According to TechSci Research report, “Refrigerants Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Refrigerants Market stood at USD 5.94 billion in 2022 and is anticipated to grow with a CAGR of 4.87% in the forecast period, 2023-2028. The initiatives taken by government based on refrigerants has led to favorable market conditions for the Global Refrigerants Market. Several factors contribute to the growth of various refrigerants market products.
The U.S. Environmental Protection Agency (EPA) is actively dedicated to reducing HFC (hydrofluorocarbon) emissions in the federal sector. With a strong commitment to environmental sustainability, the EPA promotes the adoption of alternative refrigerants and urges the transition to equipment that utilizes these low-impact substitutes. By encouraging the use of environmentally friendly solutions, the EPA aims to mitigate the adverse effects of HFC emissions and contribute to a greener and more sustainable future.
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Research and development (R&D) initiatives have played a pivotal role in driving innovation within the refrigerants market. These efforts have led to the emergence of new technologies and products that address environmental concerns and promote sustainability.
One notable area of research is focused on Hydrofluoroolefins (HFOs), which have demonstrated promising potential as a replacement for traditional Hydrofluorocarbons (HFCs). Through extensive research, refrigerants with lower Global Warming Potential (GWP) compared to HFCs have been developed. This breakthrough offers a significant step forward in reducing greenhouse gas emissions and mitigating climate change.
The Global Refrigerants Market is segmented into type, application, regional distribution, and company.
Based on its type, the inorganic refrigerants segment held the largest share in the market. Due to its superior thermal efficiency, this particular refrigerant has played a significant role in various industrial applications. With its low cost, easy availability, and eco-friendly nature, the segment is projected to experience steady growth in the foreseeable future.
In addition, stringent regulations and policies proposed by the United Nations Framework Convention on climate change, specifically targeting global warming and ozone depletion substances, are expected to have a crucial impact on driving the demand for hydrocarbon and inorganic refrigerants. As a result, multinational companies operating in this field are increasingly investing in research and development efforts to develop innovative and environmentally friendly offerings, ensuring a sustainable business model for the future.
Based on region, North America segment is expected to grow during the forecast period.
The rise in cold chain sector technology, coupled with heightened concerns regarding food wastage, has led to an increased demand for refrigerated food and beverages. Additionally, the stronger presence of supermarkets has further contributed to the growth of this industry. In terms of the inorganic segment, ammonia has emerged as the dominant choice due to its exceptional cooling capabilities and high efficiency. Its remarkable properties make it an ideal compound for various applications within the cold chain sector.
Major companies operating in Global Refrigerants Market are:
- Daikin Industries, Ltd.
- Asahi Glass Corporation
- The Chemours Company
- Sinochem Group Co Ltd
- Honeywell International Inc.
- Gujarat Fluorochemicals Limited
- Airgas Refrigerants Inc.
- Linde PLC
- Mexichem America Inc.
- SRF Limited
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“Growing application of refrigerants in various end user industries are key drivers of the refrigerants market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of refrigerants with every passing year are anticipated to register an impressive growth to Global Refrigerants Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Global Refrigerants Market By Type (CFCs, HCFCs, HFCs, Inorganic Refrigerants, Others), By Application (Air Conditioners, Refrigerators, Electronics Devices, Chillers, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Refrigerants Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge 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 Refrigerants Market.
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