Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide), Application (Refrigeration System, Air Conditioning System, Chillers, and MAC), and Region (Asia Pacific, North America, Europe, MEA) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
In terms of value, the refrigerants market is estimated to grow from USD 6.3 billion in 2022 to USD 9.0 billion by 2028, at a CAGR of 6.4%.
The major factors contributing to the growth of the global refrigerants market are the increasing demand for consumer appliances, especially in Asia Pacific, and the growing pharmaceutical industry. The burgeoning disposable income, rising standard of living, and increasing manufacturing facilities of consumer appliances contribute to the market growth in the region.
Factors restraining the growth of the refrigerants market are the increasing regulations against fluorine-containing refrigerants due to health and safety concerns. The growing use of natural refrigerants is expected to act as an opportunity for stakeholders to grow in the refrigerants market. Natural refrigerants are likely to be in high demand in the coming years, driven by the multiplying demand from domestic, industrial, and chiller applications.
Isobutane is expected to be the second fastest-growing type of refrigerants market, in terms of value, during the forecast period.
Isobutane (R-600a) is a natural refrigerant used in various refrigeration applications. It is an excellent substitute for hazardous refrigerants, including R12, R13a, R22, HCF, and CFC. R-600a is a naturally occurring component in gasoline. Due to its remarkable thermodynamic performance and minimal environmental effect, isobutane R-600a has attracted significant interest recently. It is a non-toxic chemical with zero ODP and a modest potential for global warming. Due to its eco-friendly property, R-600a has become a refrigerant gas of choice in small commercial refrigerants and domestic refrigerants.
MAC is expected to be the fastest-growing application of the refrigerants market, in terms of value, during the forecast period.
MAC includes air conditioning in vehicles such as cars, trucks, and buses. The commonly used refrigerant in Mobile Air conditioning is HFC134A. Another refrigerant R-1234yf is an alternative to the R-134A refrigerant used in MAC. However, some European automobile manufacturers have raised the flammability issue using R-1234yf. Apart from fluorocarbon refrigerants, HC refrigerants are also used in MAC Refrigerants such as HFC-1234yf, HCs, and carbon dioxide have GWPs below 150 and have more potential to achieve fuel efficiency as compared to the existing R-134A systems. Currently, there is no regulation for using fluorinated refrigerant gases for MAC in buses and trains.
Asia Pacific is projected to be the fastest-growing region, in terms of value, during the forecast period in the Refrigerants market.
In terms of value, Asia Pacific dominates the global refrigerants market, with China being the largest consumer of refrigerants globally. Increased investments and a rise in the number of new manufacturing establishments make the Asia Pacific a prime market for refrigerants. Increasing government projects and infrastructure development are expected to drive the demand for refrigerants in applications such as chillers, refrigerators, and freezers. Additionally, the increasing economic growth, followed by substantial investment in the consumer appliances industry, will boost the demand for refrigerants in the region. The growing population, along with industry alliances, is also expected to propel market growth in the region.
Premium Insights
- Increasing Application Areas Offer Growth Opportunities for Refrigerants Market
- Asia-Pacific to Record Highest Growth During Forecast Period
- HFC & Blends and China Accounted for the Largest Market Share of the Asia-Pacific Refrigerants Market in 2022
- Refrigeration System Segment Led Refrigerants Market
- India to Register Highest CAGR During Forecast Period
Market Dynamics
Drivers
- Increasing Demand for Consumer Appliances
- Growing Pharmaceutical Industry
Restraints
- Stringent Regulations Against Fluorocarbon Refrigerants
- Flammability and Toxicity Issues
Opportunities
- Increasing Demand for Natural Refrigerants
Challenges
- Illegal Trade of Refrigerants
Competitive Landscape
Major Players
- Arkema S.A.
- Dongyue Group Co. Ltd.
- Honeywell International Inc.
- The Chemours Company
- Linde plc
- Air Liquide S.A.
- Sinochem Corporation
- Daikin Industries Ltd.
- Orbia
- Asahi Glass Corporation
- A-Gas International
Startup/SME Players
- Srf Limited
- Gujarat Fluorochemicals Limited
- Navin Fluorine International Ltd.
- Puyang Zhongwei Fine Chemicals Co.Ltd.
- Shandong Yuean Chemical Industry Co. Ltd
- Harp International Limited
- Quimobasicos S.A. De C.V.
- Tazzeti S.P.A.
- Gas Servei S.A.
- Zhejiang Fotech International Co. Ltd.
- Refrigerant Solutions Ltd.
- Brothers Gas Bottling & Distribution Co. LLC
- Eco Freeze International
- Engas Australasia
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 286 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $6.3 Billion |
| Forecasted Market Value (USD) by 2028 | $9 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/6d0voo
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