The global aerosol refrigerants market size is expected to reach USD 1.57 billion by 2025, according to a new report by Grand View Research, Inc. The rising demand for large-scale refrigerators, chillers, and air conditioner systems across the globe is expected to propel demand for the product.
The plant setup for manufacturing the product requires a significant amount of investment during the start-up phase of equipment installation and storage. The presence of stringent government regulations regarding the testing and labeling of such products before and after placing them on the shelves adds to the final cost of the product. As a result, the industry exhibits a notable entry barrier.
The rise of e-commerce portals results in an ease in the product purchase with such companies offering price discounts. In addition, the product has registered an increase in demand from the aftermarket industry as low volumes can be packaged in such containers. The rise in cost of raw materials such as cans, propellants, and actuators is anticipated to affect the industry.
The industry is characterized by the presence of a stringent regulatory framework pertaining to the use of type of refrigerants. In addition, the development of advanced technology products that cause no environmental damage is one of the major emerging trends of the industry. However, the increase in the product adoption is expected to elevate the manufacturer profit margins leading to industry growth.
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Further key findings from the report suggest:
Aluminum based aerosol refrigerants are expected to register high growth at a CAGR of 6.8% from 2017 to 2025, on account of low can weight coupled with the growth of metal recycling activities across North America and Europe
The demand for the product in Asia Pacific is expected to reach a value of USD 319.7 million by 2025 on account of growing industrialization leading to a high demand for refrigeration products
The industry in the U.S. is anticipated to register a CAGR growth of 6.5% by revenue from 2017 to 2025 due to increasing product adoption by the consumers in the industrial and residential applications
Key players are involved in the production of advanced formulations in a bid to drive the industry growth. In addition, the presence of major manufacturers is expected to limit the growth opportunities for the emerging players.
Grand View Research has segmented the aerosol refrigerants market on the basis of product, and region:
Product Outlook (Volume, ‘000 Units; Revenue, USD Million; 2014 - 2025)
Regional Outlook (Volume, ‘000 Units; Revenue; USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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