Global Refrigerants Market to Grow with a CAGR of 4.87% through 2028
Surge in research and development activities is expected to drive the Global
Refrigerants Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Refrigerants
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Refrigerants Market stood at USD 5.94 billion in 2022 and is anticipated to grow with a CAGR of 4.87% in the forecast
period, 2023-2028. The initiatives taken by government based on refrigerants has
led to favorable market conditions for the Global Refrigerants Market. Several
factors contribute to the growth of various refrigerants market products.
The U.S.
Environmental Protection Agency (EPA) is actively dedicated to reducing HFC
(hydrofluorocarbon) emissions in the federal sector. With a strong commitment
to environmental sustainability, the EPA promotes the adoption of alternative
refrigerants and urges the transition to equipment that utilizes these
low-impact substitutes. By encouraging the use of environmentally friendly
solutions, the EPA aims to mitigate the adverse effects of HFC emissions and
contribute to a greener and more sustainable future.
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Research and
development (R&D) initiatives have played a pivotal role in driving innovation
within the refrigerants market. These efforts have led to the emergence of new
technologies and products that address environmental concerns and promote
sustainability.
One notable area
of research is focused on Hydrofluoroolefins (HFOs), which have demonstrated
promising potential as a replacement for traditional Hydrofluorocarbons (HFCs).
Through extensive research, refrigerants with lower Global Warming Potential
(GWP) compared to HFCs have been developed. This breakthrough offers a significant
step forward in reducing greenhouse gas emissions and mitigating climate
change.
The Global
Refrigerants Market is segmented into type, application, regional distribution,
and company.
Based on its type, the inorganic refrigerants segment
held the largest share in the market. Due to its superior thermal efficiency,
this particular refrigerant has played a significant role in various industrial
applications. With its low cost, easy availability, and eco-friendly nature,
the segment is projected to experience steady growth in the foreseeable future.
In addition, stringent regulations and policies
proposed by the United Nations Framework Convention on climate change,
specifically targeting global warming and ozone depletion substances, are
expected to have a crucial impact on driving the demand for hydrocarbon and
inorganic refrigerants. As a result, multinational companies operating in this
field are increasingly investing in research and development efforts to develop
innovative and environmentally friendly offerings, ensuring a sustainable
business model for the future.
Based on region, North America segment is expected to
grow during the forecast period.
The rise in cold chain sector technology, coupled with
heightened concerns regarding food wastage, has led to an increased demand for
refrigerated food and beverages. Additionally, the stronger presence of
supermarkets has further contributed to the growth of this industry. In terms
of the inorganic segment, ammonia has emerged as the dominant choice due to its
exceptional cooling capabilities and high efficiency. Its remarkable properties
make it an ideal compound for various applications within the cold chain
sector.
Major companies operating in Global Refrigerants
Market are:
- Daikin Industries, Ltd.
- Asahi Glass Corporation
- The Chemours Company
- Sinochem Group Co Ltd
- Honeywell International Inc.
- Gujarat Fluorochemicals
Limited
- Airgas Refrigerants Inc.
- Linde PLC
- Mexichem America Inc.
- SRF Limited
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“Growing application of refrigerants in various end
user industries are key drivers of the refrigerants market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of refrigerants with every
passing year are anticipated to register an impressive growth to Global
Refrigerants Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Global Refrigerants Market By Type
(CFCs, HCFCs, HFCs, Inorganic Refrigerants, Others), By Application (Air
Conditioners, Refrigerators, Electronics Devices, Chillers, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Refrigerants Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Refrigerants Market.
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