Refrigerant Market
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PUBLISHED: 2022 ID: SMRC21541
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Refrigerant Market Forecasts to 2028 – Global Analysis By Type (Inorganic, Halocarbons, Organic/Hydrocarbon, Fluorocarbon Blends), Application (Air-conditioning Systems, Chillers/Heat Pumps, Refrigeration), and By Geography

4.1 (53 reviews)
4.1 (53 reviews)
Published: 2022 ID: SMRC21541

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Refrigerant Market is accounted for $22.72 billion in 2021 and is expected to reach $38.69 billion by 2028 growing at a CAGR of 7.9% during the forecast period. Refrigerant is a mixture of fluid substances used in a heat pump or refrigeration cycle. During refrigeration cycle it undergoes transitions from a liquid to gas. Refrigerants are used for its properties as non-corrosive, high heat of vaporization, moderate density in liquid form, and high density in gaseous form. Moreover, there are many available chemicals which have application as refrigerants such as hydrofluoric-Olefins (HFO), hydro chlorofluorocarbons (HCFC), hydro fluorocarbons (HFC), and other inorganic chemicals.

Market Dynamics:

Driver:

Growing inclination for natural refrigerants


Carbon dioxide, ammonia, and HCs such as propane and isobutene are the most commonly used natural refrigerants are. Growing technological advancements in cooling equipment are replacing traditional refrigerants with natural ones. Furthermore, EIA is advocating bans on the use of high global warming potential HFCs in a number of products, including domestic air-conditioners and heat pumps. An accelerated transition to natural refrigerants in these sectors would reduce HFC demand and in turn reduce illegal trade. This has led to an increase in the market share of natural refrigerants in applications such as air conditioning, heating systems, and refrigeration.

Restraint:

Unauthorized trade of refrigerants


The illegitimate imports of refrigerants such as hydro fluorocarbons pose a major challenge to the safety and health of users, installers, and equipment. They are currently being phased down under the EU F-Gas Regulation and importers of HFCs must be registered in the F-Gas Registry and have an allocated quota to operate legally. This also applies to HFCs imported inside pre-charged equipment (units which are filled with refrigerant gas in the factory). As HFC supply was restricted under the phase-down, prices rose and illegal imports of these gases proliferated, with criminals taking advantage of an inadequate monitoring, reporting and compliance system put in place to identify and prevent illegal trade.

Opportunity:

Increasing demand from cold chain market


Cold chain refers to a supply chain that consists of a series of storage and distribution activities to maintain a particular temperature range. It comprises two segments – refrigerated transport that utilizes refrigerator trucks, cars, rail, and containers, among others, and surface storage that consists of refrigerated warehouses for storing perishable products. The food and pharmaceutical industries are the major end-users contributing to the increase in demand for the cold chain. Moreover, the increasing requirement of deep freezers and refrigerators from the cold chain market has augmented the demand for refrigerants in the food and beverage industry.

Threat:

Stringent environmental and emission regulations


Presence of stringent environmental regulations against fluorocarbon refrigerants is likely to restrain the market growth. As a domestic law against fluorocarbons, for instance, the “Home Appliance Recycling Act” for household air conditioners and refrigerators, the collection of fluorocarbons from waste appliances, and the Automobile Recycling Act for automobiles. In 2002, the “Fluorocarbon Recovery and Destruction Act” was enacted for commercial equipment with a large amount of refrigerant in the equipment, and the Revised Fluorocarbon Emission Control Act, which was amended for the third time, was promulgated in June 2019. The “Fluorocarbon Emission Control Law”, which came into effect in April 2015, focused on leaking refrigerants during use, but this revision aims to ensure the recovery of refrigerants when disposing of equipment.

The halocarbons segment is expected to be the largest during the forecast period

The halocarbons segment is estimated to have a lucrative growth. Halocarbons are specialty chemicals with major applications in refrigeration & air conditioning units. Halocarbons are fluorinated aliphatic chemical derivatives of saturated hydrocarbon used in domestic and industrial refrigeration, which include HCFCs, CFCs, and HFCs. The molecular structure consists of halogen atoms (carbon, fluorine, hydrogen, chlorine, or bromine).

The air-conditioning systems segment is expected to have the highest CAGR during the forecast period

The air-conditioning systems segment is anticipated to witness the fastest CAGR growth during the forecast period. Utilization of refrigerants significantly increased in air conditioning systems, owing to rise in economy and domestic standards across the globe. An ideal refrigerant should couple with the refrigeration system to deliver efficient energy and maintain its performance. In terms of air conditioning, cooling effects are desired from operating systems and selection of better refrigerants plays a vital role in providing better output with less carbon emissions.

