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(Transportation-News.com, May 03, 2024 ) The report "Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide), Application (Refrigeration System, Air Conditioning System, Chillers, and MAC), and Region(Asia Pacific , North America, Europe, MEA)- Global Forecast to 2028" the refrigerants market is estimated 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.
Browse in-depth TOC on "Refrigerant Market”
331 - Market Data Tables
54 - Figures
285 - Pages
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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.
Refrigerant Market Key Players
The key players in this market are Arkema S.A. (France), Daikin Industries Ltd. (Japan), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Dublin), and Air Liquide (France) and others. The competitiveness in the refrigerants market is rising due to the increasing adoption of growth strategies such as expansions, new product launches, partnerships, and acquisitions by the leading players.
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