Global Refrigerants Market is valued at approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2028. A refrigerant is a mixture of fluid substances that are primarily utilized in the refrigeration cycle of heat pumps and air conditioning systems. This acts as a coolant that gets converted from liquid to gas during the refrigeration cycle. Refrigerants are highly adopted because of their properties such as moderate density in liquid form, high heat vaporization, high density in gaseous form, and non-corrosive nature. The flourishing development of the processed food sector, the rapid growth of the pharmaceutical industry, and the increasing demand for consumer appliances are the primary factors fostering market demand across the globe. For instance, according to the National Investment Promotion & Facilitation Agency, in 2021, FDI inflows of the Indian food processing sector were projected to upsurge by USD 393.41 million and accounted for nearly USD 10.88 billion (from April 2000 to November 2021). In addition, the Indian food processing sector is anticipated to reach around USD 470 billion by the year 2025. Thereby, the growth of the processed food sector is fueling the demand for refrigerants to protect food from spoilage, which, in turn, bolsters the global market growth. However, the imposition of stringent regulations against fluorocarbon refrigerants and the risk associated with the flammability and toxicity issues impede the growth of the market over the forecast period of 2022-2028. Also, the surging demand for natural refrigerants and the growth of the cold chain industry is anticipated to act as catalyzing factors for the market demand during the forecast period.
The key regions considered for the global Refrigerants Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia-Pacific is the leading region across the world in terms of market share owing to the presence of a huge industrial base, growing urbanization, and increasing disposable income. Whereas, North America is anticipated to exhibit a substantial growth rate over the forecast period 2022-2028. Factors such as the rising investment in R&D activities, as well as presence of leading market players, would create lucrative growth prospects for the Refrigerants Market across the North American region.
Major market players included in this report are:
Honeywell International Inc.
The Chemours Company
The Linde Group
Daikin Industries Ltd.
Asahi Glass Corporation
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
HFC & Blends
Air conditioning system
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028
Target Audience of the Global Refrigerants Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers