Refrigerants Market: Summary
The Global Refrigerant Market is estimated to reach USD 21.1 Billion by 2027 at a CAGR of 4.1%, says forencis research (FSR).
Refrigerant is referred to as the compound used in the refrigerators in order to offer cooling effects. It is crucial in the products offering air conditioning, refrigeration, and freezing. These refrigerants work by absorbing the heat from the air entrapped inside the equipment, and transfer it from the low pressure gas to the high-pressure liquid. The components installed in the air conditioning system circulates the refrigerant outside. After this, the refrigerant cools down and turns back into low-pressure gas. Due to its efficient working, it is widely used in residential, commercial and industrial sector.
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Refrigerant Market: Drivers & Restraints
Higher Demand for Chillers and Freezers
The demand for the refrigerant is escalating owing to rising demand for the chillers and freezers which is attributed to the increasing adoption from various industries. Among these, food and beverage sector is emerged as the promising sector, which can be boosting the demand for chillers and freezer. The increasing trend of consuming frozen food by the potential population is expected to foster the chillers and freezer demand. In addition to this, higher preference to ready to eat/drink, and processed food products is further fueling the demand for chillers to increase the shelf life of the products.
Growing Demand for an Efficient Cooling Equipment
In industrial sector, the demand for efficient cooling system is increasing. It is crucial in industries to reduce the overall heating of the industrial components and equipment. Rise in manufacturing sector in emerging regions with ongoing industrialization along with higher preference of the prominent industrialists towards cooling system is projected to push the market growth. Increasing preference towards domestic heating equipment is further fostering the market growth in the forecast period.
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Strict Regulation Imposed On the Use High-GWP refrigerants
Chlorofluorocarbon and hydrochlorofluorocarbons are the compounds that are responsible for the emission causing major global concerns: global warming and greenhouse emissions. To overcome this, stringent emission regulation has been imposed by the developing countries. Also, some of the developing and developed countries has taken initiative to phase out the refrigerant with higher global warming potential GWP by 2030 and 2020 to promote environmental health. This is acting a restrain for the market growth.
Refrigerant Market: Key Segments
· Key Segments by Type: Chlorofluorocarbons, HydroChlorofluorocarbons, Hydrofluorocarbons, Fluorocarbons, Hydrocarbons, Ammonia, Carbon Dioxide, Propane, Iso-Butane and Others
· Key Segments by Application: Residential, Commercial, Industrial and Transportation and Refrigeration
· Key Regions Covered: North America, South America, Europe, Asia-Pacific, Middle East & Africa with individual country-level analysis.
Refrigerant Market: Report Scope
The report on the refrigerant market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Key Companies Covered
· Danfoss (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
· DAIKIN INDUSTRIES, Ltd
· Honeywell International Inc.
· Arkema SA
· The Chemours Company
· Air Liquide
· Dongyue Group
· Asahi Glass Co, Ltd
· Other Key Companies
Refrigerant Market: Report Segmentation
For the scope of report, In-depth segmentation is offered by Forencis Research
Refrigerant Market, by Type
· Carbon Dioxide
Refrigerant Market, by Application
· Transportation and Refrigeration
Refrigerant Market, by Region
· South Korea
· Rest of Asia-Pacific
· Rest of Europe
Middle East & Africa
· Saudi Arabia
· Rest of Middle East & Africa
· Rest of South America
Key Questions answered by the report
· What are the major developments impacting the global market and its growth?
· What will be the effects of the developments in the global market on the industry and on the market players in the near and far future?
· What are the evolving types of the global market?
· What are the evolving applications of global market?
· What are the major characteristics that will affect the global market growth during the study period?
· Who are the key global players operating in the market?
· How are the major players leveraging in the existing global market conditions?
· Refrigerant Market Providers
· Refrigerant Market Solution and Services Suppliers, Distributors and Dealers
· End-Users of Varied Segments of Refrigerant Market
· Government Bodies and Intellectual Institutions
· Associations and Industrial Organizations
· Research & Consulting Service Providers
· Research & Development Organizations
· Investment Banks & Private Equity Firms
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About Forencis Research
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