Research Nester published a report titled “Refrigerant Market – Global Demand Analysis and Opportunity Outlook 2029” which delivers detailed overview of the global refrigerant market in terms of market segmentation by product type, application type, end users, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The market for refrigerants is anticipated to record a notable CAGR over the forecast period 2020-2028. The major factors driving the growth of the market are increasing disposable incomes of consumers along with the rising demand for energy efficient cooling systems. Further, surge in demand for cooling equipment from various residential and institutional sectors and the rising shift of mobile refrigeration are some of the factors anticipated to foster the market growth. The infrastructural developments coupled with the changing lifestyle of people are leading to the soaring purchase of consumer appliances. Moreover, growing number of offices, malls and other infrastructures incorporated with HVAC equipments are propelling the market growth.
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Based on product type, the market is segmented into hydrocarbons, fluorocarbons, inorganic and others, out of which, the fluorocarbon segment is anticipated to dominate the market on the back of various uses associated with the use of hydro fluorocarbons in air conditioning systems. Additionally, fluorocarbons prevent the ozone layer depletion and are environment friendly. Moreover, fluorocarbons are less harmful for atmosphere and less toxic & non-flammable.
Based on the regional analysis, the market for refrigerants is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The refrigerant market in the Asia Pacific is estimated to grow by the highest CAGR during the forecast period on the account of the presence of numerous countries in the region that have a temperate climate, and therefore the need for cooling equipment. The market in the North American region, on the other hand, is anticipated to hold the largest market share by the end of 2029 on the back of the rising population and urbanization resulting into huge demand for refrigerated food & beverages. Moreover, growing penetration of supermarkets along with the healthy advancements in the region is fueling the growth of the market.
Rising Consumer Electronics Sector & Automotive Industry along with Surging Demand for Chillers and Freezers
The growing production of electric vehicles for the conservation of energy coupled with the consumer shift towards domestic heating equipments is estimated to foster the market growth. Further, introduction of energy efficient cooling systems on the back rising consumer knowledge towards environmental effects of refrigerants is driving the growth of market. The rising production of vehicles in automobile industry is generating huge demand for air conditioning owing to its wide applications. The surging demand for chillers and freezers from food & beverage industry on the account of rising consumption of frozen foods is propelling the market growth. Moreover, chillers increase the shelf life of processed food & drinks and are adopted among several leading industries. Hence, these factors are estimated to boost the market growth during the forecast period.
However, growing environmental issues associated with the use of toxic refrigerants along with the stringent government regulations related to fluorocarbons is expected to operate as key restraint into the growth of refrigerant market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global refrigerant market which includes company profiling of The Chemours Company (NYSE: CC), Daikin Industries Ltd. (TYO: 6367), Messer Group GmbH, Airgas, Inc., Arkema Group (EPA: AKE), Air Liquide advanced Technologies, Shandong Dongyue Chemical Co., SRF Limited (NSE: SRF), Honeywell International Inc (BCBA: HON) and DuPont de Nemours, Inc. (NYSE: DD). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global refrigerant market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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