You are here
Refrigerants Market worth $31.0 billion by 2023
"Refrigerants Market by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, Air, Water, Propene, Isopentane), Application (Domestic, Commercial, Industrial, Chillers, Split AC, VRF, Window, MAC), and Region - Global Forecast to 2023"
The report "Refrigerants Market by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, Air, Water, Propene, Isopentane), Application (Domestic, Commercial, Industrial, Chillers, Split AC, VRF, Window, MAC), and Region - Global Forecast to 2023" The refrigerants market is projected to reach USD 31.0 billion by 2023, at a CAGR of 6.2% from USD 22.9 billion in 2018. Split ACs is the largest application segment in the refrigerants market. APAC was the largest market for refrigerants in split ACs application in 2018, in terms of both volume and value. Factors such as rapid urbanization, increasing spending income, and rising standard of living are expected to drive the demand for split ACs during the forecast period.
Browse 137 market data Tables and 36 Figures spread through 149 Pages and in-depth TOC on "Refrigerants Market by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, Air, Water, Propene, Isopentane), Application (Domestic, Commercial, Industrial, Chillers, Split AC, VRF, Window, MAC), and Region - Global Forecast to 2023"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/refrigerant-market-1082.html
Ammonia was the largest type segment in the refrigerants market in 2018
Ammonia, an inorganic refrigerant, is mostly used in applications such as supermarket/hypermarket, industrial refrigeration, and chillers. It offers advantages such as low-cost refrigeration system, high efficiency that results in low power consumption, and a zero OPD and GWP rating, thus improving the overall ratings of HCFCs and HFCs. Ammonia refrigerants are gaining popularity in the APAC market mainly due to lower carbon dioxide emissions. The emergence of China as the global leader in the grocery market and the emergence of India and Indonesia as the fastest-growing grocery markets are driving the demand for ammonia refrigerants in the region.
The split ACs segment is estimated to dominate the refrigerants market during the forecast period.
Splits ACs was estimated to be the largest application in 2018 and is projected to continue its dominance throughout the forecast period. Factors such as increasing demand for ACs with better performance and durability are driving the split ACs segment. With an increase in disposable income, the standard of living in APAC is increasing drastically. Thus, the demand for luxury products is increasing rapidly.
APAC to account for the largest share of the refrigerants market and the trend is expected to continue throughout the forecast period
APAC is the largest market for refrigerants due to the presence of the largest and fastest-growing economies such as China and India, respectively, in the region. The rapid industrialization coupled with the growing manufacturing industry is also driving the market in the region. The rising disposable income of consumers along with the changing lifestyle plays a significant role in boosting the refrigerants market. Factors such as advancements in civil construction and high demand for efficient refrigerants drive the market. In addition, the rising demand from Thailand, Indonesia, Malaysia, Japan, and South Korea is estimated to boost the market for refrigerants.
The key market players profiled in the report include Arkema S.A. (France), Dongyue Group Co. Ltd. (China), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Ireland), Air Liquide (France) (US), Sinochem Lantian Co. Ltd. (China), Daikin Industries (Japan), Mexichem (Mexico), and Asahi Glass Corporation (Japan).
Mr. Shelly Singh
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
Flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.