Updated News: Refrigerant Market To Reach USD 21.1 Billion In 2027 | CAGR 4.1% — Forencis Research

Global Refrigerant Market: Key Highlights

• According to the new market research report “Refrigerant Market by Type (Chlorofluorocarbons, Hydro Chlorofluorocarbons, Hydrofluorocarbons, Fluorocarbons, Hydrocarbons, Ammonia, Carbon Dioxide, Propane, Iso-Butane and Others) by Application (Residential, Commercial, Industrial and Transportation And Refrigeration) by Region (Asia Pacific, North America, Europe, Middle East & Africa, South America) — Global Forecast (2020 to 2027) the global refrigerant market is estimated to reach USD 21.1 Billion in 2027 at a CAGR of 4.1% during forecast period 2019–2027.
• Higher demand for chillers and freezers from varied industrial application and growing demand for efficient cooling equipment are expected to drive the refrigerant market during the forecast period.
• Strict regulation imposed on the use high-GWP refrigerants is expected to restrain the market during the forecast period.

Global Refrigerant Market: Key Market Dynamics

• The market is experiencing growth on the cost of rising higher demand for freezer and chillers especially from the food and beverage sector
• Growing demand for efficient cooling equipment owing to rise in manufacturing sector in the emerging countries is pushing the market growth higher
• Strict regulation imposed on the refrigerants such as hydrochloroflurocarbon (HCFC), hydrofluorocarbons (HFC), that emits higher global warming potential emission is likely to hinder the market growth
• Emergence of next generation refrigerant is creating new avenues to the market growth

Global Refrigerant Market: Regional Overview

• Asia-Pacific

In Asia Pacific, the refrigerant market is growing owing to ongoing industrialization in the region. In addition, higher inclination of the industrialist to invest in the efficient cooling and refrigeration system in the region is projected to further support the market growth. In addition to this, ongoing demand for the processed and frozen food products in the region coupled with expansion of the organized retail channel requiring higher count of deep freezers is anticipated to promote the market growth in Asia-Pacific.

• Europe

Europe refrigerant market is expected to give rise to the growth of the environmental friendly refrigerant. The region takes prominent share in reducing the potential environment hazards caused due to the conventional high GWP refrigerant. The region continues to phase out the use of chemicals impacting the ozone layer, which in turn, boost the demand for alternative ecofriendly refrigerant.

Global Refrigerant Market: Key Players Overview

• Danfoss:

Danfoss is the Denmark based company that operates through manufacturing of the products such as compressor, condensing units, motors, pumps, sensors and transmitters, valves, heat exchangers and many more. The company provides refrigerants to meet the emerging regulations which are used in the industrial, commercial and domestic application.

• Linde:

With headquarters in the Unites States, Linde is the chemical company, formed by the merger of the German based Linde AG and US based Praxair. The company has its foothold in more than 100 countries by offering the products such as atmospheric gases, food grade gases, gas mixtures, refrigerants, pharmaceutical solutions, and shielding gas among others. The company generated annual sales of USD 28 billion in 2018.

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