The refrigerants market size is estimated to be USD 21.3 billion in 2020 and is projected to reach USD 30.8 billion by 2025, at a CAGR of 7.7% between 2020 and 2025. The market is mainly driven by the rising demand for refrigerants from the applications domestic, commercial, and industrial refrigeration; chillers; window, split, VRF, and other air-conditioning systems; and MAC. Growing demand for refrigerants in upcoming applications has created various opportunities for its manufacturers. APAC is the key market for refrigerants, globally, followed by North America and Europe, in terms of volume. One of the primary drivers of the market is the increasing demand for consumer appliances in these regions.
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A cold chain is a supply chain that consists of a series of storage and distribution activities to maintain a particular temperature range. It comprises two segments – refrigerated transport that utilizes refrigerator trucks, cars, rail, and containers, among others, and surface storage that consists of refrigerated warehouses for storing perishable products. The food and pharmaceutical industries are the major end-users contributing to the increase in demand for the cold chain.
Split ACs application is expected to be the largest application
On the basis of application, the refrigerants market has been segmented into domestic, commercial, industrial refrigeration; chillers; window, split, VRF, and other air-conditioning systems; and MAC. The increased consumption of refrigerants in split ACs is attributed to the growing construction industry in APAC. The construction output of the APAC countries is increasing gradually due to the growing population and the increased number of nuclear families.
The ammonia segment accounts for the largest share of the overall market
On the basis of type, the refrigerants market has been segmented into HCFCs, HFCs, HFOs, isobutane, propane, ammonia, carbon dioxide, and others. Ammonia refrigerants are gaining popularity in APAC mainly due to lower carbon dioxide emissions. Factors such as the emergence of China as the global leader in the grocery market and the emergence of India and Indonesia as the fastest-growing grocery markets are increasing the demand for ammonia refrigerants in the region.
APAC is expected to account for the largest share of the refrigerants market
APAC is estimated to be the largest market for refrigerants due to its growing economy and increasing population. With industrialization and growing employment, disposable income is expected to increase. This dominance of APAC is mainly due to the increasing population and improving lifestyles at each financial stratum. The demand for refrigerants is dependent on their usage in applications such as domestic, commercial, industrial refrigeration; chillers; window, split, VRF, and other air-conditioning systems; and MAC. Companies are investing more in R&D to find out more environmentally friendly refrigerants for applications in refrigeration and air-conditioning systems.
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