Refrigerant market: Global forecast to 2022
The global refrigerants market is estimated at USD 14.49 Billion in 2017 and is projected to reach USD 18.05 Billion by 2022, at a CAGR of 4.5% from 2017 to 2022. In this report, 2016 is considered the base year and the forecast period is from 2017 to 2022.
The refrigerants market is projected to reach USD 18.05 Billion by 2022, at a CAGR of 4.5% from 2017 to 2022. The market in several growing economies of the Asia-Pacific and the Middle East & Africa is expected to witness high growth owing to the increasing spending power, growth in the infrastructure industry, and growth in the manufacture of consumer appliances. The growing food and healthcare industries are also driving the market as these industries require refrigerators for preserving drugs and food items. Moreover, increasing populations and rising consumption of frozen food are also contributing significantly to the growth of the refrigerants market in the Asia-Pacific. However, the market in the developed economies of Europe and North America is expected to witness slow growth due to changing trends regarding restrictions on the use of fluorocarbons under regulations of the Montreal Protocol. Hydrocarbons (HC) refrigerants will gain importance in North America due to the rapid shift from fluorocarbon to hydrocarbon based refrigerants.
Fluorocarbon refrigerants are estimated to account for the maximum share of the global refrigerants consumption in 2017. However, owing to their undesirable effect on the ozone layer, the demand for fluorocarbon refrigerants is expected to decline.
The MAC sub-application of air conditioners is projected to be one of the fastest-growing applications in the refrigerants market. The Asia-Pacific is expected to lead the refrigerants market during the forecast period in the MAC application segment due to the growing automotive industry in the region.
The Asia-Pacific was the largest market for refrigerants in 2016, globally. Growing populations and infrastructural developments in the region have led to an increase in the use of refrigerants for various applications such as refrigerators and air conditioners. The high economic growth, followed by heavy investments in the consumer appliances industry drive the demand for refrigerants in the region. Furthermore, the growing populations and industry alliances are expected to support the growth of the refrigerants market in the region. The presence of large consumer appliances manufacturers such as Daikin (Japan), Samsung (South Korea), LG (South Korea), and Videocon Industries Limited (India) supports the growth of the refrigerants market in the region.
The major drivers contributing to the growth of the global refrigerants market are the increasing demand for consumer appliances and growing cold chain markets. Increasing regulations against fluorocarbon refrigerants and flammability and toxicity issues are the major growth restraints in the refrigerants market. The growing use of natural refrigerants is expected to act as an opportunity for stakeholders in the refrigerants market. Natural refrigerants are likely to show high growth in the coming years. Developments in the market, including new product launches, mergers & acquisitions, agreements, and join ventures, are expected to the help the market to grow. The leading manufacturers of refrigerants opted for the new product launches strategy in order to sustain their market positions. Several products are being introduced and manufacturers are making investments for increasing production capacities of refrigerants. The companies profiled in this report are The Chemours Company (U.S.), Honeywell International Inc. (U.S.), Arkema SA (France), Dongyue Group Co. Ltd (China), Asahi Glass Co., Ltd. (Japan), Daikin Industries Ltd. (Japan), Sinochem Corporation (China), Mexichem S.A.B. de C.V. (Mexico), The Linde Group (Germany), Gujarat Fluorochemicals Ltd. (India), and Air Liquide (France), among others.