The global R22 Refrigerant market was valued at USD 20.5 billion and is anticipated to grow at a CAGR of 4.2% from 2019-2025. The R22 Refrigerant industry is experiencing high growth on account of growing applications, technological advancements, and increasing end-user segments.
R22 Refrigerants are mostly used as a cooling medium in the air-conditioning and refrigeration industry. R22 Refrigerants are used in cooling equipment such as freezers, refrigerators, air conditioners, and heating units. Based on its composition, various R22 Refrigerants are available in the market such as fluorocarbon such as HCFCs & HFCs, inorganic such as ammonia, CO2 & water, hydrocarbon such as Iso-butane & pentane, and blends such as R134A & R410A.
In 2019, Asia-Pacific which currently holds the largest share will grow with a CAGR of 7.8%. With rise in disposable income, the standard of living in Asia-Pacific is increasing drastically; thus, contributing to rise in R22 Refrigerant demand.
Various types of R22 Refrigerants are available in the market. Fluorocarbon R22 Refrigerants are CFC, HCFC, and HFC. The R22 Refrigerants can also be produced using inorganic materials such as ammonia and carbon dioxide. Companies such as Tazeeti S.p.A (Italy), Schick GmbH & Co. KG (Germany), and Puyang Zhongwei Fine Chemical Co. (China) also offer natural R22 Refrigerants such as ammonia and hydrocarbon.
The R22 Refrigerant market is highly matured with a high degree of competition. Several companies are coming up with new and more environment friendly products. This is helping them to tap the market which was initially served by phase R22 Refrigerants like HCFC. This strategy is helping the companies to increase their customer base in various applications such as air conditioning and refrigeration.
The refrigeration can further be sub divided into various applications:
- Domestic Refrigeration
- Commercial Refrigeration
- Transportation Refrigeration
- Industrial Refrigeration
- Stationary air conditioning
- Mobile air conditioning
- Chillers and Hydronic heat pump
In 2019, Stationary AC application held maximum share of 30.5% in the global R22 Refrigerant market. The stationary AC will grow at a CAGR of 4.8% and the growth is driven by the increasing installations of window-mounted room air conditioners, through the wall air conditioners, portable air conditioners, and packaged terminal air conditioners (PTAC) globally.
By Region, in 2019 the global R22 Refrigerant market was dominated by Asia-Pacific region, with 48% share of global R22 Refrigerant market in terms of volume. North America captured the second largest share followed by Europe. R22 Refrigerant market for emerging economies of the world is expected to grow with higher growth rates while the market in matured economies will grow at more modest rates. Key countries of the Asia-Pacific R22 Refrigerant market include China, Japan, and India which together accounted for 78% of the total R22 Refrigerant market in the region, in the year 2019. China is the leading market for R22 Refrigerant in this region, with 60% of the total Asia-Pacific market during 2019. Euro Wire