Rapid industrialization followed by surging demand in the automobile sector, especially passenger cars in emerging economies is likely to fuel the refrigerant market. Improved in the standard of living, rising disposable income and rising trend of nuclear families with dual income are the drivers boosting the market growth. An ability of refrigerant to carry heat within HVAC unit through phase transition has increased its application in refrigeration and air conditioning systems.
As per Value Market Research, Refrigerant Market is expected to be worth USD 20.18 BN by 2024 with a CAGR of 4.9%.
FLUOROCARBON DOMINATED THE REFRIGERANT TYPE SEGMENT
In 2017, Fluorocarbon is the leading refrigerant type owing to energy efficient and less flammable. Wide application areas of refrigerant in commercial air conditioning systems & refrigeration are likely to fuel the market growth in forecasting period. Growing demand for frozen food & chilled beverages has contributed to the growth of the fluorocarbon refrigerant market. However, Montreal Protocol mandated to phase-out use of fluorocarbon as a refrigerant due to the potential of ozone layer depletion. However, inorganic refrigerants are the fastest growing segment owing to non-toxic, better thermal efficiency, inflammable, environment-friendly and cheap.
REFRIGERATION TO GAIN MAXIMUM SHARE BY APPLICATION
Refrigeration has dominated the application segment in 2017, owing to growth in automobile, consumer durable and food & beverage sector. Refrigeration segment is expected to reach USD 13,436.5 MN by 2024. Increasing demand for the domestic air-cooling system due to the rising disposable income of the population from developed countries is fueling the market growth. Whereas, air conditioning has also widened its application areas in automotive on account of inclination of customers toward high comfort in luxury vehicles and rising global demand for mobile air conditioning solutions.
ASIA PACIFIC TO LEAD THE REGIONAL MARKET
In 2017, Asia Pacific is the regional leader for refrigerant market owing to rapid industrialization, high disposable income coupled with a better lifestyle is boosting the market growth. Owing to global warming, rising need of cooling systems coupled with booming economies of countries such as India & China is presumed to foster the refrigerant demand in forecasting period.
KEY PLAYER OF THE REFRIGERANT MARKET
Major players of the refrigerant market are 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., Navin Fluorine International Ltd. Increasing R&D for non-flammable with low global warming potential refrigerant by Honeywell International & others will propel the market growth.