23 September 2019
Refrigerants Market Report 2019-2029: Forecasts by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, Air, Water, Propene, Isopentane), Application (Domestic, Commercial, Industrial, Chillers, Split AC, VRF, Window, MAC), by Region and Analysis of Leading Companies indicates that the Global Refrigerants Market was valued at $33 billion by 2029.
The market is driven solely by increased demand for coolants from national, commercial and industrial cooling; chillers; windows, split, VRF and other air-conditioning systems; and MAC devices. The increasing demand for refrigerants has developed different possibilities for its producers in coming apps. As regards quantity, APAC is the main refrigerant market, worldwide, followed by North America and Europe. The growing demand for consumer equipment in these areas is one of the main drivers of the economy.
The refrigerants market was segmented on the grounds of implementation into national, business, industrial refrigeration; chillers; window, divided, VRF, and other air-conditioning systems; and MAC. The expanding construction industry in APAC is linked to the improved consumption of refrigerants in split ACs. APAC countries ' construction output is gradually increasing owing to the growing population and the increasing number of nuclear families. Furthermore, the sector is driven by the growing purchasing power of the middle-class population and rising living standards.
Energy efficiency, low price, and hydrocarbon eco-friendliness are important features that drive their demand. As an optimal replacement for fluorocarbon-based cooling facilities and procedures, they are also increasingly preferred due to low prices and simple accessibility. Europe serves as a prominent customer of hydrocarbons, as the region's air conditioning sector used them quickly in all its cooling products.
The development of the worldwide cold chain market will be one of the main variables driving the market. During the forecast period, rapid development in the global automotive industry will also probably increase demand for automotive refrigerants. Increasing demand for bio-based refrigerants is probable to be an opportunity for future market growth.
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