Refrigerant Market, By Industry (Domestic household refrigeration), Light commercial refrigeration (Carbon dioxide, Hydrocarbons (propane, isobutene and others), Fluorocarbons (HCFC’s, HFC’s and hydrofluro olefins), low GWP alternatives), Commercial racks and condensing units ( Carbon dioxide, Hydrocarbons (propane, isobutene and others), Industrial refrigeration ( Carbon dioxide, Hydrocarbons (propane, isobutene and others), Fluorocarbons (HCFC’s, HFC’s and hydrofluro olefins), low GWP alternatives and ammonia), By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)- Industry Trends and Forecast to 2025
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Global Refrigerant Market is expected to reach 2,019.96 Thousand Metric Tons by 2025 from 1,306.44 Thousand Metric Tons in 2017, at a CAGR of 5.7% in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Drivers: Global Refrigerant Market
The major factors driving the growth of this market are the China focusing on natural refrigerants, technological changes such as low GWP refrigerants. Growth in the cold chain market, increase in the disposable income leading to rise in purchasing power of consumer appliances are some of the other factors which boost the market growth.
CHINA FOCUSING ON NATURAL REFRIGERANTS AS ADVISED BY MEP/FECO CHINA
Refrigerant market is growing in Asia-Pacific region due to China focusing on natural refrigerants as advised by Chinese Ministry for Environmental Protection/Foreign Economic Cooperation Office MEP/FECO China. A refrigerant is a mixture of substances, mainly available as a fluid that is used in a heat pump and refrigeration cycle. In most of the cycles it experiences phase transitions from a liquid to a gas and vice versa. Few of the common refrigerants used in numerous applications are sulfur dioxide, ammonia, and non-halogenated hydrocarbons such as propane. China is focusing on ozone friendly, natural refrigerant propane (R290) and to design a new system along with it. This new technology is more efficient in energy saving and has a negligible impact on climate as a result this will reduce greenhouse gases emission and will save the cost of energy consumed for consumer.
NCREASE IN THE DISPOSABLE INCOME LEADING TO RISE IN PURCHASING POWER OF CONSUMER APPLIANCES
Rise in the disposable income will automatically increase the purchasing power, which will lead to the demand of home appliances. Other factor consists of different cost made by different competitors, energy efficiency norms of different products, brand names along with various differentiating features. For instance, appliances with more number of energy stars are mostly preferred by the people.
Following are the statistics related to the rise in the disposable income as well as purchasing power are –
- For instances, According to Statista, Around 10.0 million units of refrigerators are sold each year in the United States and shipment of freezers within the U.S. amount to more than 2.0 million units every year.
- According to Statista, in 2016, in U.S. shipment of refrigerator accounts 10.9 million.
Major Players: Global Refrigerant Market
Some of the major players operating in this market are:-
- Arkema SA
- Dongyue Group Ltd
- Honeywell International Inc.
- The Chemours Company
- The Linde Group
- Daikin Industries Ltd.
- Mexichem S.A.B. de C.V.
- Sinochem Group
- Air Liquide
- Shandong Yue’an Chemical Co.Ltd
- Gas Servei
- Zhejiang Fotech International Co. Ltd.
- Srf Limited
- Asahi Glass Co.Ltd
- Quimobasicos SA de CV
- Changshu 3F Fluorochemical Industry Co.Ltd.
- OZ-Chill Refrigerants
- Tazzetti S.P.A.
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