A report by IndustryARC estimates that the global Refrigerants Market , which stood at $23.5 billion in 2018, is set to grow at a CAGR of 7.6% over the forecast period 2019-2025. A recent computational study of National Institute of Standards and Technology (NIST) presents that more than a dozen chemical blends are suitable to replace today’s refrigerants. As these alternative refrigerants oppose heating up atmosphere and also catching up fire. This study has identified nearly 22 best nonflammable and marginally flammable blends with lower global warming potential, which are more apt in case of AC systems. Actually this analysis has been performed specifically for the U.S. military but now it is applicable for civilian applications which include AC systems for cars and homes.Refrigerant Market: Leading Segments
Puron Advance is one of the latest advances in the refrigerants market, which cause the least environmental impact. It is identified as the next generation refrigerant, which act as a ducted residential solution especially in the North America region. There is widespread adoption of R-410A in residential air conditioning (AC) units by manufacturers, as these don’t damage the ozone layer. Residential application has been acknowledged as the fastest growing segment among commercial, automobile and industrial applications, which is growing at a CAGR of 9.5% throughout the forecast period.
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Refrigerant Market: Disruptive Trends
Demand for refrigerants worldwide are being driven by increasing desire for causing zero ozone depletion, which is shifting demand towards refrigerants which have lower potential for causing global warming.
Development of novel synthetic refrigerants and natural refrigerants are driving growth of refrigerants in the refrigeration and air conditioning industries.In 2018, Coca-Cola, Pepsi, Red Bull and Unilever companies have installed 7.25 million units under light commercial refrigeration using natural refrigerants particularly hydrocarbons and carbon dioxide.
Increasing usage of refrigerants with low global warming potential, in order to avoid the impact of synthetic greenhouse gases in the atmosphere has been boosting the global refrigerant market demand.
Refrigerant Market: Major Players
Some of the major refrigerant players operating in the global refrigerant market are Arkema S.A., Honeywell International Inc., The Chemours Company, Dongyue Group Co. Ltd., The Linde Group, Sinochem Lantian Co. Ltd., Daikin Industries, Mexichem, Air Liquide, and Asahi Glass Corporation.
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.