The global refrigerants market size was valued at $20.6 billion in 2020, and is projected to reach $42.0 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.
Refrigerant is mixture of fluid substances used in heat pump or refrigeration cycle, which acts as coolant. It gets converted from liquid to gas during refrigeration cycle. It is utilized, owing to properties, including non-corrosive nature, high heat vaporization, moderate density in liquid form, and high density in gaseous form. In addition, hydrochloroflurocarbons (HCFC), hydrofluorocarbons (HFC), chlorofluorocarbons (CFC), and other inorganic chemicals are various chemicals that are used as refrigerant.
Urbanization and lifestyle improvements have led to high demand for air conditioners that support the growth of the refrigerant market. Technological advances and extensively utilized freezing in food and transportation industries boost the growth of the market. Demand for refrigerants is increasing, due to increase in production of automobiles, due to the fact that automobile air conditioning uses refrigerants. In addition, it is expected that increase in production of electric vehicles play an important role in energy conservation. Increase in production of electric vehicles boost the refrigerant market. Noticeable boom in commercial sector is observed, owing to many offices, shopping malls, and other infrastructures across the globe. These buildings are equipped with heating, ventilation, and air conditioning (HVAC) equipment such as air conditioners. Refrigerant is an important component of HVAC systems hence, rapid growth of commercial sector drives the growth of the refrigerant market.
Significant rise in living standards and per capita income change the choices and preferences of an individual making India a developing nation.. In addition, increase in purchase of health and wellness food products, including organic food that require cold storage, including peas and corn and packaged frozen food especially dairy, baby food, and confectionary products are increasingly becoming popular, which, in turn, boost the refrigerants market growth. Increase in demand for packaged frozen food will provide lucrative growth opportunities for the market.
The global refrigerants market is segmented on the basis of type, application, and region.
Depending on type, it is classified into halocarbons, azeotropes, zeotropes, inorganic refrigerants, and hydrocarbons. The halocarbons segment is fragmented into hydrofluorocarbon (HFCs), chlorofluorocarbons (CFCs), and hydrochlorofluorocarbons (HCFCs) . According to application, the market is classified into AC and refrigeration. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for more than 40% of refrigerants market share in 2020, followed by North America and Europe. High adoption of refrigerant products in the region continue to bolster the refrigerants market size, due to presence of huge population base and many developing countries.
The key players operating in the global refrigerants market are Akrema S.A, Daikin Industries, Ltd., E.I. du Pont Nemours & Co., Solvay S.A., Honeywell International Inc., Mexichem S.A.B. DE. C.V., Dongyue Group, SRF Limited, Navin Fluorine International Limited, and Sinochem Group. The other players in the value chain include The Chemours Company, The Linde Group, Airgas Inc., Tazzetti SPA, Deepfreeze Refrigerants Inc., Hess Corporation, General Utilities, Hychill, Engas Australasia, Shandong Yaun Chemical Company Limited, A-Gas International, and Puyang Zongwei Fine Chemical Co. Ltd. are competing for share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the refrigerants market in the forecast period.
Refrigerants Market, By Region
Asia-Pacific occupies largest part of the refrigerants market with countries ,including China, India, Japan, South Korea, Australia, and rest of Asia-Pacific. Major growth in automotive sectors coupled with industrialization increases the demand for refrigerants. Rise in standard of living boosted the demand for refrigeration & cooling appliances in the industrial, commercial, residential, and construction sectors. India and China have witnessed major developments in market, owing to constant growth in economy and rise in standard of living of individual.
By Region
Asia-Pacific holds a dominant position in 2020
Global Refrigerants Market, By Type
Halocarbon segment dominates the global refrigerants market. Halocarbons are fluorinated aliphatic chemical derivatives of saturated hydrocarbon used in domestic and industrial refrigeration, which include HFCs, HCFCs, and CFCs. The molecular structure consists of halogen atoms (carbon, fluorine, hydrogen, chlorine, or bromine). Halocarbons are specialty chemicals with major applications in refrigeration & air conditioning units. Asia-Pacific , especially China and India, show increased demand for refrigerants, owing to increase in per capita income coupled with development in the domestic standards and automobiles. However, the applications of halocarbon refrigerants are phasing out and expected to phase out by 2030, abiding Montreal & Kyoto protocols.
