LONDON, Sept. 25, 2023 /PRNewswire/ — As per The Business Research Company’s Refrigerants Global Market Report 2023, the global refrigerants market has experienced significant expansion, reflecting a growing emphasis on sustainability and climate considerations. According to recent market research, the global refrigerants market size exhibited robust growth, surging from $22.93 billion in 2022 to $25.34 billion in 2023, boasting a commendable compound annual growth rate (CAGR) of 10.5%. Furthermore, the refrigerants market is poised to continue its upward trajectory, with expectations of reaching $34.23 billion in 2027, reflecting a CAGR of 7.8%.
Key Drivers for Market Growth
Several factors are driving refrigerant market growth rate. These include:
- Rising Urbanization: Increased urbanization, particularly in emerging economies, has led to higher demand for refrigeration and air conditioning systems in homes and commercial spaces.
- Rising Global Temperatures: Escalating global temperatures are driving the need for efficient and effective cooling systems, contributing to the growth of the refrigerants market.
- Demand for Electric Vehicles: The growing popularity of electric vehicles (EVs) necessitates advanced air conditioning and refrigeration systems, further boosting the market.
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Fragmented Market Landscape
The refrigerants market is characterized by fragmentation, with numerous players operating globally. In 2022, the top ten competitors accounted for 20.40% of the total market share. The Chemours Company led as the largest competitor with a 5.86% share of the refrigerants market, followed closely by The Linde Group, Dongyue Group, Honeywell International Inc., Arkema S A, Orbia, SRF Limited, Asahi Glass Co, Inc (AGC), Gujarat Fluorochemicals Ltd., and Daikin Industries Ltd.
Embracing Natural Refrigerants
Companies in the refrigerants market are actively investing in research and development to enhance the performance, safety, and applications of natural refrigerants. Hydrocarbons (HCs), ammonia (NH3), carbon dioxide (CO2), and water (H2O) are natural refrigerants gaining prominence due to their negligible or zero Global Warming Potential (GWP), non-ozone-depleting properties, and favorable thermodynamic characteristics, resulting in higher energy efficiency. Adopting these refrigerants can lead to long-term cost savings for end-users. They are increasingly being used in commercial refrigeration systems, industrial applications, and heat pumps.
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Growing Environmental Awareness
Consumer awareness of environmental issues is rising, driving demand for sustainable and eco-friendly products and services. This trend is prompting manufacturers and industries to incorporate natural refrigerants into their sustainability initiatives.
Refrigerant Market Segmentation
The global refrigerants market is segmented into several categories:
- Type: Halocarbons, Azeotropic, Zeotropic, Inorganic Refrigerants, Hydrocarbons, Other Types
- Application: Air Conditioners, Refrigerators, Chillers, Heat Pumps, Electronics Devices, Other Applications
Among these segments, the hydrocarbons market is poised for substantial growth, with an estimated $6.6 Billion in global annual sales by 2027.
Asia-Pacific Dominates the Market
Asia-Pacific emerged as the largest region in the refrigerants market, with a market worth $9,425.6 million in 2022.
The growth of the refrigerants market in the Asia-Pacific region is attributed to the surging demand for air conditioners and refrigerators, driven by rapid urbanization. For instance, New Zealand witnessed a 0.74% increase in its urban population from 2020 to reach 4,445,853 in 2021.
