Chicago, July 11, 2022 (GLOBE NEWSWIRE) -- According to the new market research report “Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane), Application (Refrigeration System, Air Conditioning System, Chillers, MAC) and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2027”, published by MarketsandMarkets™, the Refrigerants Market is projected to reach USD 8.4 billion by 2027, at a CAGR of 6.2% from USD 6.2 billion in 2022.
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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 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.
“HFO is projected to grow at fastest CAGR during the forecast period”
HFOs are much safer than other fluorocarbon refrigerants such as HCFCs and HFCs due to their low GWP. Europe is estimated to dominate the HFO refrigerants market, in terms of volume, in 2022. This dominance can also be attributed to the ban on HCFCs and HFCs. HFC refrigerants are made up of hydrogen, fluorine, and carbon atoms joined together by single bonds. HFO refrigerants compose at least one double bond between the carbon atoms and are made up of hydrogen, fluorine, and carbon atoms.
“MAC is projected to be the fastest growing application in refrigerants market, in terms of value”
MAC includes air conditioning in vehicles such as cars, trucks, and buses. The commonly used refrigerant in Mobile Air Conditionings is HFC134A. Another refrigerant R-1234yf is an alternative to the R-134A refrigerant used in MAC. The increasing number of automobile production facilities in Asia Pacific and the shifting of European automobile manufacturers to the low-cost markets of Asia Pacific is contributing to the increased use of refrigerants in the mobile air conditioning application.
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“Asia Pacific is expected to be the fastest growing market for refrigerants during the forecast period, in terms of value and volume.”
Asia Pacific is projected to grow at the highest CAGR during the forecast period. China, a global manufacturing base and exporting manufactured goods worldwide, is a key market. Due to rapid industrial growth and new manufacturing plants, the demand for refrigerants is expected to increase in Asia Pacific. In addition, the high urbanization rate and emerging industries in the region are increasing the demand for refrigeration systems, thus, growing the demand for refrigerants.
New product launches and expansions are the major growth strategies adopted by the key players in the market. Honeywell International Inc. (US) and Orbia (Mexico) are the key players that have focused on new product launches and developments for deeper market penetration. The Linde Group (Ireland), The Chemours Company (US)and Daikin Industries Ltd. (Japan) have undertaken expansions in the refrigerants market.
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