According to Supply Demand Market Research, the global refrigerant market is estimated to USD 20.5 billion by 2023 growing at a CAGR of 4.2% from 2019-2023. The major factors contributing towards the growth of refrigerant market ban on use harmful fluorocarbon refrigerants. The uses of fluorocarbon refrigerants have had a severe indirect effect on the environment causing ozone depletion. The fluorocarbon refrigerants has very high global warming potential (GWP) and ozone depletion potential (ODP). The release of these refrigerants in the atmosphere is causing thinning of the ozone layer. Varios regulations such as Montreal protocol and the Kyoto protocol, EU F-gas phase down plan and many more are significantly are posing huge challenges to the refrigerant market.
In the increasingly competitive market situation of refrigerant market, analyzing the history of the industry, we evaluate the process of evolution; industry business model, industry chain, value chain; legal policies and technological development; global and regional market capacity, market structure, market segmentation, competitive situation, market trends and other detailed analysis, in-depth to understand the stage and characteristics of the industry, identify the main factors that affect the development of the industry, predict the future development trend of the industry, determine the industry’s investment value, reveal industry investment risk, so as to give reference and guidance to the industry participants, industry entrants, investment agencies, consulting agencies, government and related institutions.
Due to ban of CFC’S, HCFC’S and HFC’s the demand for green or natural refrigerants will high in the next five years. Various natural refrigerants such as ammonia, hydrocarbons, CO2, water and air have very global warming potential (GWP) and ozone depletion potential (ODP). Companies have undertaken green initiatives by switching to natural refrigerants. Coco-Cola are targeted to be 100% free from HFC free and use natural refrigerant CO2 in their new cold drink equipment’s by 2020. HFO refrigerants, or Hydrofluro-Olefins, are a new class of refrigerants which have very less global warming potential as compared to HFC alternatives. HFO ‐1234yf has very less GWP almost 335 times than its HFC alternatives. Companies such as Honeywell, DuPont have begun producing HFO refrigerants.
The market has been classified on the basis of refrigerant types such as Fluorocarbons (CFC’s, HCFC’s, HFC’s and HFO’s), Inorganic refrigerants (Ammonia, Carbon Di-oxide and Water), Hydrocarbons (Iso-butane, Propane and others). Being traditional refrigerant, fluorocarbon continuous to dominate the market capturing the major share.
On the basis of application, the market has been segmented into Air-conditioners and Refrigeration. The Air-conditioning segment captured the largest share in 2019 mainly due technological advancements, growing demand for window mounted room air conditioner, portable air conditioner in various applications.
Asia-Pacific will capture the largest share in 2019 followed by Europe and North America. Asia-Pacific will continue to dominate the market mainly due to high consumption potential, increasing standard of living, increasing production capacities, and high economic growth rate. In Asia-Pacfic, some of the key players are Dongyue Group Co., Puyang Zhongwei Fine Chemical Co, Shandong Yuen Chemical Industry Co. Ltd, and Sinochem Group, Gujrat Fluorochemicals Ltd, Navin Fluorine International Ltd (India), and SRF Ltd; and Daikin (Japan).
The market is highly regulated by various regulations such as F-Gas Regulation, MAC Directive, Ozone Depleting Substances, Kyoto Protocol, and Montreal Protocol , Significant New Alternative Policy (SNAP) by E.P.A, E.P.A : Proposal to ban HFC by 2016, Japan: Revised F-Gas law, China- FECO: First Catalogue of Recommended Substitutes for HCFCs, China: Room Air Conditioning Industry HCFC Phase-out Management Action Plan, Chile: New MEPS for domestic refrigeration by 2016 have been studied in-depth along with their impacts.
Reasons to get this report:
In an insight outlook, this research report has dedicated to several quantities of analysis – industry research (global industry trends) and Refrigerants market share analysis of high players, along with company profiles, and which collectively include about the fundamental opinions regarding the market landscape, emerging and high-growth sections of Refrigerants market, high-growth regions, and market drivers, restraints, and also market chances.
The analysis covers Refrigerants market and its advancements across different industry verticals as well as regions. It targets estimating the current market size and growth potential of the global Refrigerants Market across sections such as also application and representatives.
Additionally, the analysis also has a comprehensive review of the crucial players on the Refrigerants market together side their company profiles, SWOT analysis, latest advancements, and business plans.-Primefeed