The major factors contributing to the growth of the global refrigerants market are the increasing demand for consumer appliances, especially in Asia Pacific, and the growing pharmaceutical industry. The growing use of natural refrigerants is expected to act as an opportunity for stakeholders to grow in the refrigerants market. Natural refrigerants are likely to be in high demand in the coming years, driven by the multiplying demand from domestic, industrial, and chiller applications.
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- 311 Market data Tables
- 58 Figures
- 307 Pages and in-depth TOC on “Refrigerants Market – Global Forecast to 2027″
This report also provides a comprehensive analysis of the companies listed below:
Honeywell International Inc. (US), Orbia (Mexico), The Linde Group (Ireland), The Chemours Company (US), Daikin Industries Ltd. (Japan)
The global pandemic has affected almost every sector in the world. The refrigerants market is moderately affected due to disruptions in the global supply chain. Germany is a major market for exports and industrial production. Strict lockdowns in the country’s major provinces affected industrial activities. The demand for industrial equipment declined significantly during the first quarter of 2020, majorly due to the outbreak of COVID-19. Europe is among the largest producers of refrigerants. However, disruptions in the supply of raw materials have weakened the production of refrigerants in this region.
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“MAC is projected to be the fastest growing application in refrigerants market, in terms of value”
MAC includes air conditioning in vehicles such as cars, trucks, and buses. The commonly used refrigerant in Mobile Air Conditionings is HFC134A. Another refrigerant R-1234yf is an alternative to the R-134A refrigerant used in MAC. The increasing number of automobile production facilities in Asia Pacific and the shifting of European automobile manufacturers to the low-cost markets of Asia Pacific is contributing to the increased use of refrigerants in the mobile air conditioning application.
“Asia Pacific is expected to be the fastest growing market for refrigerants during the forecast period, in terms of value and volume.”
Asia Pacific is projected to grow at the highest CAGR during the forecast period. China, a global manufacturing base and exporting manufactured goods worldwide, is a key market. Due to rapid industrial growth and new manufacturing plants, the demand for refrigerants is expected to increase in Asia Pacific. In addition, the high urbanization rate and emerging industries in the region are increasing the demand for refrigeration systems, thus, growing the demand for refrigerants.
