Refrigerant Market Forecast: Emerging Trends, Business Growth Opportunities, Major Driving Factors

According to our most recent market research, “Refrigerant Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, and Others) and Application (Refrigeration Systems, Chillers, Air-Conditioning Systems, MACs, and Others”), the refrigerant market was valued at US$ 16,458.3 million in The report highlights key market factors and prominent players, as well as their market developments.

Refrigeration systems in both the commercial and residential sectors rely heavily on refrigerants. The growing use of refrigerants in refrigeration systems, chillers, air conditioning, MACs, and other applications is driving refrigerant market growth. The growing demand for cold chain can be attributed to the increased demand for refrigeration systems. The cold chain is a supply chain for storage and distribution activities that primarily relies on HFC, HFO, and HCFC refrigerants to keep the required temperature range maintained. The pharmaceutical and food and beverage industries make extensive use of the cold chain. The cold chain is used in the food and beverage industry to preserve the harvested quality of fresh produce. The refrigerants are widely used in large-scale cooling systems in industrial refrigeration and air conditioning. Domestic refrigeration system use is growing in tandem with global population growth and urbanisation. The increased use of refrigerants for various applications in developing regions such as Asia Pacific, the Middle East and Africa, and South and Central America had a significant impact on the market, with Asia Pacific accounting for the largest share of the refrigerant market.

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A refrigerant is a substance that absorbs heat from other substances and lowers their temperatures. Because refrigerants absorb heat at low temperatures and pressures while rejecting heat at high temperatures and pressures, they are better suited for use in air conditioning and refrigeration systems. The growing use of refrigerants in industrial refrigeration systems is driving the global market. Asia Pacific had the largest revenue share of the global market in 2020.

Among the major players in the global market are 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. Players in the global refrigerant market are highly focused on developing high-quality and innovative product offerings to meet the needs of customers.

The global refrigerant market is divided into several types, including HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others. The global market is divided into refrigeration systems, chillers, air-conditioning systems, MACs, and others based on application. The global refrigerant market is divided into five regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South and Central America. The North American market is further divided into the United States, Canada, and Mexico. The European market is divided into Germany, France, the United Kingdom, Italy, Russia, and the Rest of Europe. Asia Pacific markets are divided into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The MEA market is divided into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. South and Central America’s market is divided into three sections: Brazil, Argentina, and the Rest of South and Central America.

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