Global Refrigerant Market is expected to reach 2,019.96 Thousand Metric Tons by 2025 from 1,306.44 Thousand Metric Tons in 2017, at a CAGR of 5.7% in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Global Refrigerant Market By Industry (Domestic household refrigeration (Hydrocarbons (propane, isobutene and others), Fluorocarbons (HCFC’s, HFC’s and hydrofluro olefins)), Light commercial refrigeration (Carbon dioxide, Hydrocarbons (propane, isobutene and others), Fluorocarbons (HCFC’s, HFC’s and hydrofluro olefins), low GWP alternatives), Commercial racks and condensing units ( Carbon dioxide, Hydrocarbons (propane, isobutene and others), Fluorocarbons (HCFC’s, HFC’s and hydrofluro olefins), low GWP alternatives and ammonia), Industrial refrigeration ( Carbon dioxide, Hydrocarbons (propane, isobutene and others), Fluorocarbons (HCFC’s, HFC’s and hydrofluro olefins), low GWP alternatives and ammonia), By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2025
The major factors driving the growth of this market are the China focusing on natural refrigerants, technological changes such as low GWP refrigerants. Growth in the cold chain market, increase in the disposable income leading to rise in purchasing power of consumer appliances are some of the other factors which boost the market growth.
CHINA FOCUSING ON NATURAL REFRIGERANTS AS ADVISED BY MEP/FECO CHINA
Refrigerant market is growing in Asia-Pacific region due to China focusing on natural refrigerants as advised by Chinese Ministry for Environmental Protection/Foreign Economic Cooperation Office MEP/FECO China. A refrigerant is a mixture of substances, mainly available as a fluid that is used in a heat pump and refrigeration cycle. In most of the cycles it experiences phase transitions from a liquid to a gas and vice versa. Few of the common refrigerants used in numerous applications are sulfur dioxide, ammonia, and non-halogenated hydrocarbons such as propane. China is focusing on ozone friendly, natural refrigerant propane (R290) and to design a new system along with it. This new technology is more efficient in energy saving and has a negligible impact on climate as a result this will reduce greenhouse gases emission and will save the cost of energy consumed for consumer.
TECHNOLOGICAL CHANGES SUCH AS LOW GWP REFRIGERANTS
Low GWP (Global Warming Potential) is low global warming potential in the use of the refrigerant. GWP is the measurement of the greenhouse gases when it is released into the atmosphere and act as an indicator against (Carbon Dioxide) CO2, signifies GWP equals to one. Due to use of refrigerants such as R11, R12, R113, R500 and many more results in greenhouses gases, along with the high GWP of HFCs (Hydrofluorocarbons), key players are switching to hydro fluoroolefin (HFO), hydrocarbons (HCs) and ammonia which are being observed to give low GWP and Zero ODP. This in result will reduce the carbon emission and energy consumption. For instance, by 2022, European Union has agreed to ban the usage of HFCs in new equipment in various sectors, mostly at the commercial refrigeration.
Following are the related statistics which shows the adoption of the usage of low GWP from some of the market players –
GROWTH IN THE COLD CHAIN MARKET
Cold chain includes a series of refrigerated products, need of storage, distribution activities, logistics and other related equipment. Cold chain equipment is used in pharmaceutical sector, transportation, food sector, bio pharma, chemical sector and many more. For instance, pharmaceutical sector requires cold chain equipment for storage of vaccines, testing reagent, whole blood and refrigerated drugs. Logistic sector include transportation of horticulture, floriculture during distribution and supply. Food sector include processed foods, dairy and poultry consumption, instant and canned items. According to National Centre for Cold Chain Development (NCCD), in 2014, under Ministry of Agriculture & Farmers Welfare, support for cold chain was rationalized to revise the components and the cost norms along with a reduction of 5% in the subsidy rates.
INCREASE IN THE DISPOSABLE INCOME LEADING TO RISE IN PURCHASING POWER OF CONSUMER APPLIANCES
Rise in the disposable income will automatically increase the purchasing power, which will lead to the demand of home appliances. Other factor consists of different cost made by different competitors, energy efficiency norms of different products, brand names along with various differentiating features. For instance, appliances with more number of energy stars are mostly preferred by the people.
Following are the statistics related to the rise in the disposable income as well as purchasing power are -
Some of the major players operating in this market are Arkema SA, Dongyue Group Ltd, Honeywell International Inc., The Chemours Company, The Linde Group, Daikin Industries, Ltd., Mexichem S.A.B. de C.V., Sinochem Group, Air Liquide, A-Gas, Shandong Yue'an Chemical Co., Ltd, Gas Servei, Zhejiang Fotech International Co. Ltd., Srf Limited, Asahi Glass Co., Ltd, Quimobasicos SA de CV, Changshu 3F Fluorochemical Industry Co., Ltd., OZ-Chill Refrigerants, Tazzetti S.P.A. among others.
Global Refrigerant Market – Industry Trends and Forecast to 2027
Europe Refrigerant Market – Industry Trends and Forecast to 2028
North America Refrigerant Market – Industry Trends and Forecast to 2027
Asia-Pacific Refrigerant Market - Industry Trends and Forecast to 2027
Global Ammonia Refrigerant Market – Industry Trends and Forecast to 2028