The global refrigerant market is expected to witness significant growth during the forecast period owing to the increase in demand for energy-efficient cooling solutions and rising awareness regarding global warming and ozone depletion. Refrigerants are used in refrigeration systems for manufacturing, chemicals, food & beverages, pharmaceuticals, and various other industries. The major factors driving the refrigerant market are the rise in demand for refrigeration systems and the increase in per-capita income in developing economies.
The Global Refrigerant Market is expected to register a robust CAGR of around 7% throughout 2022-2028F. The growth of the market is influenced by factors such as the growing demand for natural refrigerants and the growth in the commercial sector. Moreover, increasing demand for consumer appliances such as refrigeration and air conditioning equipment and the growing cold chain market is also contributing to the growing demand for refrigerant. Furthermore, factors such as growth in the organized retail framework, a shift toward horticultural crops, and growth in the processed food sector have also contributed to the demand for refrigerants. However, increasing regulations against fluorocarbon refrigerants due to their flammability and toxicity issues restrain the market growth. The main goal of this protocol is to minimize damage to the ozone layer through the use of refrigerant gases. Under this protocol, countries have agreed to phase out the use of fluorinated refrigerant gases, which deplete the ozone layer.
Arkoma S.A., Dongyue Group Co. Ltd., Honeywell International Inc., the Chemours Company, the Linde Group, Air Liquide, Sinochem Lantian Co. Ltd., Daikin Industries, Mexichem, and Asahi Glass Corporation. some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst types, the inorganic category is the most demanding Refrigerant for upcoming years”
Based on type, the market is divided into fluorocarbons, hydrocarbons, inorganic refrigerants, and others. The inorganic refrigerant segment grabbed the major market share and dominated the market in 2020. The growing demand for ammonia refrigerants is contributing to the growth of the market. Also, the growing demand for the inorganic refrigerant is also contributing to the growth of the market. The inorganic refrigerants were exclusively used before the introduction of hydrocarbon refrigerants these refrigerants are still in use due to their inherent thermodynamic and physical properties.
“Amongst applications, the commercial category is expected to witness the highest CAGR during the forecast period”
Based on application, the market is categorized into residential, commercial, and industrial. The commercial category is expected to witness the highest CAGR during the forecast period. The factors attributed to the market growth is the increase in demand for infrastructural development in the inter-country and the growing demand for air conditioners in the commercial sector. Furthermore, mobile air conditioning is the fastest growing application due to growth in the automotive and transportation industries. These factors are predicted to propel the sub-segments growth during the forecast years.
“APAC to witness significant growth during the forecast period”
Asia-Pacific is expected to show the highest CAGR growth in the Refrigerant market. The market is promulgating on account of the increasing investments in the industrial sector, generating the demand for cooling infrastructure in the manufacturing industry, which in turn drives the global market in the region. Moreover, the electronics industry in countries like China, Japan, South Korea, and India creates an enormous demand for refrigerants. While other countries in the region such as Japan and South Korea are projected to improve their share through the up-gradation and deployment of new products that require refrigerant.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Executive Summary
4. Market Dynamics
5. Pricing Analysis
6. Global Refrigerant Market Revenue (usd Mn), 2022-2032f
7. Market Insights By Product Type
8. Market Insights By Application
9. Market Insights By Region
10. Value Chain Analysis
11. Competitive Landscape
12. Company Profiled
13. Acronyms & Assumption
14. Annexure
Research Methodology for the Refrigerant Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the Refrigerant market were the three major steps undertaken to create and analyze the adoption of the refrigerant market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Refrigerant market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the refrigerant market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Refrigerant market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the refrigerant market. Further, we conducted factor analysis using dependent and independent variables such as type and application of the refrigerant market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the refrigerant market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Refrigerant market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global refrigerant market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global Refrigerant market.
The main objective of the Global Refrigerant Market Study
The current & future market trends of the global Refrigerant market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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