According to the findings of a research report published by Grand View Research, Inc.; the global aerosol refrigerants market is likely to reach a valuation of USD 1.57 billion by 2025. The market is anticipated to expand at a healthy growth rate of 6.3 % during the forecast period i.e., from 2018 to 2025. Rise in demand for large-scale air conditioner systems, refrigerators, and chillers across the world is estimated to be the major driver for the market over the next few years. Moreover, demand for natural refrigerants due to the growing awareness regarding environment protection is also projected to have a positive impact on the global market development. Thus, the advent of technologically improved products that cause no possible environmental damage is considered as the key trend in the global market.
Rapidly increasing number of supermarket retail chains along with the implementation of CO2 cascade technology in cooling solutions is also fueling the market development. On the other hand, fluctuating prices of raw materials such as actuators propellants and cans may have a negative impact on the market growth. However, aerosol refrigerants provide energy-efficient cooling solutions to various end-user industries and this is estimated to augur well for the global market. In addition, rapidly expanding e-commerce industry is also expected to contribute toward the growth of this market. Furthermore, development of advanced cold chains filled with propane-based refrigerants is also expected to boost the product demand in the next few years.
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Worldwide aerosol refrigerants market can be segmented on the basis of product and region. As per product, the market can be bifurcated into steel and aluminum. The demand for steel is likely to increase due to high adoption in packaging of hydrocarbon-based refrigerants. Furthermore, increasing efforts for recycling cans would also boost the segment demand. The segment is expected likely to register a CAGR of 4.4 % during the forecast period. The aluminum segment would also witness a significant growth in the future due to its high corrosion resistance, better portability, and exceptional barrier properties against UV light and moisture. Geographically, the market can be divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
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Asia Pacific is estimated to register significant growth rate from 20018 to 2025 due to escalating demand for refrigeration products as a result of rapid industrialization and urbanization. High demand for household products like refrigerators due to increased per capita income levels is also expected to create positive outlook for the aerosol refrigerants market in the region. Japan, in particular, is anticipated to have high growth in the Asia Pacific region. Growing government efforts to encourage the use of natural products is expected to drive the product demand in the country. The Chinees market is expected to have a steady expansion due to the presence of large number of refrigeration and cooling equipment manufacturers.
The US regional market for aerosol refrigerants is estimated to expand at a strong growth rate of 6.5 % from 2018 to 2025. It is considered as the major market in North America due to high product demand in the residential and industrial applications. In addition, mobile air conditioning and commercial refrigeration industries are expected to grow significantly in this region over the forecast period due to rising adoption of the ecofriendly products and the HFC phase-down plan. This is also anticipated to contribute toward the growth of the regional market. Some of the prominent companies operating in the global aerosol refrigerators market include FJC Inc.; Mexichem S.A.B. de C.V.; Nu-Calgon Wholesaler, Inc.; STP Products Company; and Baltic Refrigeration Group. These market players compete on the basis of technology and product price.
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