Europe Refrigerant Market, By Type (HCFCs, HFCs, HFOs, Isobutane, Propane, Ammonia, Carbon Dioxide, Others), Application (Refrigerators, Large-Scale Refrigerators, Chillers, Air Conditioners, Heat Pumps and Others), Industry (Domestic Household Refrigeration, Light Commercial Refrigeration, Commercial Racks and Condensing Units, Industrial Refrigeration) – Industry Trends and Forecast to 2030.
Europe Refrigerant Market Analysis and Size
The increase in demand for consumer appliances across the globe acts as one of the major factors driving the growth of the refrigerant market. The rise in the demand for better maintenance of industrial equipment that requires cold surroundings across various manufacturing units, and the high demand for domestic air conditioning systems, owing to the significant rise in per capita disposable incomes accelerate the market growth. The rise in the demand for absorption chillers in oil & gas refineries, and continuous advancements in the cold chain sector further influence the market. Additionally, the presence of various compliances, expansion of various end-use industries, and high disposable income positively affect the refrigerant market. Furthermore, the rise in demand for natural refrigerants extends profitable opportunities to the market players in the forecast period.
The Europe refrigerant market was valued at USD 3.28 Billion in 2022 and is expected to reach USD 4.66 Billion by 2030, registering a CAGR of 4.50% during the forecast period of 2023-2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Europe Refrigerant Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015- 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (HCFCs, HFCs, HFOs, Isobutane, Propane, Ammonia, Carbon Dioxide, Others), Application (Refrigerators, Large-Scale Refrigerators, Chillers, Air Conditioners, Heat Pumps, and Others), Industry (Domestic Household Refrigeration, Light Commercial Refrigeration, Commercial Racks, and Condensing Units, Industrial Refrigeration)
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Countries Covered
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Country (Germany, U.K., France, Italy, Spain, Netherlands, Russia, Switzerland, Turkey, Austria, Norway, Hungary, Lithuania, Ireland, Poland, and the Rest of Europe)
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Market Players Covered
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The Chemours Company (United States), Gas Servei (Spain), Gujarat Fluorochemicals Ltd. (India), AGC Inc. (Japan), Quimobasicos SA de CV (Mexico), Linde (Germany), DAIKIN INDUSTRIES, Ltd. (Japan), Mexichem S.A.B. de C.V. (Mexico), Zhejiang Fotech International Co. Ltd. (China), Tazzetti S.p.A. (Italy), SRF Limited (India), Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd. (China), SINOCHEM GROUP CO., LTD. (China), Shandong Yue'an Chemical Co., Ltd (China), Air Liquide and SOL Spa (France), Arkema (France), Dongyue Group (China), Honeywell International, Inc. (United States). among others
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Market Opportunities
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Market Definition
Refrigerant refers to a substance that is used for absorbing heat from another required substance. In a refrigerating system, the channel of heat transfer picks up the heat by evaporating at a low temperature and pressure. It provides heat on condensing at a higher temperature and pressure that is done by a fluid which is called a refrigerant.
Europe Refrigerant Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers:
- Environmental Regulations:
Stringent environmental regulations, such as the European Union's F-Gas Regulation, drive the transition towards low-global warming potential (GWP) refrigerants in Europe. These regulations restrict the use of high-GWP refrigerants and promote the adoption of more environmentally friendly alternatives.
- Energy Efficiency Standards:
Increasing emphasis on energy efficiency and sustainability in Europe motivates the demand for energy-efficient refrigeration systems. This drives the need for refrigerants with higher energy efficiency ratings, pushing manufacturers to develop and utilize advanced refrigerant technologies.
Opportunity:
- The Transition to Natural Refrigerants:
The shift towards natural refrigerants, such as hydrocarbons (e.g., propane, butane, ) and Carbon Dioxide (CO2), presents an opportunity in the European refrigerant market. Natural refrigerants have low GWP and are considered environmentally friendly alternatives to conventional synthetic refrigerants.
Restraint:
- Retrofitting Challenges:
Retrofitting existing refrigeration systems to accommodate new refrigerants can be a significant restraint in the European market. Some systems may require substantial modifications, including changes to equipment, infrastructure, and safety measures, which can be costly and complex.
Challenge:
- Phasing out High-GWP Refrigerants:
The challenge of phasing out high-GWP refrigerants, such as hydrofluorocarbons (HFCs), poses a significant hurdle for the European refrigerant market. Identifying suitable alternatives, ensuring their availability, and managing the transition effectively require careful planning and coordination among stakeholders involved in the refrigeration industry.
This Europe refrigerant market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Refrigerant market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.
Recent Developments
- In January 2022, Honeywell Introduces New named olstice® N71 (R-471A) refrigerant, an innovative, new low-global-warming-potential (GWP) refrigerant for commercial and industrial refrigeration that is optimized for supermarkets.
Europe Refrigerant Market Scope
The Europe refrigerant market is segmented on the basis of type, application, and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- HCFCs
- HFCs
- HFOs
- Isobutane
- Propane
- Ammonia
- Carbon Dioxide
- Others
Application
- Refrigerators,
- Large-Scale Refrigerators
- Chillers
- Air Conditioners
- Heat Pumps
- Others.
Industry
- Domestic Household Refrigeration,
- Light Commercial Refrigeration,
- Commercial Racks And Condensing Units
- Industrial Refrigeration
Europe Refrigerant Market Regional Analysis/Insights
The Europe refrigerant market is analyzed and market size insights and trends are provided by type, application, and industry as referenced above.
The countries covered in the Europe refrigerant market report are Germany, France, Belgium, the U.K., Switzerland, Turkey, Netherlands, and the Rest of Europe.
Germany is expected to dominate the Europe refrigerant market due to the advancements in the industries within the region. France is expected to witness high growth during the forecast period because of the rise in awareness about the usage of refrigerants.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Europe Refrigerant Market Share Analysis
The Europe refrigerant market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to Europe refrigerant market.
Some of the major players operating in the Europe refrigerant market are:
- The Chemours Company (United States),
- Gas Servei (Spain),
- Gujarat Fluorochemicals Ltd. (India),
- AGC Inc. (Japan),
- Quimobasicos SA de CV (Mexico),
- Linde (Germany),
- DAIKIN INDUSTRIES, Ltd. (Japan),
- Mexichem S.A.B. de C.V. (Mexico),
- Zhejiang Fotech International Co. Ltd. (China),
- Tazzetti S.p.A. (Italy),
- SRF Limited (India),
- Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd. (China),
- SINOCHEM GROUP CO., LTD. (China),
- Shandong Yue'an Chemical Co., Ltd (China),
- Air Liquide and SOL Spa (France),
- Arkema (France),
- Dongyue Group (China),
- Honeywell International, Inc. (United States).
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