Europe is expected to be one of the largest Refrigerants Markets during the forecast period.
The EU has implemented two legislative acts – the Mobile Air Conditioning directive and the F-gas Regulation. The Mobile Air Conditioning directive prohibits the use of fluorinated gasses in air conditioning systems installed in small motor vehicles. The F-gas Regulation focuses on improving the leakages of fluorinated gases and avoiding the use of these gases where alternatives are cost-effective. Such stringent regulations have led to the banning of HCFCs and HFCs, which is why these segments are expected to witness a negative CAGR during the forecast period. The demand for these refrigerants is expected to be absorbed by HFO, ammonia, carbon dioxide, and natural refrigerants such as isobutene and propane.
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Key Market Players
The key market players profiled in the report include Arkema S.A. (France), Dongyue Group Co. Ltd. (China), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Ireland), Air Liquide (France), Sinochem Lantian Co. Ltd. (China), Daikin Industries (Japan), Mexichem (Mexico), and Asahi Glass Corporation (Japan).
Honeywell International Inc. (US) is one of the leading players in the refrigerants market. In order to expand its business, the company is focusing on enhancing its market reach by entering new markets and regions. For instance, in January 2020, Honeywell International Inc. (US) Solstice L40x refrigerant was selected by Central England Co-Operative for its new food chilling systems. Similarly, The Chemours Company announced to support the market transition driven by the European Union’s F-Gas regulation to lower GWP alternatives and prepare for the next quota phasedown in 2021. It will be suspending the supply of the high GWP refrigerants, R-404A (GWP 3922) and R-507A (GWP 3985), in the European Union.
Browse 157 market data Tables and 63 Figures spread through 191 Pages and in-depth TOC on "Refrigerants Market by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, Air, Water, Propene, Isopentane), Application (Domestic, Industrial, Commercial, Chillers, Split AC, VRF, Window, MAC), and Region - Global Forecast to 2025"
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On the basis of region, the refrigerants market has been segmented as follows:
Middle East & Arica
APAC to account for the largest share of the refrigerants market, and the trend is expected to continue throughout the forecast period
APAC is the largest market for refrigerants due to the presence of the largest and fastest-growing economies, such as China and India, respectively, in the region. The rapid industrialization, coupled with the growing manufacturing industry, is also driving the market in the region. The rising disposable income of consumers, along with the changing lifestyle, plays a significant role in boosting the refrigerants market. Factors such as advancements in civil construction and high demand for efficient refrigerants drive the market. In addition, the rising demand from Thailand, Indonesia, Malaysia, Japan, and South Korea is estimated to boost the market for refrigerants.
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Refrigerants Market by Type (HCFC, HFC, HFO, Isobutane, Propane,
Ammonia, Carbon Dioxide, Air, Water, Propene,
Isopentane),Application(Domestic, Industrial, Commercial, Chillers,
Split AC, VRF, Window, MAC), and Region - Global Forecast to 2025
[ 191 Pages Report] 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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Impact of COVID-19 on Refrigerants Market
The COVID-19 outbreak has impacted the global refrigerants market as demand for refrigerants
from end-use applications declined for a short-term period at the beginning of 2020. Several
industries witnessed setbacks in the first half of 2020, which led to a consequent decline in the
demand for refrigerants. As a result, the refrigerant market is expected to witness negative growth
in 2020. However, demand is expected to revive from 2021 onward and continue during the
Driver: Growing Cold Chain Market
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