Refrigerant is a mixture of fluids, which work as a cooling agent in refrigeration cycles and heat pumps. Refrigerants work on the phase transition principle that is they turn into gas from liquid and vice versa at inconstant temperatures. Refrigerants are either used as primary fluids in absorption refrigeration frameworks or as secondary refrigeration fluids to transmit thermal energy across different mediums. Since 1856, the demand for refrigerants has swiftly increased in the commercial and industrial application areas. Refrigerant is found in either liquid or gaseous state and readily absorbs environmental heat to provide air conditioning or refrigeration when combined with evaporators or compressors.
Inorganic refrigerants including ammonia, carbon dioxide and water have relatively low toxic emissions since they do not comprise of any carbon‐hydrogen bonds. Inorganic refrigerants are expected to foresee considerable growth over the forecast period due to rising inclination of consumers towards environment friendly refrigerants. Also, hydrocarbon based refrigerants including isopropane and propane are natural derivatives of crude petroleum and are widely used in several industry due to their ecological attribute i.e. they are environment friendly. Owing to increasing growth of the global economy and rising per capita disposable incomes in developing regions, the demand for refrigerants is expected to increase in the coming years. Moreover, increase in the use of refrigerants in food products and automobiles coupled with improved living standards, which further drives the demand for air conditioning are some key factors propelling the growth of the global refrigerants market. Additionally, increasing usage of chillers and mobile ACs especially in commercial refrigeration is another major factor driving the overall growth. However, the environmental concerns such as ozone layer depletion and global warming associated with the use of hazardous refrigerants have led to the formation of strict protocols and regulations mainly on the use of HCFCs and CFCs refrigerants. This is expected to hamper the market growth.
Based on type, inorganic refrigerants segment dominated the global market in 2020 and is estimated to maintain its dominance throughout the forecast period owing to increasing consumer awareness regarding environmental protection coupled with strict regulations on the use of hazardous and toxic refrigerants such as halocarbons and azeotropes. Also, increasing demand for air conditioning especially from automobiles is further projected to drive the inorganic refrigerants segment over the forecast period.
Asia Pacific is expected to be the dominant region owing to increasing urbanization and presence of favorable macro-economic factors. Moreover, rise in living standards has bolstered the overall demand for cooling appliances and refrigeration in the commercial, industrial, construction and residential sectors. North America is projected to account for the second largest share due to increasing demand for air conditioning equipment from the commercial sector.
Inorganic segment accounted for the largest share in the global refrigerants market in 2020 and is estimated to sustain its dominance over the forecast period from 2021 to 2029. This is owing to high demand for efficient, cheaper and more environment friendly refrigerants especially from air conditioning applications. Moreover, inorganic refrigerants provide several advantages such as energy saving, ease of use, environment friendly as well as execution at less pressure. Further, using inorganic refrigerants does not require specialized machinery or modifications in cooling device which further cuts the overall operational costs. Also, increasing industrialization is a major area demanding refrigerants in bulk quantities for air conditioning as well as refrigeration. Also, imposition of several governmental guidelines such as Montreal Protocol and Kyoto Protocol are forcing the industries to use non-halogenated refrigerants, thus promoting the growth of inorganic segment. Moreover, inorganic refrigerants have a relatively lower global warming potential which helps in reducing the overall carbon emissions. Also, using inorganic refrigerants provide electrical efficiency of the system as well as eliminates undesired leakages. Hydrocarbons accounted for the second largest share in the global refrigerants market owing to excellent efficiency quotient associated with them. Moreover, hydrocarbons are naturally occurring refrigerants and are found in large concentrations in crude oil. Hence, hydrocarbons are compatible with components and oils found in several existing systems which use refrigerants. Thus, hydrocarbons can be obtained at relatively cheaper costs and also provide greater energy efficiency. Chemical stability, ease of application and ease of transportation are some other major aspects driving the demand for hydrocarbon refrigerants across the globe.
By application, air conditioning segment dominated the global refrigerants market in 2020 and is expected to maintain its dominance over the forecast period. This is primarily due to rising demand for efficient air conditioning systems across several end use applications. Moreover, increase in global temperature and improvisation in living standards of consumers especially in developing economies of Asia-Pacific and Latin America are some other major aspects driving the growth of the global refrigerants market. Cooling systems account for more than 40% of total infrastructural energy consumption across the globe. Thus, with the rise in standards of living, more than 80% growth is expected in cooling systems over the forecast period. This in turn is further expected to push the overall demand for air conditioning worldwide. According to the international energy agency, there will be an increase in around 900 million new households by 2050 in non-OECD countries which is further expected to tender lucrative opportunities for the refrigerant manufacturers in the foreseeable years. In addition, growth in production capacities of certain manufacturers due to increasing demand for refrigeration and air conditioning especially from transportation industry is another major aspect driving the global refrigerants market. The implementation of refrigerants for heat pumps and chillers is majorly driven by growing industrialization and introduction of new manufacturing facilities.
