the global refrigerant market the size should go from $23.0 billion in 2020 for $34.3 billion by 2027, at a CAGR of 6.9% from 2021 to 2027. The cold chain is becoming a crucial element for the global availability of food and health products. According to the Food and Agriculture Organization of the United Nations, billions of tons of fresh food products are lost every year due to poor cold chain systems in the developing part of the world. Fresh foods such as fruits, poultry, vegetables, dairy products and meat require an uninterrupted cold chain because they are perishable. By optimizing temperature, atmospheric composition and humidity parameters, and proper handling, cold chain service providers can improve the shelf life of fresh foods for months, weeks and days. Appropriate use of the cold chain service ensures that fresh produce retains its value for longer periods, improves its transportability, and provides the opportunity to expand its market reach.
Fluorocarbon-based refrigerants dominate the market. Air conditioning is expected to remain the most lucrative application, driven by strong residential, institutional and commercial demand. Rapid urbanization and emerging economies have greatly increased the need for air conditioning equipment. The growth of frozen food sectors and retail spaces in developing economies has led to greater potential for the cold chain industry. The industry has evolved in terms of product specifications and end-user awareness of the adverse environmental effects of conventional refrigerants.
Growing awareness of low ozone depletion potential (ODP) and low global warming potential (GWP) refrigerants to meet environmental and social aspects and growing demand for energy efficient natural refrigerants are the key drivers for the growth of the refrigerants market across the globe. Inorganic refrigerants such as Co2 and ammonia and hydrocarbon-based are the most popular natural refrigerants, increasingly preferred by end users for their energy efficiency, low cost, and low GDP and ODP.
Get a PDF for more business and technical information: https://www.marketstatsville.com/request-sample/refrigerants-market
Global Refrigerant Market Dynamics
Engines: high demand for cooling equipment in emerging economies
Emerging economies are experiencing rapid economic growth due to changing market, corporate culture, technology and social practices. The cooling equipment market in these regions is witnessing high demand due to rapid industrialization, urbanization and the inclination of industrialists towards much more efficient cooling systems. These factors, in turn, increase the growth of the refrigerants market.
Residential and commercial infrastructure construction activities are expected to increase due to the needs of the rapidly growing urban population. The growing number of high-rise buildings, shopping malls, retail stores, apartments, parks and special economic zones bear witness to this. This has led to an increase in the use of refrigerants in applications such as refrigeration and air conditioning.
Constraints: strict regulations against fluorocarbon refrigerants
The fluorocarbon segment holds a substantial share of the refrigerants market; However, the growth potential of the segment is expected to encounter obstacles due to stringent regulations such as F-Gas, Kyoto Protocol, and Montreal Protocol. The strict regulation against fluorocarbons is due to their high Global Warming Potential (GWP) and Ozone Depletion Potential (ODP), which have adverse effects on the environment. Rules and regulations have led many countries to phase out refrigerants containing fluorocarbons.
The Montreal and Kyoto Protocols and their subsequent amendments accompanied by ratification by individual countries have resulted in regulations limiting the consumption, trade and production of fluorocarbon refrigerants.
Opportunities: increasing demand for natural refrigerants
The most commonly used natural refrigerants are HCs, ammonia and carbon dioxides including isobutane and propane. Technological advances in cooling equipment are replacing traditional refrigerants with natural refrigerants. This has led to an increase in the market share of natural refrigerants in applications such as refrigeration, heating systems and air conditioning.
You can buy the full report: https://www.marketstatsville.com/buy-now/refrigerants-market?opt=2950
The study categorizes the refrigerant market based on product, application, and region.
By Product Outlook (Revenue, USD Million, 2017-2027)
By Outlook Application (Revenue, USD Million, 2017-2027)
- Transport and commercial refrigeration
- Stationary air conditioning
- Chillers and heat pumps
- Portable air conditioning
Outlook by Region (Sales, USD Million, 2017-2027)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia-Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
Fluorocarbon Refrigerant is Expected to Account for the Largest Market Share by Product
Based on product, the global refrigerants market includes inorganic, hydrocarbon, and fluorocarbon. Fluorocarbon refrigerants dominated the market with the largest share of market volume in 2020. Fluorocarbon refrigerants are based on the chemical compounds of which the hydrocarbon hydrogen is replaced with fluorine. According to the structure, they can be classified into chloro-fluorocarbons (CFCs), hydrochloro-fluorocarbons (HCFCs), hydrofluorocarbons (HFCs) and hydrofluoroolefins (HFOs). Due to their high ODP and GWP, these refrigerants have been subject to strict regulations by many agencies. CFCs and HCFCs are subject to phase-out plans, while the Montreal Protocol has ruled in favor of phasing out HFCs. HFCs hold the largest refrigerant market share among fluorocarbons.
In addition, the breakthrough made in the development of hydro fluoroolefins (HFOs) provided a lifeline for fluorocarbon refrigerants. HFOs have low GWP and ODP and are expected to be the ideal replacement for HFCs in leading applications in the future. These factors are driving the growth of Fluorocarbon Refrigerants over the forecast period.
Europe accounts for the highest CAGR during the forecast period
Access the full description of the report, Contentsfigure chart, graph, etc. : https://www.marketstatsville.com/table-of-content/refrigerants-market
Based on region, the refrigerant market has been segmented into North America, Asia-Pacific, Europe, South America, Middle East & Africa. Globally, Europe is the fastest growing region with a CAGR of 5.4% during the forecast period 2021-2027. Strict regulation and rigorous implementation of the fluorocarbon refrigerant phase in Europe has resulted in a large demand for natural refrigerants. Hydrocarbon and inorganic refrigerants are expected to witness considerable growth over the forecast period. Their rapid adoption in domestic refrigeration is fueling the need for hydrocarbon-based refrigerants; Furthermore, the expansion of supermarket chains and their implementation of Co2 cascade technology in cooling solutions has significantly boosted the refrigerant market in the region.
Inorganic refrigerants are expected to witness the highest growth rate over the forecast period as they are inexpensive, readily available and less harmful to the environment. This product segment is driven by significant advances in the cold chain industry and cascade technology in cooling solutions for commercial refrigeration. High penetration of ammonia in industrial refrigeration applications is another major factor driving the growth of inorganic refrigerants in the region. In addition, technological advancements enabling the use of CO2 refrigerants in mobile air conditioning have further bolstered the growth of refrigerants in the region over the forecasted years.
Description of report request: https://www.marketstatsville.com/refrigerants-market
Main market players
Major market players profiled in the report are Arkema SA, Dongyue Group Co. Ltd., Honeywell International Inc., The Chemours Company, The Linde Group, Air Liquide, Sinochem Lantian Co. Ltd., Daikin Industries, Mexichem, and Asahi Glass . society