Refrigerants Market worth USD 34.3 billion by 2027

 The Market Statsville Group (MSG) publishes the new report on the "Refrigerants Market by Product (Fluorocarbon, Hydrocarbon, and Inorganic), by Application (Industrial, Domestic, Transport & Commercial Refrigeration, Stationary Air Conditioning, Chillers & Heat Pumps, and Mobile Air Conditioning), by Region – Global Share and Forecast to 2027". The global refrigerants market size is expected to grow from USD 23.0 billion in 2020 to USD 34.3 billion by 2027, at a CAGR of 6.9% during the forecast period. The global cold chain industry is growing considerably. The growth can be attributed to the rise in international trade of fresh food products, increased demand for fresh foods from the customers, technological leaps in refrigerated storage & transport, government support for infrastructure pertaining to the cold chain industry. These are key factors that augment the growth of the refrigerant market. The rise in food trade produces substantial demand for frozen foods, processed food, and chilling of seafood across the regions; this will bolster the volume growth in the food & beverage distribution segment and the cold chain market. Changing pattern in consumer spending, globalization in food trade encouraged by improvement in logistics service providers is poised to boost the penetration of refrigerated vehicles.

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Global Refrigerants Market Segmentation

The overall refrigerants market has been segmented into product, application, and region.

• By Product (Fluorocarbon, Hydrocarbon, and Inorganic)
• By Application (Industrial, Domestic, Transport & Commercial Refrigeration, Stationary Air Conditioning, Chillers & Heat Pumps, and Mobile Air Conditioning)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Stationary air conditioning, heat pumps, & chillers, by application, is estimated to hold the largest market share during the forecast period

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Based on application, the global refrigerants market is segregated into industrial, domestic, transport & commercial refrigeration, stationary air conditioning, chillers & heat pumps, and mobile air conditioning. The stationary air conditioning, heat pumps, & chillers segment generated the highest revenue of 64.2% of the total global refrigerants market in 2020. It is expected to register a significant CAGR from 2021 to 2027. Stationary Air conditioners, chillers, and heat pumps are used for heating and cooling solutions in residential, institutional, and commercial buildings. They occupy the largest share in the refrigerant market due to the sheer volume of units used globally. The demand for stationary air conditioners, chillers, and heat pumps is driven by rapid urbanization, decreasing air conditioning equipment costs due to advancements in technology and deteriorating weather conditions.

The Asia Pacific is predicted to be the largest market for the segment over the forecast period. The demand in the Asia Pacific is significant due to the rapid urbanization, positive change in spending patterns of the middle class on modern appliances, and deteriorating weather conditions. The growth in developed economies is fueled by stringent regulations demanding energy-efficient and environment-friendly air conditioners, chillers, and heat pumps. These factors are anticipated to boost the demand for the segment over the forecast period.

The Asia Pacific accounts for the largest market share in refrigerants market 2020

Based on the regions, the global refrigerants market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Asia-Pacific region accounted for the largest market share of the refrigerant market globally and accounted for 33.4%of the overall volume in 2020. The region is expected to witness a growth rate of 5.8% from 2021-2027. Growing demand for refrigeration and cooling equipment coupled with rapid industrialization and urbanization is expected to drive market growth over the forecast period. This scenario is expected to be reflected in key countries such as China, India, Japan, and Australia.

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 The hydrocarbon refrigerant segment is anticipated to rise at a substantial growth rate during the forecast period. They are seen as the ideal replacements for the fluorocarbon-based refrigerants that are being phased out. Increasing construction and industrialization activities and advancement in the cold chain industry have resulted in the region's commercial refrigeration, industrial refrigeration, and air conditioning segment being dominant applications. The growing impetus on food security and wastage concerns in the region has led to an emphasis on food processing and cold storage, which has benefitted the growth of refrigerants in the region over the forecast period.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the refrigerants market. It also consists of the profiles of leading companies such as Dongyue Group Co. Ltd., Honeywell International Inc., Arkema S.A., The Chemours Company, Sinochem Lantian Co. Ltd., Daikin Industries, Mexichem, The Linde Group, Air Liquide, and Asahi Glass Corporation.

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