Region with highest share:

Europe is projected to hold the largest market share during the forecast period owing to the rising demand for the refrigerants which is expected to be absorbed by HFO, ammonia, carbon dioxide, and natural refrigerants such as isobutene and propane. Moreover, Europe has implemented two legislative acts – the Mobile Air Conditioning directive and the F-gas Regulation. The Mobile Air Conditioning directive prohibits the use of fluorinated gasses in air conditioning systems installed in small motor vehicles. The F-gas Regulation focuses on improving the leakages of fluorinated gases and avoiding the use of these gases where alternatives are cost-effective.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to the rising economy and increasing population. With industrialization and growing employment, disposable income is expected to increase. Companies are investing more in R&D to find out more environmentally friendly refrigerants for applications in refrigeration and air-conditioning systems. The demand for refrigerants is dependent on their usage in applications such as industrial refrigeration; chillers; window, domestic, commercial, split, VRF, and other air-conditioning systems; and MAC.

Key players in the market

Some of the key players profiled in the Refrigerant Market include Air Liquide, Arkema S.A, Asahi Glass Corporation, Daikin Industries, Dongyue Group Co. Ltd, Emerson, E.I. du Pont Nemours & Co, Honeywell International Inc, Mexichem, Quimobasicos SA de CV, Sinochem Lantian Co. Ltd, SRF Ltd, Tazzetti S.p.A, The Chemours Company, and The Linde Group.

Key Developments:

In March 2021, Emerson joined the Carrier Alliance Programme, the leading provider of cold chain solutions. During the period, Emerson will be providing technology and software for the operation of its cold chain, air conditioning, compressors, etc.

In January 2020, Honeywell International Inc Solstice L40x refrigerant was selected by Central England Co-Operative for its new food chilling systems, provides the supermarket with a long-term, safe, compliant and energy efficient refrigeration solution.
 
Types Covered:
• Inorganic
• Halocarbons
• Organic/Hydrocarbon
• Fluorocarbon Blends
 
Applications Covered:
• Air-conditioning Systems
• Chillers/Heat Pumps
• Refrigeration
• Transport Refrigerator

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
          
2 Preface   
      
 2.1 Abstract        
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology      
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions      
          
3 Market Trend Analysis       

 3.1 Introduction       
 3.2 Drivers        
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats        
 3.6 Application Analysis      
 3.7 Emerging Markets       
 3.8 Impact of Covid-19       
          
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry       
          
5 Global Refrigerant Market, By Type      
 5.1 Introduction       
 5.2 Inorganic        
  5.2.1 Ammonia      
  5.2.2 Water       
  5.2.3 Carbon Dioxide      
 5.3 Halocarbons       
  5.3.1 Hydrochlorofluorocarbons (HCFCs)    
  5.3.2 Hydrofluorocarbon (HFC)     
  5.3.3 Hydrofluoroolefins (HFOs)     
  5.3.4 Chlorofluorocarbons (CFCs)     
 5.4 Organic/Hydrocarbon      
  5.4.1 Isobutane      
  5.4.2 Isopentane      
  5.4.3 Propane       
  5.4.4 Propene       
 5.5 Fluorocarbon Blends      
  5.5.1 Azeotropic      
  5.5.2 Zeotropic       
          
6 Global Refrigerant Market, By Application     
 6.1 Introduction       
 6.2 Air-conditioning Systems      
  6.2.1 Window       
  6.2.2 Split ACs       
  6.2.3 Variable Refrigerant Flow (VRF)    
  6.2.4 Mobile Air Conditioning (MAC)    
  6.2.5 Portable       
  6.2.6 Hybrid       
  6.2.7 Centralized      
  6.2.8 Others       
   6.2.8.1 Packaged Terminal     
   6.2.8.2 Packaged Rooftop     
 6.3 Chillers/Heat Pumps      
 6.4 Refrigeration        
  6.4.1 Commercial      
   6.4.1.1 Light Commercial Refrigeration   
   6.4.1.2 Commercial Racks and Condensing Units   
  6.4.2 Domestic       
  6.4.3 Industrial       
 6.5 Transport Refrigerator      
          
7 Global Refrigerant Market, By Geography     
 7.1 Introduction       
 7.2 North America       
  7.2.1 US       
  7.2.2 Canada       
  7.2.3 Mexico       
 7.3 Europe        
  7.3.1 Germany       
  7.3.2 UK       
  7.3.3 Italy       
  7.3.4 France       
  7.3.5 Spain       
  7.3.6 Rest of Europe      
 7.4 Asia Pacific       
  7.4.1 Japan       
  7.4.2 China       
  7.4.3 India       
  7.4.4 Australia       
  7.4.5 New Zealand      
  7.4.6 South Korea      
  7.4.7 Rest of Asia Pacific      
 7.5 South America       
  7.5.1 Argentina      
  7.5.2 Brazil       
  7.5.3 Chile       
  7.5.4 Rest of South America     
 7.6 Middle East & Africa      
  7.6.1 Saudi Arabia      
  7.6.2 UAE       
  7.6.3 Qatar       
  7.6.4 South Africa       
  7.6.5 Rest of Middle East & Africa     
          
