Refrigerant Market is expected to grow at moderate CAGR from 2018 to 2023
The refrigerant is a heat carrier, which changes phase from gas to liquid and then back to gas in the refrigeration cycle. In other words, the refrigerant is the medium of heat transfer, which picks up the heat by evaporating at a low temperature and pressure and gives up the heat on condensing at a higher temperature & pressure. It is used as a cooling mechanism in refrigerators, and air conditioners.
Global Key Players and Competition Analysis
Some of the key players in the global refrigerant market are DAIKIN INDUSTRIES, Ltd. (Japan), The Chemours Company. (U.S.), Honeywell International Inc. (U.S.), Arkema S.A. (France), Dongyue Group Co. Ltd (China), Asahi Glass Co., Ltd. (Japan), Sinochem Group (China), Mexichem S.A.B. de C.V. (Mexico), The Linde Group (Germany), SRF Limited (India), and DowDuPont Inc. (U.S.).
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Segmentation Analysis
The global refrigerant market is segmented by type, application, and region.
Based on the type, the global refrigerant market is segmented into natural refrigerants and synthetic refrigerants. Natural refrigerants are further segmented into organic/hydrocarbons and inorganic refrigerants. Hydrocarbons are further segmented into propane, n-butane, iso-butane, and others. Similarly, inorganic hydrocarbons are also sub-segmented into ammonia, CO2, water, and others.
Regional Analysis
The Global Refrigerant Market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific is projected to be the largest market for refrigerant due to high demand for refrigerators and air conditioners because of rising disposable income & increasing consumer purchasing power, particularly in emerging economies.
Market Scope
Refrigerant is a substance used as a medium of heat transfer, which picks up the heat by evaporating at a low temperature and pressure. It gives up the heat on condensing at a higher temperature & pressure, and coverts back to the gas phase in the refrigeration cycle. Refrigerants are designated by R followed by a unique number.
Rising disposable income, changing lifestyle, upcoming transportation, domestic & commercial projects in the emerging economies is primarily driving the demand for air conditioners and refrigerators. Thus, it is affecting the global refrigerant market positively. Furthermore, growing industrialization across the globe is expected to drive the demand for chillers/heat pump.
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