“In 2015, the cost of azeotropic refrigerants is relatively higher than other refrigerants, but is expected to plummet by 2022, owing to rapid innovations in the production processes of azeotropic refrigerants and rise in their demand across several end user industries.”
Report, published by Allied Market Research, forecasts that the global market is expected to garner $18,509 million by 2022, registering a CAGR of 9.9% from 2016 to 2022.The inorganic refrigerants segment dominated the global market in 2015, with more than one-third share.
The refrigerants market has witnessed rapid growth, owing to their increasing scope of applications in mobile ACs and transportation, especially in the developing economies. Moreover, the market is expected to grow during the forecast period, owing to the rise in demand for refrigerants in industries, commercial, transportation, and domestic sectors and increase in disposable income. In addition, upsurge in use of refrigerants, especially in the transportation, packaging, and stationary ACs sectors and improvement in standards of living in the emerging economies have fueled the market growth. However, undesirable effects of halocarbons on the ozone layer and frequent amendments in environmental norms & regulations are some of the factors hampering the market growth.
In 2015, the refrigeration segment occupied more than half of the overall refrigerants market share. It is expected to maintain its lead throughout the forecast period, because of the soaring inflow of investments in domestic and commercial air conditioning sectors by market players across the globe.
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Key findings of the study:
• The hydrocarbons segment is anticipated to grow at the fastest CAGR of 11.5%, in terms of revenue, during the forecast period.
• The Asia-Pacific region is estimated to dominate the global market, in terms of volume, by 2022, registering a CAGR of 5.1% during the forecast period.
• In 2015, China accounted for more than one-third share of the Asia-Pacific refrigerants market.
• India is estimated to grow at the highest CAGR of 11.1%, in terms of revenue, by 2022.
• U.S. accounted for around two-thirds of the North America refrigerants market in 2015, and is estimated to continue its dominance
• Refrigerants demand in AC application segment is expected to grow at a high CAGR of 5.0%, in terms of volume, during the forecast period
The Asia-Pacific and LAMEA regions jointly accounted for more than half of the global market in 2014, and are expected to maintain this trend throughout the forecast period. This is attributed to the spiraling development in the commercial and domestic sectors in these regions, increase in per capita disposable income, and upsurge in consumer spending in the developing economies of these regions.
The key players in the global market have focused on acquiring local players to strengthen their market outreach and expand their customer base. The prominent companies profiled in the report include Arkema SA, Daikin Industries Ltd, E.I. du Pont Nemours & Co., Honeywell International, Mexichem SA, Dongyue Group, Navin Fluorine International Ltd., and SRF Ltd.
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
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