The Refrigerants by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Refrigerants, The refrigerants market size has grown strongly in recent years. It will grow from $25.04 billion in 2023 to $27.4 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, supportive government initiatives, and increased demand for air conditioners.
The refrigerants market size is expected to see strong growth in the next few years. It will grow to $39.4 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to the phasing out of ozone-depleting substances, rising urbanization, rising global temperatures, and the rising demand for electric vehicles. Major trends in the forecast period include the phasing out of ozone-depleting substances, rising urbanization, rising global temperatures, and the rising demand for electric vehicles.
The rising demand for air conditioning is expected to drive the growth of the refrigerants market in the coming years. The increasing temperature globally increased the demand for cooling systems. According to the World Meteorological Organization (WMO), in 2020, the average temperature across the globe was 1.2 °C higher than the above pre-industrial era (1880) temperatures. This drives the demand for air conditioning, hence refrigerants. A refrigerant is a chemical compound that is found in air conditioners. It absorbs heat from the surroundings and releases cool air after passing through air conditioners and evaporators. For instance, according to the International Energy Agency (IEA) estimates, by 2050 around two-thirds of the world’s households will have an air conditioner. Developing economies such as India, China, and Indonesia together will account for half of the total number of air conditioners. Therefore, the increasing temperature globally increases demand for air conditioning and is expected to propel the market for refrigerants market.
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The refrigerants market covered in this report is segmented –
1) By Type: Halocarbons, Inorganic, Hydrocarbons, Other Types
2) By Deployment: Air Conditioning, Refrigeration, Other Applications
Companies in the refrigerants market are shifting towards low global warming potential (GWP) refrigerants due to environmental concerns. Regulatory initiatives, such as the Kigali Amendment to the Montreal Protocol, have driven the phase-out of high-GWP refrigerants like hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). The companies are moving towards low-global warming potential refrigerants. For example, in May 2022, AGC, a Japan-based world-leading manufacturer of glass, chemicals, and high-tech materials developed a new composition of AMOLEA 1123 (HFO-1123) based refrigerant, with GWP below 10 for air conditioners. Similarly in January 2022, Honeywell, an American multinational conglomerate corporation announced Solstice N71 (R-471A), an innovative, new low-GWP refrigerant for commercial and industrial refrigeration that is optimized for supermarkets.
The refrigerants market report table of contents includes:
- Executive Summary
- Refrigerants Market Characteristics
- Refrigerants Market Trends And Strategies
- Refrigerants Market – Macro Economic Scenario
- Global Refrigerants Market Size and Growth
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- Global Refrigerants Market Competitive Benchmarking
- Global Refrigerants Market Competitive Dashboard
- Key Mergers And Acquisitions In Refrigerants Market
- Refrigerants Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- The Chemours Company
- The Linde Group
- Dongyue Group
- Honeywell International Inc.
- Arkema S A
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