Refrigerant Market - Forecast 2021 - 2026
Refrigerant Market Overview:
The trade of heat exchangers was valued to be $10.31 billion in 2018, an increase of 8% as compared to the previous year, according to the International Trade Centre (IDC). This increasing trade is attributed to the rising demand for heat exchanger units in various industries. The refrigerant market was valued at $23,500m in 2018. Refrigerants comprise heat energy and can discharge energy for heat exchange, and so, they are an integral part of heat exchanger units. The demand for refrigerants in various sectors that include industrial, residential, and others is estimated to grow at a CAGR of 7.60% during the forecast period 2019-2025.
Owing to the rapid industrialization in APAC countries, the region had the greatest refrigerant market share of 42% in 2018. ITC assessed the growth in the trade value of heat exchanger units in China and India to be 41% and 47% in 2018. The impressive growth of heat exchanger units led to a substantial demand influx in the refrigerant market.
According to Indian Brand Equity Foundation (IBEF), the export of pharmaceutical products from India was valued to be $17.27 billion in 2018. Pharmaceutical industries have a lot of heat exchange operations, which lead to increased consumption of refrigerants. While the pharmaceutical sector offered opportunities to the vendors in the refrigerant market, the oil & gas sector is also booming in India, which is a major refrigerant marketplace. Apart from the growth prospects in China and India, urbanization and industrialization in countries such as Indonesia, Malaysia, and the Philippines contributed to the soaring sales of refrigerants in APAC.
Refrigerant Market Outlook:
Refrigerants that include chlorofluorocarbons, ammonia, sulfur dioxide, and hydrocarbons, such as propane, are fluids that are used in heat pump and refrigeration cycle. They find applications in residential, industrial, and commercial sectors. Refrigerants are also commonly used in the automotive industry.
The key application segment of the refrigerant market is found to be the residential sector, which is projected to grow at a healthy CAGR of 9.50% through 2025. This is majorly attributable to the increasing sales of refrigerators and air conditioners worldwide. The trade of air conditioning machines witnessed a growth of 10% year on year in 2018, according to the latest findings by ITC. Furthermore, the rise in disposable personal income is allowing people to afford and purchase refrigerators and air conditioners, and the robust developing economies across the globe will further increase the sales of HVAC systems.
Refrigerant Market Growth Drivers:
· The Growing Automotive Industry Supporting the Refrigerant Market –
According to the International Organization of Motor Vehicles Manufacturers (OICA), 95.63 million vehicles were manufactured in 2018.[5] Automobile air conditioning entails application of refrigerant, and therefore, the increased production of vehicles has led to the high demand for refrigerants. Furthermore, the increasing production of electric vehicles or cars, and EVs is expected to play a vital role in the conservation of energy. The rise in the production of EVs will further boost the refrigerant market.
· The Commercial Sector Creating Opportunities in the Refrigerant Market –
There is a discernible upsurge in the commercial sector with a lot of offices, malls, and other infrastructures being built worldwide. These buildings are incorporated with HVAC equipment such as air conditioners. The rapid growth of the commercial sector is leading to a demand influx in the refrigerant market as refrigerants are an indispensable requirement in HVAC systems.
Refrigerant Market Trends –
· Low-GWP Refrigerants to Witness Growth –
HVAC systems are more often than not attributed to concerns pertaining to global warming. This is leading to an enhanced demand for low global warming potential (or low-GWP) refrigerants that will lower the environmental effects.
Refrigerant Market Key Players Perspective –
The major players striving to capitalize on the demand influx in the refrigerant market are Arkema S.A., Dongyue Group Co. Ltd., Honeywell International Inc., The Chemours Company, The Linde Group, Air Liquide S.A., Sinochem Lantian Co. Ltd., Daikin Industries, Ltd., Mexichem,, and Asahi Glass Corporation.
Refrigerant Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the refrigerant market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The refrigerant market research report also analyses the application of refrigerants in various sectors such as commercial, automotive, residential, and others.
Refrigerant Market Report: Industry Coverage
The refrigerant market report identifies the current trends, opportunities, and challenges in the industry along with a detailed depiction of strategies by the existing market players.
The report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, the Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
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