Refrigerant Market worth USD 18.05 Billion by 2022
Refrigerant Market by type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, and CO2), Application (Refrigerators, Large-scale Refrigerators, Chillers, Air Conditioners, and Heat Pumps), Region - Global Forecast to 2022, published by MarketsandMarkets(TM), the global market was estimated at USD 14.49 Billion in 2017 and is projected to reach USD 18.05 Billion by 2022, at a CAGR of 4.5%.
Rising end-use applications such as refrigerants, large-scale refrigerators, chillers, air conditioners, and heat pumps are driving the market for refrigerants. Along with these, the growing demand for consumer appliances and the cold chain market are also driving the market.
Air conditioners application accounted for the largest share in 2016. The air conditioners segment is projected to be the largest market for refrigerants from 2017 to 2022, owing to its rapid growth in the Asia-Pacific. Factors such as rising disposable incomes; rising living standards; flexible government taxation policies; rapid technological advancements in products & product offerings, by major international and domestic players, at competitive prices; are a few of the major factors driving the market for the air conditioners application. These factors, along with upcoming infrastructure projects on transport networks, institutional sites, and residential projects are also expected to drive the refrigerants market in the air conditioner application.Hydrocarbons are expected to be the fastest growing segment in the refrigerants market.
The main reason for the high demand for hydrocarbons can be attributed to the increasing consumption of refrigeration and AC equipment, which are its largest applications. Additionally, the demand for fluorocarbon refrigerants is expected to decline in the near future mainly due to the required 100% phase-out of HCFC by 2040 and 85% phase-out of HFC by 2047, which is expected to lead to an increase in the demand for alternative refrigerants. Thus, the growth of inorganics and hydrocarbons is expected to remain high between 2017 and 2022.Asia-Pacific was the largest refrigerants market in 2016. The Asia-Pacific is projected to be the largest market for refrigerants from 2017 to 2022. Factors contributing to market growth in this region are the rise in demand for consumer appliances in emerging countries, growing urbanization, and the growing cold chain market. These factors, along with upcoming infrastructure projects in energy, transport networks, institutional sites, and residential projects are expected to drive the Refrigerant Market across various applications in the region. Large-scale investments along with the increasing standards of living provide opportunities for infrastructure developments that are expected to lead to the high growth of the refrigerants market.
The global refrigerants market has a large number of market players; however the market is led by some of the major players, such as The Chemours Company (U.S.), Honeywell International Inc. (U.S.), Arkema S.A. (France), Dongyue Group Co. Ltd (China), Asahi Glass Co., Ltd. (Japan), Daikin Industries Ltd. (Japan), Sinochem Corporation (China), Mexichem S.A.B. de C.V. (Mexico), The Linde Group (Germany), and SRF Ltd. (India), among others.