According to TechSci Research report, “Refrigerant Market –Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global Refrigerant Market is anticipated to register a high CAGR during the forecast period. This can be ascribed to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and to strengthen their position in the market.
With the increasing pace of modern lifestyles and the growing emphasis on convenience, the demand for frozen food products is experiencing a remarkable surge. This surge has had an impact on the refrigerant industry, creating ripple effect. The globalization of food culture has led to the availability of diverse cuisines. To ensure the authenticity and quality of these international dishes, the frozen food industry has played a vital role. Moreover, the expansion of retail chains and the rise of e-commerce platforms have made frozen foods more accessible than ever before. The availability of frozen food products through various distribution channels, including supermarkets, hypermarkets, and online marketplaces, has significantly contributed to the increasing consumption of these products. Furthermore, advancements in food preservation techniques and freezing technology have greatly enhanced the quality and safety standards of frozen food products. As a result, consumers have gained confidence in the safety and nutritional value of frozen foods, leading to greater consumption. In addition to consumer preferences, regulations and environmental concerns are driving the industry towards adopting low-global warming potential (GWP) refrigerants. As the demand for frozen food continues to rise, the transition to environmentally friendly refrigerants becomes increasingly crucial. The increasing demand for refrigerants in the automotive sector is emerging as a significant driver of the global refrigerant market. Environmental regulations, particularly those aimed at reducing greenhouse gas emissions and improving fuel efficiency, are reshaping the automotive industry. Vehicle manufacturers are adopting technologies that minimize emissions and enhance energy efficiency. Refrigerants play a pivotal role in achieving these objectives by ensuring that air conditioning systems are designed to be environmentally friendly and energy efficient.
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The rise of electric vehicles (EVs) presents unique challenges in terms of cooling. Efficient cooling systems are required to manage battery temperatures and maintain optimal performance in EVs. Refrigerants play a critical role in managing the thermal conditions of EVs, contributing to battery longevity, safety, and overall efficiency. As economies expand and consumer purchasing power grows, there is a significant increase in the demand for refrigerants, cooling appliances, and air conditioning systems. This surge is attributed to the rise in disposable income, which is linked to evolving lifestyles and preferences. Consumers now prioritize convenience, comfort, and quality of life, thereby driving the demand for cooling solutions that rely on refrigerants. The higher levels of disposable income enable consumers to invest in advanced and energy-efficient cooling solutions, thereby compelling manufacturers to innovate and develop new technologies. The development of new refrigerant solutions frequently necessitates access to specialized resources, facilities, and expertise. Collaborative research endeavors are indispensable for the creation of innovative technologies and the resolution of intricate challenges. Through the consolidation of resources and the exchange of insights, partners can expedite the pace of research and development, leading to more rapid advancements in refrigerant technology. Chemours and BOHN have collaborated to innovate the cold food chain by launching the first low-GWP (Global Warming Potential) solution. This collaboration includes the adoption of new Opteon™ XL40, Opteon™ XL20, and Opteon™ XL10 refrigerants for BOHN Ecoflex commercial refrigeration equipment. Moreover, OR (Institute of Refrigeration) has expanded its partnership with a global ammonia refrigeration body to enhance the sharing of information and expertise between cooling experts in the UK and the US.
However, flammability and safety concerns along with growing transition towards low-GWP alternatives are expected to slow down the growth of the market in the coming years.
The Global Refrigerant Market segmentation is based on Type, Application, By Company, and Region
Some of the major companies operating in the Global Refrigerant Market include:
- Honeywell International Inc.
- Daikin Industries Ltd
- Arkema S.A.
- Dongyue Group
- The Chemours Company
- Mexichem SAB de CV
- Sinochem Group
- Linde Group
- SRF Limited
- Gujarat Fluorochemicals Limited
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“Certain regions, particularly the Asia Pacific, are projected to exert significant demand for refrigerant worldwide. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhancing their refrigerant productivity each year, are expected to contribute to a remarkable growth of the Global Refrigerant Market in the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Refrigerant Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Halocarbons, Inorganics, Hydrocarbons and Others), By Application (Refrigerators, Large-Scale Refrigerators, Chillers, Air Conditioners, Heat Pumps, and Others), By Company, By Geography, Forecast & Opportunities, 2023 has evaluated the future growth potential of Global Refrigerant Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Refrigerant Market.
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