Asia-Pacific Refrigerant Market – Industry Trends and Forecast to 2030

Asia-Pacific Refrigerant Market, By Type (HCFCs, HFCs, HFOs, Isobutane, Propane, Ammonia, Carbon Dioxide, Others), Application (Refrigerators, Large-Scale Refrigerators, Chillers, Air Conditioners, Heat Pumps and Others), Industry (Domestic Household Refrigeration, Light Commercial Refrigeration, Commercial Racks and Condensing Units, Industrial Refrigeration) – Industry Trends and Forecast to 2030.

Asia-Pacific Refrigerant Market Analysis and Size  

The market for refrigerant is being driven by the rise in demand for the product for various industrial applications is escalating the growth of the refrigerant market. Additionally, the expansion of various end-use industries, rapid urbanization, change in lifestyle, high disposable income and the presence of various compliances positively affect the refrigerant market.

Data Bridge Market Research analyses that the Asia-Pacific refrigerant market which was USD  8,000.65 million in 2022, would rocket up to USD  13,441.28 million by 2030, and is expected to undergo a CAGR of 6.7% during the forecast period of 2023 to 2030. The surge in sales of consumer appliances across the globe acts as one of the major factors driving the growth of the refrigerant market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Asia-Pacific Refrigerant Market Scope and Segmentation

Market Definition

Refrigerant is defined as a substance that is widely used for absorbing heat from another required substance. In a refrigerating system, the channel of heat transfer usually picks up the heat by evaporating at low pressure and temperature. The system offers heat on condensing at a higher temperatures and pressure, which is done by a fluid which is called refrigerant.

Asia-Pacific Refrigerant Market Dynamics

Drivers

• Growing demand for domestic air conditioning systems.

The surge in sales of consumer appliances across the globe acts as one of the major factors driving the growth of the refrigerant market. The high demand for domestic air conditioning systems, owing to a significant rise in per capita disposable incomes, and the rise in the demand for better maintenance of industrial equipment that needs cold surroundings to accelerate the market growth.

• Advancement in the cold chain sector

The continuous advancements in the cold chain sector and the rise in the demand for absorption chillers in oil & gas refineries further influence the market. Additionally, the expansion of various end-use industries, rapid urbanization, change in lifestyle, high disposable income and the presence of various compliances positively affect the refrigerant market. Furthermore, the high demand for natural refrigerants extends profitable opportunities to the market players in the forecast period.

Opportunities

• Regulatory Environment

The region is witnessing stricter environmental regulations and policies aimed at reducing greenhouse gas emissions and phasing out ozone-depleting substances. This shift has created a need for environmentally friendly refrigerants, such as hydrofluorocarbons (HFCs) with lower global warming potential (GWP) and natural refrigerants like hydrocarbons (HCs) and carbon dioxide (CO2). Companies specializing in these alternative refrigerants can tap into this growing market.

Restraints/Challenges

• Stringent rules and regulations

Stringent regulations against fluorocarbon refrigerants and flammability and toxicity issues are expected to obstruct market growth. Concerns regarding the illegal trade of refrigerants are projected to challenge the refrigerant market in the forecast period.

Recent Development

• In 2021, Dongyue Group decided to increase project construction to expand the production capacity of products with promising market potential. The Group’s management has designated this year as “Dongyue Project Construction Year.

Asia-Pacific Refrigerant Market Scope

The Asia-Pacific Refrigerant Market is segmented on the basis of type, application and industry. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• HCFCs
• HFCs
• HFOs
• Isobutane
• Propane
• Ammonia
• Carbon Dioxide
• Others

Application

• Refrigerators
• Large-Scale Refrigerators
• Chillers
• Air Conditioners
• Heat Pumps
• Others

Industry

• Domestic Household Refrigeration
• Light Commercial Refrigeration
• Commercial Racks  and Condensing Units
• Industrial Refrigeration

Asia-Pacific Refrigerant Market Regional Analysis/Insights

The Asia-Pacific refrigerant market is analysed and market size insights and trends are provided by country, type, industry, and application, as referenced above.

The countries covered in the Asia-Pacific Refrigerant Market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific (APAC) in Asia-Pacific.

Japan is expected to dominate the refrigerant market owing to the increase in research and development activities in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Nucleating and Clarifying Agents Market Share Analysis

The Asia-Pacific refrigerant market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Asia-Pacific refrigerant market.

Some of the major players operating in the Asia-Pacific refrigerant market are:

• Dongyue Group (China)
• Zhejiang Fotech International Co., Ltd. (China)
• SRF Limited (India)
• Changshu 3F (China)
• Zhonghao New Chemical Materials Co., Ltd. (China)
• , Tazzetti S.p.A, (Europe)