Know More About “Refrigerant Market 2019-2025” Growth Worldwide…..|Grand View Research, Inc.



The global refrigerant market size is expected to reach USD 30.37 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.3% during the forecast period. Development of eco-friendly alternatives, as a result of environmental policies aimed at ozone depletion and GHG emissions, is a key factor driving market growth.
Regulations across EU, Japan, China, and U.S. have prompted consumers to shift toward hydrocarbon and inorganic refrigerants, with its demand predicted to increase drastically over the forecast period. The fluorocarbons segment accounted for over 50% of the overall consumption in 2016.
Inorganics emerged as the second-largest product segment in terms of revenue. Thermal efficiency of the product has enabled its penetration across industrial applications. Low cost, easy availability, and eco-friendly characteristics are key factors boosting its demand in industrial areas.
The Asia Pacific market for refrigerants has reported strong demand in recent times. Growth in industrial activity and productivity across China and India will continue to spur demand for refrigeration across residential, industrial, and commercial sectors. China represented more than one fifth of the global consumption in 2016.
Companies are constantly striving to consolidate their presence through product development, regional expansions, and application diversification strategies. Innovative and cost-effective products that meet both end-user specifications and regulatory standards are key determinants for competitive edge.
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https://www.grandviewresearch.com/industry-analysis/refrigerant-market/request/rs4
Further key findings from the report suggest:
·         The global refrigerant demand was estimated at 1.73 million tons in 2016 and is expected to rise at a CAGR of 5.4% from 2017 to 2025
·         The United Nations Framework Convention on Climate Change has played a pivotal role in regulating the use of refrigerant products and has compelled industry participants to develop alternative sources
·         Europe is the second largest consumer, with the mobile air conditioning, industrial, and commercial refrigeration sectors exhibiting strong demand. A standard environmental policy across EU has impelled regional manufacturers to invest extensively in R&D
·         The hydrocarbon refrigerant segment is expected to witness a CAGR of 8.9% in terms of volume over the forecast period. Energy efficiency, low cost, and ecofriendly nature of the product are key traits positively influencing demand
·         Domestic refrigeration is estimated to emerge as the most promising segment in terms of volume, exhibiting a CAGR of 6.2% over the forecast period
·         Some of the key players in the market are Honeywell International, Daikin Industries Limited, Arkema S.A., Linde Group, and The Chemours Company.
Fluorocarbons emerged as the dominant product segment in 2016, accounting for 53.13% of the overall volume. They are extensively used for domestic purposes and in air conditioning equipment. However, stringent government regulations imposed on consumption and manufacture of fluorocarbons owing to potential ozone depletion and global warming are likely to hamper the growth of this segment.
HFCs are widely utilized in air conditioning applications as they are less harmful to the atmosphere in comparison to other fluorocarbon refrigerants. They also serve as the most prominent substitutes for phased-out CFCs and HCFCs. Emerging nations are slowly phasing out fluorocarbon refrigerants and are working on phasing out HCFCs. This will, in turn, result in high demand for HFCs globally.
Energy efficiency, low cost, and ecofriendly nature of hydrocarbons are key traits driving their demand. They are also being increasingly preferred as an ideal substitute for fluorocarbon-based cooling equipment and processes owing to cheap prices and easy availability. Europe serves as a prominent consumer of hydrocarbons, as the air-conditioning industry in the region has been swiftly employing them in all their cooling products.
Inorganic refrigerants emerged as the second-largest segment in 2016, accounting for 24.17% of the overall volume. Its superior thermal efficiency has allowed it to play a significant role in industrial applications. Owing to low cost, easy availability, and ecofriendly nature, the segment is expected to grow steadily in future.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-refrigerant-market
Grand View Research has segmented the global refrigerant market on the basis of product, application, and region:
Refrigerant Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·         Fluorocarbon
·         Hydrocarbon
·         Inorganic
·         Others
Refrigerant Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·         Industrial Refrigeration
·         Domestic Refrigeration
·         Transport Refrigeration
·         Commercial Refrigeration
·         Stationary Air Conditioning, Chillers & Heat Pumps
·         Mobile Air Conditioning
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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