Global Refrigerant Market Growth Is Expected To Be Driven By Increasing Demand For Consumer Appliances And Improved Standard Of Living

The refrigerant is a heat carrier, which changes its phase from gas to liquid and back to gas in refrigeration cycle. It used as a cooling mechanism in air conditioners and refrigerators. Good refrigerant need to have low toxicity, high stability, and an atmospheric boiling point between -400C to 00C, inexpensive. It basically absorbs heat from environment and provides refrigeration or air conditioning while combined with another component such as evaporators and compressors.

Refrigerants are classified into groups depending upon their chemical composition. Following are some chemical compounds may cause harm to the environment, that are replaced with environment-friendly alternatives.

The most common types of refrigerants used are HCFC, HFC, and HC. Chlorofluorocarbons (CFC) are refrigerants contain chlorine and banned since the beginning of 90’s due to its negative impact on environmental. The hydrofluorocarbons (HFC) refrigerants do not contain chlorine and are not harmful to ozone layer. They have large impact on global warming as compared to traditional refrigerants. Hydrocarbons (HC) are limited solution for the environmental problems related to refrigerants. They are harmless to ozone layer (ODP = 0) and hardly some direct greenhouse effect, but they are highly flammable.

Increasing demand for refrigerants from consumer electronics applications as consumer electronic devices such as refrigerators, air conditioners etc., need refrigerants for its working. Rising need for energy-efficient appliances across cold chain market in order to improve its energy efficiency, lower corrosive nature, and decreased flammability, etc. Rapidly growing industrialization across the globe will create demand for chillers or heat pump. Currently, R134a, R1234yf, R1234ze, R448, R1233zd, R513, R450, and R452 are some commonly used alternative refrigerants in many industries.

It is toxic and incompatible with some types of construction materials such as copper which will create challenges for the manufacturers.

The global refrigerant market valued at US$ 15,261.7 Mn in 2018, and is projected to increase at a significant CAGR of 5.3% over the next 10 years and value at US$ 25,642.5 Mn in 2028.

Rapidly growing industrialization and high disposable income across various countries in Asia Pacific can lead to increase demand for refrigerant to a significant extent. In North America, increasing technological advancements across cold chain industry and rising demand for refrigerant in food and beverage industry will increase the demand for refrigerant. In Europe, rising awareness of mobile air conditioning, industrial, and commercial refrigeration sectors will be increasing demand for refrigerant across various countries in this region. Additionally, various environmental policy across the Europe help manufacturers in order to invest in research and development activities.

Manufactures operating in the market are focusing on development of innovative and technologically advanced products and increasing investment activities in research and development activities will create potential revenue opportunities for development.

Some of the major players operating and profiled in the global emotion refrigerant market report include Chemours, Honeywell, Mexichem, Daikin, Arkema, Linde, Navin Fluorine International, GFL, Dongyue Group, Zhejiang Juhua, Meilan Chemical, Sanmei, 3F, Yuean Chemical, Ying Peng Chemical, Yonghe Refrigerant, Limin Chemicals, and China Fluoro Technology.