By Type
Construction segment is projected to create abundant $ opportunity till 2030
Global Refrigerants Market, By Application
AC segment dominates the global refrigerants market. Usage of refrigerants significantly increased in air conditioning systems, owing to rise in economy and domestic standards across the globe. An ideal refrigerant should couple with the refrigeration system to deliver efficient energy and maintain its performance. In terms of air conditioning, cooling effects are desired from operating systems and selection of better refrigerants plays a vital role in providing better output with less carbon emissions.
By Application
Refrigeration segment is projected to create abundant $ opportunity till 2030
Recently, use of freon-based refrigerants increased in many developed nations with acceptance of organic and natural-based refrigerants in new air conditioning systems. Government policies and protocols mandated the adoption of ecofriendly chemicals in developing nations, including India to phase out the use of synthetic chemicals by 2030.
COVID-19 Impact Analysis:
COVID-19 severely impacted the global economy with devastating effects on global trade, which simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. The COVID-19 outbreak negatively impacted the global refrigerants market , owing to decline in demand for refrigerants from end-use applications. Several industries witnessed setbacks in the first half of 2020, which led to a consequent decline in the demand for refrigerants..
Key Benefits for Stakeholders
- This report provides a detailed quantitative analysis of the current refrigerants market trends and estimations from 2020 to 2030, which assists to identify the prevailing opportunities.
- An in-depth analysis of refrigerants market across the globe is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the market is provided.
- Region-wise and country-wise market conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future market potential from 2020 to 2030 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the global refrigerants market.
Refrigerants Market Report Highlights
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Analyst Review
Hydrocarbons and inorganic refrigerants, including carbon dioxide, ammonia, and air are widely used for various applications, including air conditioner, refrigeration, and cold storage. Inorganic refrigerants segment is anticipated to register significant growth during the forecast period to their minimal adverse effects on the environment. .
Refrigerant is widely used in transportation, refrigerated trucks, heat pumps, and others. The growth of the refrigerants market is boosted by increase in demand for frozen food & beverages and dairy products, . Asia-Pacific refrigerants market offers promising opportunities for refrigerants manufacturers, owing to boom in construction and consumer goods industries. In addition, increase in disposable incomes in developing countries, including China, India, and Japan, drive the growth of refrigerants market in Asia-Pacific. Moreover, burgeoning demand for domestic and commercial air conditioning supplement the growth of the market.
China is one of the fastest developing countries in the world, owing to increase in population, rise in living standards, and surge in per capita income. However, turmoil in international trade and adverse geopolitical events are expected to negatively impact the market in the forecast period.. Consumers are increasingly buying health and wellness food, including organic food that require refrigeration, including peas and corn. In addition, packaged frozen foods, especially dairy products, baby food, and confectionery are becoming more popular. Many consumers in developing countries consider freezer to be a household necessity, owing to increase in use of ready-to-eat packaged food, opening the way for market penetration, which, in turn, amplifies the growth of the refrigerants market.
Increase in demand for cooling equipment in developing regions and Rise in demand for frozen food and dairy products are the key factors boosting the Refrigerants market growth
The market value of Refrigerants in 2030 is expected to be US$ 42.0 Billion
Akrema S.A, Daikin Industries, Ltd., E.I. du Pont Nemours & Co., Solvay S.A., Honeywell International Inc., Mexichem S.A.B. DE. C.V., Dongyue Group, SRF Limited, Navin Fluorine International Limited, and Sinochem Group.
Building and construction industry is projected to increase the demand for Refrigerants Market
The global refrigerants market is segmented on the basis of type, application, and region. Depending on type, it is classified into halocarbons, azeotropes, zeotropes, inorganic refrigerants, and hydrocarbons. The halocarbons segment is fragmented into hydrofluorocarbon (HFCs), chlorofluorocarbons (CFCs), and hydrochlorofluorocarbons (HCFCs). According to application, the market is classified into AC and refrigeration. Region wise, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
Rapid growth of the automotive industry is the Main Driver of Refrigerants Market
Building and construction and automotive industry are expected to drive the adoption of Refrigerants
COVID-19 severely impacted the global economy with devastating effects on global trade, which simultaneously affected households, business, financial institution, industrial establishments, and infrastructure companies. The COVID-19 outbreak negatively impacted the global refrigerants market , owing to decline in demand for refrigerants from end-use applications.
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