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