According to a new report published by Allied Market
Research, titled, "Refrigerants
Market by Type and Application: Global Opportunity
Analysis and Industry Forecast, 2014-2022"
the global refrigerants market was valued at $9,552
million in 2015, and is projected to reach $18,509 million by 2022, registering a CAGR of 9.9%
from 2016 to 2022. The inorganic refrigerants segment dominated the global
market in 2015, with more than one-third share.
The refrigerants market has witnessed rapid
growth, owing to their increasing scope of applications in mobile ACs and
transportation, especially in the developing economies. Moreover, the market is
expected to grow during the forecast period, owing to the rise in demand for
refrigerants in industries, commercial, transportation, and domestic sectors
and increase in disposable income. In addition, upsurge in use of refrigerants,
especially in the transportation, packaging, and stationary ACs sectors and
improvement in standards of living in the emerging economies have fueled the
market growth. However, undesirable effects of halocarbons on the ozone layer
and frequent amendments in environmental norms & regulations are some of
the factors hampering the market growth.
"In 2015, the cost of azeotropic refrigerants
is relatively higher than other refrigerants, but is expected to plummet by
2022, owing to rapid innovations in the production processes of azeotropic
refrigerants and rise in their demand across several end user industries." According
to Eswara Prasad, Team Lead, Chemical &
Materials at Allied Market Research
In 2015, the refrigeration segment occupied more
than half of the overall refrigerants market share. It is expected to maintain
its lead throughout the forecast period, because of the soaring inflow of
investments in domestic and commercial air conditioning sectors by market
players across the globe.
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Key findings of the study
The hydrocarbons segment is anticipated to grow at
the fastest CAGR of 11.5%, in terms of revenue, during the forecast period.
The Asia-Pacific region
is estimated to dominate the global market, in terms of volume, by 2022,
registering a CAGR of 5.1% during the forecast period.
In 2015, China accounted
for more than one-third share of the Asia-Pacific refrigerants
market.
India is
estimated to grow at the highest CAGR of 11.1%, in terms of revenue, by 2022.
U.S. accounted for around two-thirds of the North America refrigerants market in 2015, and is
estimated to continue its dominance
Refrigerants demand in AC application segment is
expected to grow at a high CAGR of 5.0%, in terms of volume, during the
forecast period
The Asia-Pacific and
LAMEA regions jointly accounted for more than half of the global market in
2014, and are expected to maintain this trend throughout the forecast period.
This is attributed to the spiraling development in the commercial and domestic
sectors in these regions, increase in per capita disposable income, and upsurge
in consumer spending in the developing economies of these regions.
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The key players in the global market have focused on
acquiring local players to strengthen their market outreach and expand their
customer base. The prominent companies profiled in the report 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.
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