Global Refrigerants Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Refrigerants Market Overview

"The Refrigerants Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

Refrigerants are substances or mixtures, usually present in fluidic form and primarily used in copper coils of air conditioners. Refrigerants are present within copper coils of air conditioners and are used to reduce surrounding temperatures. The refrigerant absorbs heat from indoor air, and transitions itself from a low-pressure gas to a high-pressure liquid.

A fan in the air conditioner then blows hot air over the coils to the exterior. The refrigerant then cools down and turns back into a low-pressure gas. This cycle continues. There are a variety of refrigerants, but most commonly used refrigerants include Chlorofluorocarbons (CFCs), Hydro chlorofluorocarbons (HCFCs), and Hydrofluorocarbons (HFCs).

Rising demand for refrigerants from various end-use industries, especially from the automobile industry, is a key factor driving the growth of the global refrigerants market. In addition, rapid urbanization in emerging economies, an increasing number of cold storage facilities, and rising demand for environmentally friendly refrigerants are other factors anticipated to boost the growth of the global refrigerants market over the forecast period.

However, stringent environmental regulations preventing the use of certain types of refrigerants is a key factor hampering growth of the global refrigerants market. Additionally, growing awareness among the general population about environmental conservation and growing demand for natural air-conditioning systems are other factors projected to limit growth of the global refrigerants market over the forecast period.

Currently, the market in Asia Pacific dominates the global refrigerants market in revenue terms owing to rapid urbanization activities, rising demand for refrigerants from various end-use industries, an increasing number of cold storage facilities, and high adoption of air conditioners in emerging economies such as India, China, and Japan.

The market in Europe accounted for second-highest revenue share in the global refrigerant market, followed by markets in North America, Middle East & Africa, and Latin America respectively. This can be attributed to rising demand for specialty refrigerants from the automotive industries in the region. The markets in North America and Middle East & Africa are also projected to witness moderate growth in terms of revenue over the forecast period.

Global refrigerant market segmentation:

By type:

• Fluorocarbons
• Inorganics
• Hydrocarbons

By application:

• Refrigerators
• Chillers
• Air Conditioners
• Heat Pumps

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa