Chicago, May 23, 2023 (GLOBE NEWSWIRE) -- The global Refrigerants Market will grow to USD 8.4 billion by 2027, at a CAGR of 6.2% from USD 6.2 billion in 2022, as per the recent study by MarketsandMarkets™. The global refrigerants market is experiencing substantial growth, fueled by the increasing demand for energy-efficient and environmentally friendly refrigeration systems. As the world grapples with the challenges of climate change and the need for sustainable practices, the refrigerants industry plays a crucial role in reducing greenhouse gas emissions and ensuring the efficient cooling of various sectors.
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Browse in-depth TOC on “Refrigerants Market”
311 - Market Data Tables
58 - Figures
307 - Pages
List of Key Players in Refrigerants Market:
- Honeywell International Inc. (US)
- The Chemours Company (US)
- The Linde Group (Ireland)
- Air Liquide (France)
- Daikin Industries Ltd. (Japan)
- Sinochem Group (China)
- Arkema S.A. (France)
- Orbia (Mexico)
- Others
Drivers, Restraints, and Opportunities in Refrigerants Market:
- Driver: Growing pharmaceutical industry
- Restraints: Flammability and toxicity issues
- Opportunities: Increasing demand for natural refrigerants
- Challenges: Illegal trade of refrigerants
Key Findings of the Study:
- Based on type, the most commonly used refrigerants are HCFCs, HFCs, HCs, ammonia, carbon dioxide, isobutane, propane, air, and water, among others. The growth of the market is attributed to the increasing demand for cooling products globally.
- Based on application, the refrigerants market has been segmented into domestic, industrial, and commercial refrigeration; chillers; window, split, VRF, and other air-conditioning systems; and MAC.
- Based on region, APAC is projected to be the largest market for refrigerants during the forecast period. This is due to its growing economy and increasing population.
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The refrigerants market serves a wide range of applications, including residential air conditioning, commercial refrigeration, industrial cooling, and automotive air conditioning. While traditional refrigerants, such as hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), have been widely used, they have significant adverse effects on the environment, contributing to global warming and ozone depletion.
In response to these environmental concerns, governments, regulatory bodies, and industry stakeholders are actively promoting the adoption of eco-friendly refrigerants. The phase-out of HCFCs and HFCs, coupled with stringent regulations and standards, has accelerated the shift towards more sustainable alternatives. Natural refrigerants such as hydrocarbons (HCs), carbon dioxide (CO2), and ammonia (NH3) are gaining popularity due to their low global warming potential (GWP) and zero ozone depletion potential (ODP).
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Furthermore, advancements in refrigeration technologies, including improved compressor efficiency, heat exchangers, and system designs, have contributed to the growing demand for energy-efficient solutions. Energy efficiency not only reduces operating costs but also decreases carbon emissions and promotes environmental sustainability.
The refrigerants market is witnessing robust growth across key regions, including North America, Europe, Asia Pacific, and the Middle East & Africa. Rapid urbanization, rising disposable incomes, and increasing consumer awareness about environmental issues are driving the demand for energy-efficient cooling systems in residential and commercial sectors. Additionally, industrial applications, such as food processing, cold chain logistics, and pharmaceuticals, are adopting advanced refrigeration technologies to meet stringent quality and regulatory requirements.
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