Global refrigerant market is expected to witness significant growth over the next seven years owing to increasing cooling equipment and refrigerators production. Economic developments and increasing consumer disposable income are responsible for increasing refrigerator demand especially in the emerging BRICS and South East Asian economies. Rising global temperatures coupled with improved living standards are anticipated to augment product market growth over the forecast period. Growing automobile, food & beverages and consumer products industry is anticipated to fuel product demand over the foreseeable future. Stringent government norms and regulations regarding the usage of halogens including CFC’s and HCFC’s is presumed to negatively affect product demand over the next seven years. Frequent modifications in environmental norms such as Montreal Protocol and stringent regulations regarding carbon emissions are expected to hinder refrigerants demand. Increasing raw material prices along with low GWP non-hazardous product development is projected to be major challenge for market participants over the forecast period. Development of ozone-friendly natural refrigerants is presumed to provide colossal opportunities to industry players. Major companies operating in the industry have been constantly involved in R&D and product innovation to commercialize non-halogen refrigerants. This trend is anticipated to provide the industry participants lucrative opportunities for increasing market share.
On the basis of application, global refrigerant market is segmented into AC (mobile AC, hydronic heat pumps, chillers and stationary or air to air AC) and refrigeration (industrial, transportation, commercial and domestic). Domestic segment is anticipated to witness significant growth especially in the growing economies of Asia Pacific and Central & South America owing to increasing temperature levels along with improving living standards. Commercial refrigeration and mobile AC segments are projected to observe considerable market penetration on account of economic developments coupled with increasing consumer disposable income over the forecast period. On the basis of products, the market has been classified into hydrocarbons (iso-butane and propane), inorganic (carbon dioxide and ammonia) and fluorocarbons (HFC and HCFC). HFC’s and HCFC’s are anticipated to witness sluggish product demand owing to stringent government norms and regulations especially in the developed economies of Europe and North America. Inorganic refrigerants are projected to observe significant growth due to superior thermal properties coupled with environmental friendly nature associated with disposal and recovery easiness. Carbon dioxide has high coefficient of performance, low pressure losses, high heat transfer coefficient and material compatibility as compared to other conventional refrigerants. Technological advancements coupled with increasing investments in R&D regarding non-halogen or natural refrigerants in countries such as US, France, Germany and UK is expected to bolster product demand over the foreseeable future.
Asia Pacific refrigerant market is anticipated to observe significant growth over the forecast period on account of growing industrial, commercial and automotive industrial demand in the region. China and India are expected to be leading consumer markets owing to growing consumerism and improving living standards in the region. Economic developments and enhanced living standards have contributed to increased market growth in the developing South East Asia economies of Thailand and Malaysia over past few years. North America is presumed to witness steady demand owing to mature market conditions in the region. U.S. is expected to be the frontrunner in North America on account of increasing investments in R&D for natural refrigerants coupled with growing industrial segment demand. Europe is projected to observe above average growth with countries such as Germany, UK, France and Switzerland leading the consumer market over the forecast period. Increasing consumer awareness regarding HFC emissions and ozone depletion is presumed to augment inorganic product demand in the region. Central & South America is estimated to witness average market growth owing to increasing commercial and automotive segment demand in countries such as Brazil and Argentina along with rising consumer disposable income.
Key players operating in the global refrigerant market include Arkema SA, Daikin Industries Ltd., E.I. du Pont Nemours & Co., Honeywell International and Mexichem SA de C.V. Other companies operating in the industry include Solvay SA, Dongyue Group, Gujarat Fluorochemicals Ltd, NavinFlourine International Ltd and SRF Ltd. Development of natural or halogen-free refrigerants is expected to be key strategy followed by industry participants over the foreseeable future to increase their market share. Innovative marketing strategies associated with ozone friendly product coupled with development of effective distribution channels is anticipated to be major strategy followed by major players to enhance their global presence over next seven years.
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