Refrigerants Market Size is estimated to be worth USD 40,757 Million by 2030 at a CAGR of 7.6%, Owing to Rapid Growth of the Automotive Industry

BEIJING, July 28, 2022 (GLOBE NEWSWIRE) -- The Global Refrigerants Market Size was valued at USD 21,398 Million in 2021 and is predicted to be worth USD 40,757 Million by 2030, with a CAGR of 7.6% from 2022 to 2030.

In a refrigeration system, refrigerants are operating fluids that absorbed and distribute heat. The ability of refrigerants to absorb heat at low temperatures and pressures while releasing energy at higher temperatures and pressures makes them a good cooling substance for various HVAC systems. The flourishing refrigerated supply chain with the rising desires for consumer household appliances as the world economy and discretionary income improve are the major factors propelling the growth of the refrigerants market size over the projecting period. Furthermore, the thriving automobile and food beverages sectors are expected to boost the worldwide refrigerants market growth.

A refrigerant is a chemical that can exist in either a fluid or gaseous state. When paired with other elements such as refrigeration systems and compressors, it helps absorb heat energy from the air and creates a cooling system or refrigeration. A refrigerant is a chemical used for a combustion stroke to move energy from one place to another. At ambient temperature, it is usually a gaseous state. Most prevalent refrigerants are employed in refrigerators, air conditioning units, home appliances, and automobile air conditioning systems. They are discovered in almost everything that helps to cool, and occasionally in items that heat.

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Report Coverage:

Global Refrigerants Market Dynamics

In the recent decade, air conditioning and refrigeration systems have evolved tremendously. In the current worldwide business scenario, the most recent tendency is for industry players to migrate more and more toward organically produced coolants whenever technically practicable. Refrigerants are cooling agents that are used in a variety of HVAC systems. At low pressure and temperature, they build pressure and heat while expelling heat at high pressure and temperature. The increasing adoption of refrigerants in various applications such as commercial, industrial, and residential refrigerators is propelling the market forward. The global expansion of the cold storage sector is also driving refrigerant future growth. The increasing use of natural eco-friendly refrigerants such as HCs, ammonia, and carbon dioxide further contributes to refrigerant growth. The deployment of innovative cooling system technologies is driving market expansion.

The refrigerants are used in air conditioning systems, cooling systems, refrigeration systems, and others. There are three main categories of refrigeration: residential, industrial, and commercial. Air-conditioning systems also include window, split Air - conditioning, and VRF. The worldwide refrigerant market is expected to be dominated by refrigeration. Commercial refrigerators have earned a significant market share due to different applications such as food hygiene in the meat, fishery, dairy, and other fast food industry. In addition, rising patient numbers in supermarkets and hypermarkets have increased the consumption for the sector. Aside from that, refrigeration is critical throughout the pharmaceutical sector. Furthermore, residential have seen an increase in demand for refrigerators as expendable income has increased, as has worry about food standards preservation as well as food waste.

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Widespread Adoption of Refrigeration Systems in a Variety of Industries Supports Market Expansion

To maintain ambient temperature, refrigeration systems have been widely used in industrial and commercial refrigeration. Refrigeration systems have been utilized in the food and beverage sector to keep foodstuff fresh in supermarkets, houses, and other food-storage facilities. It is also used for chemical handling in the chemical process industries. The rising demand for refrigerants is being driven by the rising need for domestic and industrial refrigeration systems.        

Market Segmentation                

The global refrigerants market is divided into type and application, according to Acumen Research and Consulting. Based on the type, the market has been classified into fluorocarbons (chlorofluorocarbons, hydro fluorocarbons, hydro chlorofluorocarbons), in organics (carbon dioxide, ammonia, other in organics), hydrocarbons (propane, isobutane, other hydrocarbons), and others. Based on the application, the market is categorized into refrigeration (industrial, commercial, domestic, transportation), air-conditioning (stationary, mobile, chiller), and others.

Refrigerants Market Regional Outlook

The refrigerants market is categorized into five regions: Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa. Asia-Pacific has a solid influence on the refrigerant industry than other regions and is predicted to grow to become the leading region in the following decade. The emerging trend toward consumer households in stable and prosperous nations is pushing regional market expansion. Rapid urbanization and urbanization, as well as the expansion of the manufacturing industry in the region, including food and drinks, automotive, pharmaceutical, and chemical, is fueling the market growth. Moreover, increasing construction activity in emerging markets, as well as a regional preference for sustainable products, drive market expansion.

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Refrigerants Market Players                        

Some of the prominent refrigerants market companies are Honeywell International Inc., Air Liquide, Arkema Group, Sinochem Group, Mexichem SAB de CV, The Chemours Company, Linde Group, Dongyue Group, SRF Limited, Daikin Industries Ltd., and Gujarat Fluor chemicals Limited.

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