Global Refrigerants Market Is Expected To Grow At A CAGR Of 10.3% Over The Forecast Period From 2017 To 2025 Growing Demand For Blasting Agents In Mining Applications Is Driving The Market Growth
The latest market report published by Credence Research, Inc. “Refrigerants Market, By Type (Halocarbons (CFC, HCFC and HFC), Inorganic (Ammonia and Carbon Dioxide), Zeotropic, Hydrocarbons and Azeotropic), Application (Air Conditioning (Heat Pumps, Chillers, Mobile AC and Stationary AC) and Refrigeration (Transportation, Industrial, Commercial and Residential) and Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global refrigerants market is expected to grow at a CAGR of 10.3% over the forecast period from 2017 to 2025
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The global refrigerants market is projected to foresee a considerable growth throughout the forecast period due to increasing production of refrigerators and cooling equipment especially for industrial applications. Rapid industrialization is driving the demand for efficient cooling systems, thus driving the key players to increase their production capacities to fulfill the surging demands.
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Moreover, increasing consumer disposable incomes coupled with global economic development are some other major aspects accountable for the rising demand for air conditioning and refrigeration especially in the emerging countries of South East Asia and BRICS. Also, rise in global temperature along with enhanced living standards are expected to bolster the market growth over the forecast period. In addition, rapid growth of the global food & beverages, automobile and consumer electronics industry is estimated to accelerate the product demand.
Although, stringent governmental regulations about the use of halogenated refrigerants such as HFCs and CFC’s coupled with repeated modifications in environmental standards such as Montreal Protocol are estimated to hinder the market growth. Moreover, fluctuating prices of raw materials including ammonia gas, tetrafluoroethylene etc. coupled with slow development of low GWP products is expected to be a key challenge for the market giants throughout the forecast period.
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Introduction of ozone friendly organic refrigerants is expected to offer massive opportunities to market players. Key players operating in the refrigerants market are focusing on research & development activities along with product innovation to commercialize non-halogenated refrigerants.
Inorganic refrigerants are anticipated to witness considerable growth owing to excellent thermal and insulation properties along with environmental friendly attributes related to their recovery and disposal. For instance, carbon dioxide has high performance coefficient, high heat transfer coefficient, low pressure losses and superior material compatibility when compared to other traditional refrigerants. Advancements in technology as well as rising investments in R&D for the introduction of more efficient and cost effective natural refrigerants is expected to propel the product demand over the forecast period.
Investments in development of non-halogenated refrigerants is estimated to be major strategy followed by market giants over the forecast period. Innovative promotion strategies linked to the use of ozone friendly refrigerants as well as development of effective sales channels is projected to be the key strategy followed by market players to strengthen their global reach.
Some of the major players operating in the global refrigerants market include Arkema SA, Daikin Industries Ltd., Honeywell International, E.I. du Pont Nemours & Co., Dongyue Group, Mexichem SA, SRF Ltd., Navin Fluorine International Ltd., Airgas Inc. and Sinochem Group among others.
Increasing investments on the development of ozone friendly refrigerants
Increasing demand for refrigerants from industrial applications
Increasing disposable incomes and growth of the global consumer electronics industry
Increasing demand for air conditioning and refrigeration from domestic applications especially in the Asia Pacific region.
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