The latest report by IMARC Group, titled “Refrigerant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global refrigerant market reached a value of US$
18.7 Billion in 2022. Refrigerants refer to chemical compounds that are used in vapor compression refrigeration systems to carry heat from the system release it to the atmosphere. The refrigerant goes through a series of vapor to liquid phase changes during the process. The earliest type of refrigerants were chlorofluorocarbon (CFC) compounds. However, they were identified as one of the greenhouse gases, and their production and use were restricted by the Montreal Protocols to combat climate change and protect the ozone layer. CFCs have since been replaced by hydrochlorofluorocarbons (HCFCs) and, more recently, by hydrofluorocarbons (HFCs), which are more effective and safer for the environment.
Global Refrigerant Market Trends:
Refrigerants are primarily used in refrigerators, freezers, air conditioners, and fire suppression systems. Apart from this, they are also used in the air conditioning systems in automobiles. In recent years, there has been an increasing requirement for deep freezers and refrigerators on account of the expanding cold chain infrastructure across the globe. Similarly, the utilization of HVAC systems has also witnessed a boost on account of improving standards of living and inflating income levels. As a result, several advancements have been made in refrigeration technology, including the development of low global warming potential (GWP) refrigerants that help to reduce both refrigerant charges and emissions. Moreover, as these compounds can be harmful when released into the atmosphere, manufacturers have developed the latest generation of refrigerant recovery machines. These machines can pull up to 95% of the refrigerant out of the AC systems to reduce the amount that escapes into the atmosphere. Looking forward, the market value is projected to reach US$
30.6 Billion by 2028, expanding at a CAGR of
9.76% during 2023-2028.
- The market has been segmented based on the product type into fluorocarbon, inorganic, hydrocarbon and others.
- On the basis of the application, the market has been categorized into commercial, industrial, domestic and other sectors.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being Honeywell International Inc., Daikin Industries Ltd., Arkema S.A., Dongyue Group Limited, The Chemours Company, Orbia Advance Corporation S.A.B. de CV, Sinochem Group Co. Ltd., Air Liquide S.A., AGC Group, Linde Group, SRF Limited and Gujarat Fluorochemicals Limited.
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