Ensuring Efficient Cooling Solutions While Prioritizing Environmental Responsibility and Sustainability

The global refrigerant market is experiencing significant growth due to the increasing demand for cooling and refrigeration applications in various industries such as HVAC&R, automotive, and food processing. As a result, there is a shift towards environmentally friendly and energy-efficient refrigerants such as hydrofluorocarbons (HFCs), hydro chlorofluorocarbons (HCFCs), and natural refrigerants like ammonia, carbon dioxide, and hydrocarbons. The market is expected to witness further growth as manufacturers and end-users adopt sustainable refrigerant alternatives to comply with regulations and reduce their environmental impact.

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Data Bridge Market Research analyses that the Refrigerant Market is valued at USD 22.98 billion in 2021 and is expected to reach USD 42.22 billion by 2029, registering a CAGR of 7.90% during the forecast period of 2022 to 2029. The growing demand for cooling and refrigeration systems in various industries, including HVAC, automotive, food and beverage, and pharmaceuticals, is a significant driver for the refrigerant market. These systems require refrigerants to facilitate heat transfer and maintain appropriate temperature levels.

Key Findings of the Study

Shift towards environmentally-friendly refrigerants is expected to drive the market's growth rate

Environmental concerns, including the impact of greenhouse gas emissions on climate change, have driven a shift towards environmentally-friendly refrigerants. High global warming potential (GWP) hydrofluorocarbons (HFCs) are being phased out in favor of low-GWP alternatives like hydrofluoroolefins (HFOs) and natural refrigerants such as ammonia, carbon dioxide, and hydrocarbons. These alternatives have a lower environmental impact, reduced GWP, and improved energy efficiency, aligning with sustainability goals and regulations to mitigate climate change and ozone depletion.

Report Scope and Market Segmentation

Segment Analysis:

The refrigerant market is segmented on the basis of type, application, and end user.

• On the basis of type, the refrigerant market is segmented into HCFCS, HFCS, HFOS, ISOBUTANE, propane, ammonia, carbon dioxide, and others. HFCs (Hydrofluorocarbons) dominate the refrigerant market due to their wide range of applications, high thermodynamic properties, and lower ozone depletion potential compared to HCFCs (Hydrochlorofluorocarbons). Additionally, HFCs have been widely adopted as alternatives to ozone-depleting substances, contributing to their dominance in the market in the forecast period of 2022 to 2029.

In 2022, HFCs (Hydrofluorocarbons) dominate the type segment of the refrigerant market

In 2022, HFCs (Hydrofluorocarbons) dominate the type segment of the refrigerant market owing to compared to HCFs, they are more thermodynamically efficient, have a wider range of applications, and pose less of a threat to the ozone layer. HFCs have also gained widespread acceptance as ozone-friendly substitutes, which has aided in their market dominance in the forecast period of 2022 to 2029.

• On the basis of application, the refrigerant market is segmented into refrigerators, large-scale refrigerators, chillers, air conditioners, heat pumps, and others. The air conditioners segment dominates the refrigerant market due to the widespread use of air conditioning systems in residential, commercial, and industrial sectors. The increasing demand for cooling solutions, along with the rising need for energy-efficient and environmentally friendly refrigerants, drives the dominance of the air conditioners segment in the market in the forecast period of 2022 to 2029.
• On the basis of end user, the refrigerant market is segmented into domestic household refrigeration, light commercial refrigeration, commercial racks and condensing units, and industrial refrigeration. The domestic household refrigeration segment dominates the refrigerant market due to the large-scale adoption of refrigerators and freezers in households worldwide. The increasing population, changing lifestyles, and growing urbanization contribute to the demand for domestic refrigeration, leading to the dominance of this segment in the market in the forecast period of 2022 to 2029.

In 2022, the domestic household refrigeration segment dominates the end user segment of the refrigerant market

In 2022, the domestic household refrigeration segment dominates the refrigerant market due to the widespread use of refrigerators and freezers in homes around the world. Domestic refrigeration is in high demand due to the growing urban population, shifting lifestyles, and growing urbanization. This segment currently holds a dominant position in the market in the forecast period of 2022 to 2029.

Major Players

Data Bridge Market Research recognizes the following companies as the major refrigerant market players in refrigerant market are Sinochem Lantian Co. Ltd. (China), Daikin Industries LTD, (Japan), Mexichem (Mexico), AGC Inc, (Japan). Gas Servei (Spain), Gujarat Fluorochemicals Ltd. (India)

Market Development

• In 2022, To comply with the strict regulations regarding reducing greenhouse gas emissions, Honeywell introduced the non-flammable, energy-efficient Solstice N71 (R-471A) refrigerant.
• In 2021, Sinochem Holdings Corporation Ltd. was created and shaped as a result of a cooperative restructuring between China International Corporation and the Sinochem Group. With more than 220,000 employees, the business is a notable state-owned corporation.
• In 2020, A 15-year agreement between The Linde Group and a significant Taiwanese electronics customer to supply ultra-high purity industrial gases included the installation of a new air separation unit (ASU) and the first of three nitrogen generators.

Regional Analysis

Geographically, the countries covered in the refrigerant market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in the refrigerant market during the forecast period 2022-2029

Asia-Pacific dominates the refrigerant market in terms of market share during the forecast period. This can be attributed to several factors, including the increasing demand for refrigerants in various sectors such as food and beverage, pharmaceuticals, and automotive. The region's rapid urbanization, industrialization, and rising disposable income contribute to the growing adoption of refrigeration systems. Additionally, stringent environmental regulations and the need for energy-efficient solutions further drive the demand for refrigerants in the Asia-Pacific region.

North America is estimated to be the fastest-growing region in the refrigerant market for the forecast period 2022-2029

North America is anticipated to be the fastest-developing region in the global refrigerant market. This can be attributed to several factors, including the increasing number of technological advancements in refrigeration systems and the growing concern regarding food wastage in the region. These factors drive the adoption of advanced refrigerants and refrigeration technologies to improve food storage and preservation, contributing to market growth in North America.

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