Market Overview:

The global aerosol refrigerants market reached a value of US$ 1.06 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 1.44 Billion by 2027, exhibiting a CAGR of 5.10% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Refrigerants refer to a chemical combination of various working fluids, gasses, and fine solid particles, including aerosol, which are evenly distributed for functioning as a cooling agent in the refrigeration cycles and heat pumps. They are cost-effective, non-toxic, and non-flammable in nature, due to which they are extensively used in refrigerators, air conditioning systems, and chillers for maintaining optimum temperature. On account of these properties, aerosol refrigerants are employed in commercial and residential sectors. At present, they are commercially available in the steel and aluminum (Al) material types. 

Aerosol Refrigerants Market Trends:

The global aerosol refrigerants market is primarily being driven by the increasing need for various consumer appliances, including refrigerators, chillers, and heating, ventilation, and air conditioning (HVAC) products across several industrial verticals to minimize power consumption. Additionally, the widespread adoption of aerosol refrigerants in the residential sector can be attributed to the rising construction activities across the globe on account of rapid commercialization and urbanization, evolving living standards, and inflating disposable incomes, particularly in emerging economies. In line with this, rising environmental concerns have prompted governments of several countries to undertake favorable initiatives to promote the manufacturing of eco-friendly aerosol refrigerants for eliminating the utilization of hydrofluorocarbons (HFC) and hydrofluoro-olefins (HFOs). This further assists in reducing the risk of ozone depletion and global warming, thus acting as another major growth-inducing factor. Additionally, significant technological advancements, such as the introduction of carbon dioxide (CO2) cascade and cold chain solutions that are infused with propane-based cooling systems, are further contributing to the market growth. Other factors, such as continuous investments in research and development (R&D) activities and strategic collaborations amongst key players to launch steel aerosol refrigerants that exhibit recyclable and sustainable properties, while reducing production costs, are creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global aerosol refrigerants market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, container type and end use sector.

Breakup by Product:

• HFC-143a
• HFC-32
• HFC-125
• SF6
• Others
   

Breakup by Container Type:

• Steel
• Aluminum
   

Breakup by End Use Sector:

• Residential
• Commercial
• Industrial
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being A-Gas, Arkema S.A., Baltic Refrigeration Group, Daikin Industries Ltd., Dongyue Group, Fastenal Company, Groupe Gazechim, Honeywell International Inc., Navin Fluorine International Limited, Sinochem Corporation, SRF Limited (Kama Holdings Ltd.), Technical Chemical Company and The Chemours Company.

Report Coverage: