The refrigerants market size is estimated to be USD 21.3 billion in 2020 and is projected to reach USD 30.8 billion by 2025, at a CAGR of 7.7% between 2020 and 2025. The market is mainly driven by the rising demand for refrigerants from the applications domestic, commercial, and industrial refrigeration; chillers; window, split, VRF, and other air-conditioning systems; and MAC. Growing demand for refrigerants in upcoming applications has created various opportunities for its manufacturers. APAC is the key market for refrigerants, globally, followed by North America and Europe, in terms of volume. One of the primary drivers of the market is the increasing demand for consumer appliances in these regions.
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The most commonly used natural refrigerants are ammonia, carbon dioxide, and HCs such as propane and isobutene. Technological advancements in cooling equipment are replacing traditional refrigerants with natural ones. This has led to an increase in the market share of natural refrigerants in applications such as air conditioning, refrigeration, and heating systems.
Ammonia was the largest type segment in the refrigerants market
Ammonia, an inorganic refrigerant, is mostly used in applications such as supermarket/hypermarket, industrial refrigeration, and chillers. It offers advantages such as low-cost refrigeration system, high efficiency that results in low power consumption, and a zero OPD and GWP rating, thus improving the overall ratings of HCFCs and HFCs. Ammonia refrigerants are gaining popularity in the APAC market, mainly due to lower carbon dioxide emissions. The emergence of China as the global leader in the grocery market and the emergence of India and Indonesia as the fastest-growing grocery markets are driving the demand for ammonia refrigerants in the region.
The split ACs segment is estimated to dominate the refrigerants market during the forecast period.
Splits ACs was estimated to be the largest application in 2019 and is projected to continue its dominance throughout the forecast period. Factors such as increasing demand for ACs with better performance and durability are driving the split ACs segment. With an increase in disposable income, the standard of living in APAC is increasing drastically. Thus, the demand for luxury products is increasing rapidly.
APAC to account for the largest share of the refrigerants market
APAC is the largest market for refrigerants due to the presence of the largest and fastest-growing economies, such as China and India, respectively, in the region. The rapid industrialization, coupled with the growing manufacturing industry, is also driving the market in the region. The rising disposable income of consumers, along with the changing lifestyle, plays a significant role in boosting the refrigerants market. Factors such as advancements in civil construction and high demand for efficient refrigerants drive the market. In addition, the rising demand from Thailand, Indonesia, Malaysia, Japan, and South Korea is estimated to boost the market for refrigerants.
The key market players profiled in the report include Arkema S.A. (France), Dongyue Group Co. Ltd. (China), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Ireland), Air Liquide (France) (US), Sinochem Lantian Co. Ltd. (China), Daikin Industries (Japan), Mexichem (Mexico), and Asahi Glass Corporation (Japan).
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