Asia Pacific is projected to be the most profitable region in the global refrigerants market due to increasing demand for refrigerants especially from various industrial applications. Moreover, owing to increasing urbanization and presence of favorable macro-economic factors such as employment opportunities, economic output etc. as well as rise in living standards especially in Indonesia, China and India has propelled the demand for cooling appliances and refrigeration in the commercial, industrial, and residential & construction sectors. Moreover, constant growth in Indian and Chinese economies as well as increasing demand for hydrocarbons and inorganic refrigerants especially from Australia and New Zealand due to deterioration of ozone layer are some other major factors driving the Asia Pacific refrigerants market. Moreover, increasing industrial applications of refrigerants such as heat pumps, adsorption chillers and mobile air conditioners is further anticipated to bolster the demand for refrigerants. Also, increasing investments and protocols set up by the governments of several developing countries such as China, India and Korea towards the enhancement of environment friendly refrigerants along with increasing development of the infrastructural sector such as malls, shopping complexes, apartments and multiplexes is expected to accelerate the demand for air conditioning in the region. Also, China and India, being the major manufacturers and exporters of refrigerants are expected to witness huge demands over the forecast period. In addition, availability of cheap and skilled labor as well as favorable governmental policies are attracting several refrigerant manufacturers to set up their facilities in these countries, thus driving the growth of Asia Pacific refrigerants market. Also, rising per capita disposable incomes is leading to an increase consumer spending across China and India. Consumers are preferring the use of effective air conditioning and refrigeration systems due to elevation in lifestyle standards as well as rise in temperatures. Thus, rising demand for stationary AC and chillers further fuels the demand for refrigerants.
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Inorganic refrigerants including ammonia, carbon dioxide and water have relatively low toxic emissions since they do not comprise of any carbon‐hydrogen bonds. Inorganic refrigerants are expected to foresee considerable growth over the forecast period due to rising inclination of consumers towards environment friendly refrigerants. Also, hydrocarbon based refrigerants including isopropane and propane are natural derivatives of crude petroleum and are widely used in several industry due to their ecological attribute i.e. they are environment friendly. Owing to increasing growth of the global economy and rising per capita disposable incomes in developing regions, the demand for refrigerants is expected to increase in the coming years. Moreover, increase in the use of refrigerants in food products and automobiles coupled with improved living standards, which further drives the demand for air conditioning are some key factors propelling the growth of the global refrigerants market. Additionally, increasing usage of chillers and mobile ACs especially in commercial refrigeration is another major factor driving the overall growth. However, the environmental concerns such as ozone layer depletion and global warming associated with the use of hazardous refrigerants have led to the formation of strict protocols and regulations mainly on the use of HCFCs and CFCs refrigerants. This is expected to hamper the market growth.
Based on type, inorganic refrigerants segment dominated the global market in 2020 and is estimated to maintain its dominance throughout the forecast period owing to increasing consumer awareness regarding environmental protection coupled with strict regulations on the use of hazardous and toxic refrigerants such as halocarbons and azeotropes. Also, increasing demand for air conditioning especially from automobiles is further projected to drive the inorganic refrigerants segment over the forecast period.
Asia Pacific is expected to be the dominant region owing to increasing urbanization and presence of favorable macro-economic factors. Moreover, rise in living standards has bolstered the overall demand for cooling appliances and refrigeration in the commercial, industrial, construction and residential sectors. North America is projected to account for the second largest share due to increasing demand for air conditioning equipment from the commercial sector.
The global refrigerants market can be categorized on the basis of type as:
- Halocarbons
- CFC
- HCFC
- HFC
- Inorganic
- Ammonia
- Carbon Dioxide
- Others (water, sulphur dioxide etc.)
