Global Refrigerants Market Overview And Prospects
Learn about the global refrigerants market through The Business Research Company, which provides information on refrigerants market size, refrigerants market drivers and restraints, refrigerants market players, the COVID-19 impact on the refrigerants market, and more.
The global refrigerants market is expected to grow from $18.10 billion in 2020 to $20.02 billion in 2021 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The refrigerants market is expected to reach $28.30 billion in 2025 at a CAGR of 9%.
The rising demand for air conditioning is expected to drive innovation in refrigerants manufacturing, thus driving the market during the forecast period.
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The refrigerants market consists of sales of refrigerants by entities (organizations, sole traders, and partnerships) that can be used as primary working fluids in absorption refrigeration systems or as secondary fluids to transmit thermal energy from one medium to the other. A refrigerant is a chemical blend of fluids that serves as a cooling agent in heat pumps and refrigeration cycles. It operates on the concept of phase transition, which converts liquid to gas and vice versa at varying temperatures.
Global refrigerant market segments include:
By Type: Halocarbons, Azeotropic, Zeotropic, Inorganic Refrigerants, Hydrocarbons, Others
By Application: Air Conditioners, Refrigerators, Chillers, Heat Pumps, Electronics Devices, Others
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the refrigerants market in 2020.
Growing technological advancements are shaping the refrigerants market. Major players operating in the refrigerants sector are focused on developing technological solutions for refrigerants to strengthen their position.
TBRC’s refrigerants market report covers:
Major Market Players: Arkema SA, Dongyue Group Co Ltd, Honeywell International Inc, The Chemours Company, Daikin Industries, Gujarat Fluorochemicals Limited, and Navin Fluorine International Ltd.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Refrigerants Global Market Report 2021: COVID-19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provides refrigerants market overviews, analyzes and forecasts market size, share, refrigerants market players, refrigerants market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s refrigerants market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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