Delray Beach, FL, Oct. 25, 2024 (GLOBE NEWSWIRE) -- The Refrigerants Market is projected to grow from USD 6.3 billion in 2022 to USD 9.0 billion by 2028, at a CAGR of 6.4% during the forecast period, as per the recent study by MarketsandMarkets. Refrigerants are used to generate a cooling effect in the air conditioning and refrigeration systems industry. They are used in equipment such as freezers, refrigerators, air conditioners, and heating units. Based on their chemical composition, the commonly used refrigerants are HCFCs, HFCs, HFOs, HCs, ammonia, carbon dioxide, and water. In general, refrigerants find application in domestic, commercial, and industrial refrigeration; chillers; window, split, variable refrigerant flow, and other types of air conditioning systems; and mobile air conditioning.
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Browse in-depth TOC on “Refrigerants Market”
331 – Market Data Tables
54 – Figures
285 – Pages
List of Key Players in Refrigerants Market:
- Arkema S.A. (France)
- Daikin Industries Ltd. (Japan)
- Honeywell International Inc. (US)
- The Chemours Company (US)
- The Linde Group (Dublin)
- Air Liquide (France)
Drivers, Restraints, Opportunities and Challenges in Refrigerants Market:
- Driver: Growing pharmaceutical industry
- Restraint: Flammability and toxicity issues
- Opportunity: Increasing demand for natural refrigerants
- Challenge: Illegal trade of refrigerants
Key Findings of the Study:
- Based on type, HFC & Blends was the largest segment for refrigerants market, in terms of value, in 2022.
- Based on applications, refrigeration system was the largest segment for refrigerants market, in terms of value, in 2022.
- Asia Pacific accounted for the largest market share for refrigerants market, in terms of value, in 2022
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The global refrigerants market is segmented based on type into HFC & blends, HFO, isobutane, propane, ammonia, carbon dioxide, and others (HCFC, air, water, propene, and isopentane). HFC & blends is estimated to be the largest type of refrigerants in 2022. Increasing commercial infrastructure in developing and developed economies, along with increasing bans on the HCFC usage, will drive the market for HFC & blends refrigerants. The demand for HCFCs is declining globally due to environmental concerns, with scheduled phasing out in different regions. The declining market share of HCFCs will be captured by other refrigerants such as HFO, ammonia, and carbon dioxide.
Based on application, the refrigerants market is segmented into refrigeration system, air conditioning system, chillers, and MAC. Refrigeration system dominated the global refrigerants market, in terms of value, in 2022. Within the refrigeration system, industrial refrigeration accounted for the largest market share due to the high-volume usage of refrigerants in the segment. The air conditioning system accounted for the second-largest market share, in terms of value, in 2022. Factors such as the growing population, rapid urbanization, higher spending income, and increasing quality of lifestyle are driving the refrigerants market for this segment. Rapid developments in industrial infrastructure, increasing construction of commercial spaces, and urbanization are expected to drive the demand for refrigerants in these segments during the forecast period.
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Based on region, Asia Pacific is estimated to be the largest market for refrigerants in 2022 due to the increasing population in the region, improving economic conditions such as rising GDP & disposable incomes, and a booming consumer appliances sector. The market growth in this region is also fueled by the growth in the manufacturing sector, increase in spending on private & public infrastructure development, and rapid urbanization.
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