Refrigerant Market Overview 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. The good refrigerant should have high stability, low toxicity, and an atmospheric boiling point between -400C to 00C, inexpensive. Additionally, it must be nonflammable and easily available. A large number of refrigerants have been developed over the years for a wide variety of applications, and therefore to avoid confusion numbering system has been adopted to designate various refrigerants.
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Some of the prominent players operating 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.).
- Refrigerant manufacturers
- Traders and distributors of refrigerant
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
Refrigerants are available in two types: natural refrigerants and synthetic refrigerants. The natural refrigerants have low GWP. However, they are toxic and flammable. Synthetic refrigerants, on the other hand, are non-toxic and non-flammable but possess high GWP. Synthetic refrigerants that were commonly used for refrigeration are CFC (R11, R12, R113, R114, R115) and HCFC (R22, R123). However, they are now phased out from the market due to their Ozone Depletion Potential (ODP). Their synthetic replacements are HFC (R134A, R404A, R407A, R410A, and R143A among others), HFO (R1234ze, R1234yf, R1233zd), and HFC/HFO blends (R448, R450, R452, R513). The most commonly used natural refrigerant is ammonia (R717) which has good thermodynamic, thermophysical, and environmental properties. However, it is toxic and incompatible with some of the common materials of construction such as copper, which hampers its market to some extent. Other natural refrigerants widely used are hydrocarbons (R50, R170, R290)) and carbon dioxide (R-744).
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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Some of the alternate refrigerant widely used nowadays are R134a, R1234ze, R1234yf, R1233zd R448, R450, R452, R513. Although natural refrigerants have few problems due to their toxicity and flammability, they are widely used and are expected to play a prominent role in future on account of its eco-friendly properties. Furthermore, Asahi Glass Co. Ltd has launched a new refrigerant (R1224yd) with a lower environmental impact. R1224yd serves as an alternative to one of conventional refrigerants R245fa, but with the added benefits of a GWP under 1 (1/1000th of conventional refrigerants) while maintaining equal or better refrigerant performance and stability. Thus, new technological innovations are expected to hamper the synthetic refrigerant market to a large extent over the forecast period, 2017-2023.
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