In 2015, the global refrigerants market size was valued at $9,552 million and is expected to reach $18,509 million by 2022, registering a CAGR of 9.9% during the forecast period. Refrigerant is a chemical mixture of fluids, which function as cooling agents in heat pumps & refrigeration cycles. It works on the principle of phase transition, i.e., liquid to gas and vice versa at variable operating temperatures. Refrigerants can be used either as primary working fluids in absorption refrigeration systems or as secondary fluids to transport thermal energy from one medium to another. Since their inception in 1856, the need for refrigerants has rapidly increased in the industrial and commercial sectors.
Primary Respondents Split
The global refrigerants market is segmented based on type, application, and geography. Based on application, the global refrigerants market is segmented into AC and refrigeration. Based on type, the market is segmented into halocarbons, azeotropic refrigerants, zeotropic refrigerants, inorganic refrigerants, and hydrocarbons. The halocarbons sub-segment comprising hydrofluorocarbon (HFCs), chlorofluorocarbons (CFCs), and hydrochlorofluorocarbons (HCFCs), are predominantly used in industrial refrigeration processes, food storage units, and domestic cooling appliances. Inorganic refrigerants comprising carbon dioxide, ammonia, and water have low emissions of toxic gases, as they do not have carbon‐hydrogen bonds. The global inorganic refrigerant market is anticipated to witness significant growth during the forecast period, owing to increasing inclination of consumers towards eco-friendly refrigerants. Moreover, hydrocarbon refrigerants, such as propane and isopropane, are natural derivatives of petroleum. They are widely popular in the industry due to their ecofriendly attribute. Thus, hydrocarbons segment is expected to witness the highest growth in the global refrigerants market during the forecast period.
The global refrigerants industry offers vivid opportunities to market players, owing to rapid growth in the global economy and disposable incomes. Increase in the use of refrigerants in automobiles & food products and improved living standards are key factors accelerating the growth of the global refrigerants market. In addition, mobile ACs and chillers are expected to witness rapid adoption in commercial refrigeration. However, the environmental issues associated with the use of toxic refrigerants, such as global warming and ozone layer depletion, have resulted in the formulation of stringent norms, regulations, and protocols especially on the use of CFCs and HCFCs in new refrigeration & air conditioning appliances.
The demand for cooling equipment is high in developing countries, owing to rapid industrialization and rise in inclination of industrialists towards efficient cooling systems. Moreover, increase in per capita disposable incomes in developing countries, such as China, India, and Indonesia has led to upsurge in the use of air conditioning systems; thereby, leading to unprecedented increase in energy demand across the globe. In addition, surge in the demand for better maintenance of industrial equipment that require cold surroundings across various manufacturing units coupled with rise in the demand for absorption chillers in oil & gas refineries are some key aspects augmenting the growth of the global refrigerants market. Furthermore, increase in the demand for domestic air conditioning systems, owing to significant rise in per capita disposable incomes especially in developing economies is another key element bolstering the growth of the global refrigerants market.
Top investment pockets
The Asia-Pacific region offers the maximum market potential in the global refrigerants market, owing to rapid urbanization and favorable macro-economic factors. Rise in standard of living has boosted the demand for refrigeration & cooling appliances in the industrial, commercial, residential, and construction sectors. India and China have witnessed major developments in the market, owing to constant growth in economy and rise in living standards. The Asia-Pacific refrigerants market was valued at $4,415 million in 2015, and is expected to grow at a CAGR of 10.7% during the forecast period. North America and Europe are promising markets for refrigerants in the world, owing to significant growth in industrial refrigeration, followed by the Middle East & Africa. However, rise in environmental concerns affect the refrigerants market in the developed and developing countries, but investments in R&D in new ecological alternatives are expected present opportunities for growth in the future.
Top investment pockets
Top Winning Strategy
The key players in the global market have adopted acquisition, expansion, product launch, technological advancements, and partnerships as their business strategies to sustain the intense competition. Refrigerant giants have focused on market strategies such as product launch and expansion to strengthen their brand image in the market.
REFRIGERANTS INDUSTRY: TOP WINNING STRATEGIES, 2011-2016 (%)
The global refrigerants market is segmented on the basis of type, application, and geography. Based on type, the market is classified into halocarbons, azeotropes, zeotropes, inorganic refrigerants, and hydrocarbons. The inorganic refrigerants segment dominated the global market in 2014, and is anticipated to maintain its dominance throughout the forecast period. The hydrocarbons segment is anticipated to grow at a significant CAGR of 11.5% during the forecast period. The global refrigerants market is analyzed based on four regions, which include North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region accounted for more than 40% share of the total revenue in 2015, followed by North America and Europe.
Refrigerants Market Share, By Type, 2015 (%)
Prominent players have invested huge capitals in R&D activities to develop advanced products to cater to the requirements of the market. The key players operating in the industry include:
Arkema SA, Daikin Industries Ltd., E.I. du Pont Nemours & Co., Honeywell International, Mexichem SA, Dongyue Group, Navin Fluorine International Ltd., and SRF Ltd.
The other players in the value chain (profiles not included in the report) include
The Chemours Company, The Linde Group, Sinochem Group, Airgas Inc., Tazzetti SPA, Deepfreeze Refrigerants Inc., Hess Corporation, General Utilities, HyChill, Engas Australasia, Shandong Yuan Chemical Company Limited, A-Gas International, Puyang Zongwei Fine Chemical Co. Ltd., and Sinochem.
- The report provides an extensive analysis of the current trends and future projections of the global refrigerants market.
- The refrigerant market research provides comprehensive analyses of key regions North America, Europe, Asia-Pacific, and LAMEA to understand the regional trends.
- The report includes the qualitative and quantitative analysis of the current market for the period of 2014‐2022 to determine the prevailing opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the global refrigerants market is provided in the report.
- Extensive refrigerants market analysis is conducted by following key product positioning, and by monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential and niche segments or regions.
- The report furnishes key insights on strategic analysis of various companies as well as the value chain analysis of refrigerants.
KEY MARKET SEGMENTS
- Halocarbons (HCFCs, CFCs, and HFCs)
- Inorganic Refrigerants (Ammonia, Air, and Carbon Dioxide)
- AC (Mobile AC, Heat Pumps, Chillers, and Stationary)
- Refrigeration (Industrial, Transportation, and Domestic)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South Africa
- Rest of LAMEA