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Refrigerants Global Market Report 2021: COVID-19 Growth And Change

·3-min read

Major players in the refrigerants market are Arkema SA, Dongyue Group Co Ltd, Honeywell International Inc, The Chemours Company, Daikin Industries, Gujarat Fluorochemicals Limited, and Navin Fluorine International Ltd.

New York, Sept. 29, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Refrigerants Global Market Report 2021: COVID-19 Growth And Change" -

The global refrigerants market is expected to grow from $18.10 billion in 2020 to $20.02 billion in 2021 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $28.30 billion in 2025 at a CAGR of 9%.

The refrigerants market consists of sales of refrigerants by entities (organizations, sole traders, and partnerships) that can be used as primary working fluids in absorption refrigeration systems or as secondary fluids to transmit thermal energy from one medium to the other.A refrigerant is a chemical blend of fluids that serves as a cooling agent in heat pumps and refrigeration cycles.

It operates on the concept of phase transition, which converts liquid to gas and vice versa at varying temperatures.

The main types of refrigerants are halocarbons, azeotropic, zeotropic, inorganic refrigerants, hydrocarbons, and others.Halocarbons are organic compounds with several or all hydrogen atoms replaced with halogen atoms, usually fluorine or chlorine.

It is used in air conditioners, refrigerators, chillers, heat pumps, electronics devices, and others.

Asia Pacific was the largest region in the refrigerants market in 2020.Asia Pacific is predicted to record the fastest growth in the refrigerants market in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The growing technological advancements are shaping the refrigerants market.Major Players operating in the refrigerants sector are focused on developing technological solutions for refrigerants to strengthen their position.

For instance, in February 2020, Honeywell, a US-based company that delivers innovative technologies to customers launched Solstice N15 (R-515B) based on HVAC technology. Solstice N15 (R-515B) is a novel non-flammable refrigerant with a low global warming potential (GWP) that can be used in chillers and heat pumps.

In February 2019, A-Gas, a US-based company that provides supply and lifecycle management of refrigerants and associated products and services acquired VEMAC Services for an undisclosed amount.This acquisition helps VEMAC to expand further afield and to utilize A-Gas’ expertise and proven track record in the global refrigerants market.

VEMAC Services is a Singapore-based company that manufacture and repair of refrigerating, air-conditioning and ventilating machinery and equipment.

The rising demand for air conditioning is expected to drive the growth of the refrigerants market in the coming years.The increasing temperature globally increased the demand for cooling systems.

According to the World Meteorological Organization (WMO), in 2020, the average temperature across the globe was 1.2°C higher than the above pre-industrial era (1880) temperatures. This drives the demand for air conditioning, hence refrigerants. A refrigerant is a chemical compound that is found in air conditioners. It absorbs heat from the surroundings and releases cool air after passing through air conditioners and evaporators. For instance, according to the International Energy Agency (IEA) estimates, by 2050 around two-thirds of the world’s households will have an air conditioner. Developing economies such as India, China, and Indonesia together will account for half of the total number of air conditioners. Therefore, the increasing temperature globally increasing demand for air conditioning and is expected to propel the market for refrigerants market.

The countries covered in the refrigerants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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