. The report was published at the Gustav Lorentzen conference comprising of Hydrocarbons such as isobutane and propane that are substantially less expensive than HFCs.
MAY. 27, 2018 – FSW (UK) one of the leading refrigeration and air conditioning wholesaler, announced consecutive refrigerant price rises in June and July 2018. The company has informed customers that the price of R32 is to rise by 40% from June 2018 and the price of R410A will rise by 20% from July 1.
Regional Analysis of Global Refrigerants Market
The Asia-Pacific region is expected to dominate the global Refrigerants market followed by Europe and North America. The market is expected to grow significantly, registering a steady CAGR during the forecast period owing to the increase in the consumption of the material, increasing the standard of living, increasing production capacities backed by the high economic growth rate in the region.
Simultaneously, world’s second and third largest markets which are Europe and North America markets, respectively, are growing due to the huge demand for heating solutions. The increase in the research and development activities to bring more advancement in the materials is leading to the growth of the regional market.
The Middle East & Africa market accounts for one of the lucrative markets for Refrigerants. The market is expected to register a phenomenal CAGR during the forecast period owing to the expected consolidation of large players in these regions.
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