The refrigerant market was valued at US$ 16,458. 3 million in 2021 and is projected to attain US$ 25,534. 6 million by 2028; it’s anticipated to develop at a CAGR of 6. 5% from 2021 to 2028. Refrigerant is a compound present in both a liquid or gaseous state.
New York, May 20, 2022 (GLOBE NEWSWIRE) — Reportlinker.com declares the discharge of the report “Refrigerant Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type and Application” – https://www.reportlinker.com/p06279462/?utm_source=GNW
It absorbs warmth from the surroundings and may present refrigeration or air con when mixed with different parts akin to compressors and evaporators within the refrigeration cycle.
The options of refrigerant, akin to thermal stability, minimal toxicity, non-corrosiveness, and non-combustibility, make it appropriate to be used in gentle automobile air con.Refrigerants are utilized in refrigeration techniques for manufacturing, chemical compounds, meals & drinks, prescribed drugs, and numerous different industries.
The main elements driving the refrigerant market are the rise in demand for refrigeration techniques and the rise in per-capita revenue in creating economies.The COVID-19 pandemic has additional decreased the demand for refrigerants due to the slowdown of main economies throughout the globe.
Furthermore, the expansion within the automotive and electronics industries in numerous international locations throughout the globe is projected to provide profitable alternatives for the refrigerant market through the forecast interval. However, the fluctuations within the costs of uncooked supplies and stringent laws towards fluorocarbon refrigerants are anticipated to hamper the refrigerant market development through the forecast interval.
Based on kind, the worldwide refrigerant market has been segmented into HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others.The HFC phase held the biggest share within the world refrigerant market in 2020.
The mostly used HFC refrigerants are R-404A, R-410A, R-32, R-134a, and R-407C. HFCs are refrigerants which are extremely most well-liked in home refrigeration and automotive air con techniques.
In 2020, Asia Pacific held the biggest income share of the worldwide refrigerant market. The main issue driving the refrigerant market within the Asia Pacific area is the excessive demand for refrigerants from manufacturing, meals & drinks, healthcare, and automotive industries.
Strong electronics and meals & drinks industries in international locations akin to Japan, South Korea, China, and India create a robust demand for refrigerants utilized in fridge and air conditioner manufacturing.The quick financial development, coupled with a rise in buying energy, particularly in creating economies, has led to a surge within the consumption of chillers and cell air con (MAC).
The rising automotive business creates a large demand for air con techniques within the Asia Pacific, additional contributing to the refrigerant market development within the area.
The Chemours Company; Arkema; Honeywell International Inc.; Linde plc; Air Liquide; Dongyue Group; SINOCHEM GROUP CO., LTD.; DAIKIN INDUSTRIES, Ltd.; AGC Inc.; and Airgas, Inc. are among the many main gamers working within the world refrigerant market. Players working within the world refrigerant market are always specializing in methods akin to investments in analysis and improvement actions and new product launches. These market gamers are extremely centered on creating high-quality and modern product choices to fulfill the shopper’s necessities.
The general world refrigerant market measurement has been derived utilizing each main and secondary sources.To start the analysis course of, exhaustive secondary analysis has been carried out utilizing inside and exterior sources to acquire qualitative and quantitative data associated to the market.
Also, a number of main interviews have been carried out with business individuals to validate the information and achieve extra analytical insights into the subject. The individuals of this course of embody business consultants akin to VPs, enterprise improvement managers, market intelligence managers, and nationwide gross sales managers, together with exterior consultants akin to valuation consultants, analysis analysts, and key opinion leaders, specializing within the refrigerant market.
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