8 Key Developments        
 8.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 8.2 Acquisitions & Mergers      
 8.3 New Product Launch      
 8.4 Expansions       
 8.5 Other Key Strategies      
          
9 Company Profiling        
 9.1 Air Liquide       
 9.2 Arkema S.A       
 9.3 Asahi Glass Corporation      
 9.4 Daikin Industries       
 9.5 Dongyue Group Co. Ltd      
 9.6 Emerson        
 9.7 E.I. du Pont Nemours & Co      
 9.8 Honeywell International Inc      
 9.9 Mexichem       
 9.10 Quimobasicos SA de CV      
 9.11 Sinochem Lantian Co. Ltd      
 9.12 SRF Ltd        
 9.13 Tazzetti S.p.A       
 9.14 The Chemours Company      
 9.15 The Linde Group       


List of Tables         
1 Global Refrigerant Market Outlook, By Region (2020-2028) ($MN)   
2 Global Refrigerant Market Outlook, By Type (2020-2028) ($MN)   
3 Global Refrigerant Market Outlook, By Inorganic (2020-2028) ($MN)   
4 Global Refrigerant Market Outlook, By Ammonia (2020-2028) ($MN)   
5 Global Refrigerant Market Outlook, By Water (2020-2028) ($MN)   
6 Global Refrigerant Market Outlook, By Carbon Dioxide (2020-2028) ($MN)  
7 Global Refrigerant Market Outlook, By Halocarbons (2020-2028) ($MN)   
8 Global Refrigerant Market Outlook, By Hydrochlorofluorocarbons (HCFCs) (2020-2028) ($MN) 
9 Global Refrigerant Market Outlook, By Hydrofluorocarbon (HFC) (2020-2028) ($MN) 
10 Global Refrigerant Market Outlook, By Hydrofluoroolefins (HFOs) (2020-2028) ($MN) 
11 Global Refrigerant Market Outlook, By Chlorofluorocarbons (CFCs) (2020-2028) ($MN) 
12 Global Refrigerant Market Outlook, By Organic/Hydrocarbon (2020-2028) ($MN)  
13 Global Refrigerant Market Outlook, By Isobutane (2020-2028) ($MN)   
14 Global Refrigerant Market Outlook, By Isopentane (2020-2028) ($MN)   
15 Global Refrigerant Market Outlook, By Propane (2020-2028) ($MN)   
16 Global Refrigerant Market Outlook, By Propene (2020-2028) ($MN)   
17 Global Refrigerant Market Outlook, By Fluorocarbon Blends (2020-2028) ($MN)  
18 Global Refrigerant Market Outlook, By Azeotropic (2020-2028) ($MN)   
19 Global Refrigerant Market Outlook, By Zeotropic (2020-2028) ($MN)   
20 Global Refrigerant Market Outlook, By Application (2020-2028) ($MN)   
21 Global Refrigerant Market Outlook, By Air-conditioning Systems (2020-2028) ($MN) 
22 Global Refrigerant Market Outlook, By Window (2020-2028) ($MN)   
23 Global Refrigerant Market Outlook, By Split ACs (2020-2028) ($MN)   
24 Global Refrigerant Market Outlook, By Variable Refrigerant Flow (VRF) (2020-2028) ($MN) 
25 Global Refrigerant Market Outlook, By Mobile Air Conditioning (MAC) (2020-2028) ($MN) 
26 Global Refrigerant Market Outlook, By Portable (2020-2028) ($MN)   
27 Global Refrigerant Market Outlook, By Hybrid (2020-2028) ($MN)   
28 Global Refrigerant Market Outlook, By Centralized (2020-2028) ($MN)   
29 Global Refrigerant Market Outlook, By Others (2020-2028) ($MN)   
30 Global Refrigerant Market Outlook, By Chillers/Heat Pumps (2020-2028) ($MN)  
31 Global Refrigerant Market Outlook, By Refrigeration (2020-2028) ($MN)   
32 Global Refrigerant Market Outlook, By Commercial (2020-2028) ($MN)   
33 Global Refrigerant Market Outlook, By Domestic (2020-2028) ($MN)   
34 Global Refrigerant Market Outlook, By Industrial (2020-2028) ($MN)   
35 Global Refrigerant Market Outlook, By Transport Refrigerator (2020-2028) ($MN)  
          
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

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