Refrigerant Market by Type, Industry Demand, Growth and Research Report 2017-2022

The Refrigerants Market ****** Industry Report 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.

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Refrigerants are the cooling medium which are used in various cooling equipment to absorb heat at low temperature and pressure and release it high temperature and pressure. Fluorocarbons are the most widely used refrigerants in equipment such as refrigerators and air conditioners.

Increasing demand for consumer appliances

The mostly commonly used consumer appliances, which require refrigerants, are refrigerators and air-conditioners. Increase in standard of living, urbanization, and higher disposable incomes are the factors which are contributing to the increasing demand of refrigerants in refrigerators and air-conditioners for domestic applications. The growing food and healthcare industries is also driving the market as these industries require refrigerators for preserving drugs and food items. Other factors such as increasing population and rising consumption of frozen food are also contributing significantly to the increase in demand for refrigerants.

The objectives of this study are:

  • To estimate and forecast the ****** refrigerants market size in terms of volume and value
  • To provide detailed information regarding the major factors (drivers, restraints, and opportunities) influencing the growth of the market
  • To define, describe, and forecast the market size on the basis of type and application
  • To forecast the size of the market based on five major regions, namely, Asia-Pacific, North America, Europe, the Middle East & Africa, and South America
  • To strategically analyze micromarkets with respect to individual growth trends, prospects, and their contribution to the overall market
  • To analyze opportunities in the market for stakeholders and provide a competitive landscape of the market leaders
  • To track and analyze recent developments such as mergers & acquisitions, expansions, and new product developments in the market
  • To strategically profile the key market players and comprehensively analyze their core competencies

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This research study involves the extensive use of secondary sources, directories, and databases (such as Hoovers, Bloomberg BusinessWeek, and Factiva) to identify and collect information useful for this technical, market-oriented, and commercial study of the refrigerants market. The primary sources mainly include several industry experts from core and related industries and preferred suppliers, manufacturers, distributors, service providers, and organizations related to all segments of the industry’s supply chain. After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure below illustrates the breakdown of the primary interviews based on company type, designation, and region conducted during the research study.

The ****** refrigerant market is becoming increasingly competitive, there are many market participants, and some of these are market leaders.  There are many established players in the refrigerants market such as Honeywell International Inc. (U.S.), Daikin Industries Ltd. (Japan), SRF Ltd. (India), and Arkema S.A. (France). These top players have significant control over the market. The leading players retain their respective positions by launching new products and are making substantial investments to comply with the F-Gas regulation to produce energy efficient and environment friendly products. Apart from these top players, there are many small Chinese players in this market. All these factors make the refrigerants market highly competitive.

Major Market Developments

  • In February 2017, The Chemours Company (U.S.) invested USD 230 million to open a new production facility in Texas (U.S.). The site is expected to triple the production capacity of Opteon products.
  • In April 2016, Honeywell International Inc. (U.S.) entered into an agreement with Chinese manufacturer Juhua Corp. to produce low GWP refrigerant for the use in MAC application.
  • In March 2016, Honeywell International Inc. (U.S.) signed an agreement with Navin Fluorine International Limited, India (NFIL), to produce “Solstice yf” which is widely used in MAC systems.

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