Value Market Research, in its recently released market outlook, estimates healthy growth for the Global Refrigerant Market over the forecast period. The global refrigerant market was valued at USD 14.48 Billion (by revenue) in 2017 and is anticipated to reach USD 20.18 Billion by 2024 with a CAGR of 4.9%. The refrigerants market has witnessed a significant growth, owing to their increasing usage in industrial, commercial, transportation, and domestic sectors. Basically, the refrigerant is a chemical fluid compound which works as cooling agents in heat pumps and refrigeration cycle. Since their inception, it has gained a tremendous hype across various industrial and commercial application.
The report forecasts that the rise in cold chain sectors along with the ongoing rapid urbanization and industrialization in emerging countries is likely to fuel the market growth of refrigerant. The ability of refrigerant to carry heat within HVAC unit through phase transition has increased its application in refrigeration and air conditioning systems, thereby raising product demand. Another major factor such as growth in manufacturing units across the globe along with the growing demand for air-conditioning products will further augment the market growth. Moreover, rising demand for inorganic refrigerant across the industrial sector since it is inexpensive and eco-friendly will again propel the market growth. Further, a growing need for cooling equipment owing to ongoing industrialization, harsh weather conditions, along with the growth in the production of consumer goods has positively impacted the market growth. Additionally, the rise in the demand for absorption chillers in oil & gas refineries coupled with the upsurge in the demand for improved maintenance of industrial equipment which requires cold surroundings are also expected to fuel the growth.
The report "Global Refrigerant Market is segmented By Product (Fluorocarbon, Hydrocarbon, Inorganic, And Others), Application (Industrial Refrigeration, Domestic refrigeration, Transport Refrigeration, Commercial Refrigeration, Stationary Air Conditioning, Chillers & Heat Pumps, And Mobile Air Conditioning) And By Regions - Industry Trends, Size, Share, Growth, Estimation and Forecast, 2017-2024” – offers detailed insight, forecast, and opportunity assessment of the market.
This report covers the segmentation on the basis of product, application, and region. Based on the product the market is divided into fluorocarbon, hydrocarbon, inorganic, and others. Out of which, fluorocarbon is dominating the refrigerant type owing to energy efficient and less flammable, it is gaining robust demand across various industrial and commercial sector. By application, the market is bifurcated into industrial refrigeration, domestic refrigeration, transport refrigeration, commercial refrigeration, stationary air conditioning, chillers & heat pumps, and mobile air conditioning. Refrigeration has dominated the application segment owing to rising demand from automobile, consumer goods, and food & beverage sector. In the last section of the report, the market has been studied across the top five major regions including, North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. From the geographical perspective, Asia Pacific is ruling the global refrigerant market owing to rapid industrialization, rise in disposable income of people, improved standard of living coupled with the rising demand for the cooling system in the region.
The Report Segments Global Refrigerant Market -
Prominent Players Profiled In The Report
Daikin Industries Ltd., SRF Ltd., Honeywell International, Arkema SA, Mexichem Fluor S.A. de C.V., Dongyue Group, E.I. du Pont de Nemours & Co., and Navin Fluorine International Ltd.
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