- Zeotropic
- Hydrocarbons
- Azeotropic
Inorganic segment accounted for the largest share in the global refrigerants market in 2020 and is estimated to sustain its dominance over the forecast period from 2021 to 2029. This is owing to high demand for efficient, cheaper and more environment friendly refrigerants especially from air conditioning applications. Moreover, inorganic refrigerants provide several advantages such as energy saving, ease of use, environment friendly as well as execution at less pressure. Further, using inorganic refrigerants does not require specialized machinery or modifications in cooling device which further cuts the overall operational costs. Also, increasing industrialization is a major area demanding refrigerants in bulk quantities for air conditioning as well as refrigeration. Also, imposition of several governmental guidelines such as Montreal Protocol and Kyoto Protocol are forcing the industries to use non-halogenated refrigerants, thus promoting the growth of inorganic segment. Moreover, inorganic refrigerants have a relatively lower global warming potential which helps in reducing the overall carbon emissions. Also, using inorganic refrigerants provide electrical efficiency of the system as well as eliminates undesired leakages. Hydrocarbons accounted for the second largest share in the global refrigerants market owing to excellent efficiency quotient associated with them. Moreover, hydrocarbons are naturally occurring refrigerants and are found in large concentrations in crude oil. Hence, hydrocarbons are compatible with components and oils found in several existing systems which use refrigerants. Thus, hydrocarbons can be obtained at relatively cheaper costs and also provide greater energy efficiency. Chemical stability, ease of application and ease of transportation are some other major aspects driving the demand for hydrocarbon refrigerants across the globe.
The global refrigerants market can be categorized on the basis of application as:
- Air Conditioning
- Heat Pumps
- Chillers
- Mobile AC
- Stationary AC
- Refrigeration
- Transportation
- Industrial
- Commercial
- Residential
By application, air conditioning segment dominated the global refrigerants market in 2020 and is expected to maintain its dominance over the forecast period. This is primarily due to rising demand for efficient air conditioning systems across several end use applications. Moreover, increase in global temperature and improvisation in living standards of consumers especially in developing economies of Asia-Pacific and Latin America are some other major aspects driving the growth of the global refrigerants market. Cooling systems account for more than 40% of total infrastructural energy consumption across the globe. Thus, with the rise in standards of living, more than 80% growth is expected in cooling systems over the forecast period. This in turn is further expected to push the overall demand for air conditioning worldwide. According to the international energy agency, there will be an increase in around 900 million new households by 2050 in non-OECD countries which is further expected to tender lucrative opportunities for the refrigerant manufacturers in the foreseeable years. In addition, growth in production capacities of certain manufacturers due to increasing demand for refrigeration and air conditioning especially from transportation industry is another major aspect driving the global refrigerants market. The implementation of refrigerants for heat pumps and chillers is majorly driven by growing industrialization and introduction of new manufacturing facilities.
The global refrigerants market can be categorized on the basis of regions and countries as:
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC Countries
- Rest of MEA
Asia Pacific is projected to be the most profitable region in the global refrigerants market due to increasing demand for refrigerants especially from various industrial applications. Moreover, owing to increasing urbanization and presence of favorable macro-economic factors such as employment opportunities, economic output etc. as well as rise in living standards especially in Indonesia, China and India has propelled the demand for cooling appliances and refrigeration in the commercial, industrial, and residential & construction sectors. Moreover, constant growth in Indian and Chinese economies as well as increasing demand for hydrocarbons and inorganic refrigerants especially from Australia and New Zealand due to deterioration of ozone layer are some other major factors driving the Asia Pacific refrigerants market. Moreover, increasing industrial applications of refrigerants such as heat pumps, adsorption chillers and mobile air conditioners is further anticipated to bolster the demand for refrigerants. Also, increasing investments and protocols set up by the governments of several developing countries such as China, India and Korea towards the enhancement of environment friendly refrigerants along with increasing development of the infrastructural sector such as malls, shopping complexes, apartments and multiplexes is expected to accelerate the demand for air conditioning in the region. Also, China and India, being the major manufacturers and exporters of refrigerants are expected to witness huge demands over the forecast period. In addition, availability of cheap and skilled labor as well as favorable governmental policies are attracting several refrigerant manufacturers to set up their facilities in these countries, thus driving the growth of Asia Pacific refrigerants market. Also, rising per capita disposable incomes is leading to an increase consumer spending across China and India. Consumers are preferring the use of effective air conditioning and refrigeration systems due to elevation in lifestyle standards as well as rise in temperatures. Thus, rising demand for stationary AC and chillers further fuels the demand for refrigerants.
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Table of Contents
Chapter 1. Preface
Chapter 2. Executive Summary
Chapter 3. Refrigerants Market: Dynamics and Future Outlook
Chapter 4. Global Refrigerants Market, by Type, 2019 - 2029 (Kilotons, US$ Mn)
Chapter 5. Global Refrigerants Market, by Application, 2019 - 2029 (Kilotons, US$ Mn)
Chapter 6. Global Refrigerants Market, by Geography, 2019 - 2029 (Kilotons, US$ Mn)
Chapter 7. Company Profiles
Companies Mentioned
- Arkema SA
- Daikin Industries Ltd.
- Honeywell International
- E.I. DU PONT NEMOURS & CO.
- Donguye Group
- Maxichem SA
- SRF Ltd.
- Navin Fluorine International Ltd.
- Airgas Inc.
- Sinochem Group.
