Refrigerant Market Analysis 2019 |Key Players | Industry Growth | Size | Share | Trends | Sales Forecast and Supply Demand to 2023
Mar 12, 2019
Global Refrigerant Market Information: By Product Type (Natural, Synthetic), Application (Refrigerator, Air Conditioner, Chillers/Heat Pump), and Region -Global Forecast Till 2023
Pune, India - March 12, 2019 /MarketersMedia/ —
Market Analysis:
The Global Refrigerant Market is expected to witness a favorable growth at a striking CAGR during the forecast period (2015-2023). Simply defined, refrigerant is a chemical fluid mixture that act as cooling agent in refrigeration cycles and heat pumps. This works on the phase transition principle that is liquid to gas, gas to liquid at different operating temperatures. A refrigerant can either be used as a primary working fluid especially in an absorption refrigeration system or in the means of a secondary fluid for transporting thermal energy from a specific medium to another. Ever since its inception, the requirement for Refrigerants has gone up significantly both in the commercial and industrial sector. Over the years, various models of refrigerants have been created for various applications, thus to keep away from any confusion, the numbering system was been introduced for designating various Refrigerants.
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There are many factors that is driving the growth of the Refrigerant Market. Some of these factors as per the Market Research Future (MRFR) report include rapid industrialization, increase in inclination for efficient cooling systems, increase in the need for better maintenance of the industrial equipment which need surroundings for different manufacturing units, increase in the need for absorption chillers especially in oil and gas refineries, rise in the need for domestic AC systems, increase in per capita disposable income, increasing need for Refrigerant in the automobile sector particularly passenger cars, improved standard of living, nuclear family trends, changing lifestyle, upcoming domestic and commercial projects and transportation in emerging economies.
Market Segmentation:
Market Research Future report offers an all-inclusive segmental analysis of the Refrigerant Market on the basis of Type and Application.
Based on Type, it is segmented into synthetic and natural refrigerants. The natural refrigerants are again segmented into inorganic and organic/hydrocarbon refrigerants. Hydrocarbons are further segmented into iso-butane, n-butane, propane and others and inorganic hydrocarbons are further segmented into water, carbon dioxide, ammonia and others. The synthetic refrigerants or fluorocarbons are segmented into fluorocarbon blends and fluorocarbons. The pure fluorocarbons are again segmented into hydrofluoro Olefins (HFO), hydrofluorocarbons (HFCs) and chlorofluorocarbons (CFCs). The fluorocarbon blends are again segmented into zeotropic (non-azeotropic) and azeotropic. HFO, HFC, HFO/HFC blends along with natural refrigerants are likely to have a high growth rate owing to low ODS, low GWP potential and eco-friendly properties in comparison to synthetic refrigerants.
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Based on Application, the Refrigerant Market is segmented into chillers/heat pump, air conditioners, refrigerators and others. The refrigerators are again segmented into transport refrigerator, industrial and supermarket refrigerator (large scale), commercial refrigerators (medium scale) and domestic refrigerators. AC or air conditioners are further segmented into hybrid AC, portable AC, window AC, split AC and centralized AC. Of all these, air conditioners (AC) is projected to have the maximum share in the refrigerant market owing to increasing disposable incomes, rapid technological advancements, rising living standards as well as infrastructure projects especially on transport networks along with residential and commercial projects that are coming up in emerging economies.
Regional Analysis:
Based on Region, the Refrigerant Market covers growth opportunities and latest trends across Asia Pacific, North America, Europe, Latin America and the Middle East and Africa. Of these, Asia Pacific will dominate the refrigerant market during the forecast period. The market in the Middle East and Africa is projected to have rising demand. In Europe and North America, the refrigerant market will have a steady demand and this will be trailed further by Latin America. Changing lifestyle, rising disposable income and upcoming transportation, commercial and domestic projects in emerging companies are fueling the need for refrigerators and air conditioners. Thus, it is impacting the market positively. Besides, growing industrialization the world over is projected to spur the demand for heat pump/chillers.
Key Players:
Leading players profiled in the Refrigerant Market include DowDuPont Inc. (U.S.), SRF Limited (India), The Linde Group (Germany), Mexichem S.A.B. de C.V. (Mexico), Sinochem Group (China), Asahi Glass Co., Ltd. (Japan), Dongyue Group Co. Ltd (China), Arkema S.A. (France), Honeywell International Inc. (U.S.), The Chemours Company. (U.S.), and DAIKIN INDUSTRIES, Ltd. (Japan).
March 2019- Parent Company of HVAC & R outfits, CoolSys has acquired New York based company ABC Refrigeration and HVAC. This acquisition for CoolSys will be a key milestone as they will continue their expansion path all through the United States.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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Source: MarketersMedia
Release ID: 491418
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