The global refrigerant market is projected to gain impetus from rapid urbanization and improving lifestyle. These are likely to increase the demand for air-conditioning in commercial and residential infrastructures. Fortune Business Insights™ published this information in an upcoming report, titled, “Refrigerant Market Size, Share & Industry Analysis, By Type (Fluorocarbons, Hydrocarbons, Inorganic refrigerants, Others), By Application (Domestic, Industrial, Commercial, Air conditioning, Chillers, Variable refrigerant flow, Mobile air conditioning, Others) and Regional Forecast, 2022-2029.” The report further states that refrigerants are mainly used in air-conditioning systems in food, pharmaceuticals, chemical, and building industries. It would positively affect the refrigerant market growth in the near future.
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What Does the Report Contain?
- An elaborate analysis of the refrigerant market trends, growth drivers, obstacles, opportunities, and other challenges.
- Comprehensive details of the competitive developments, such as acquisitions, latest product launches, agreements, and expansions.
- In-depth information about the key market potential, risks, and benefits.
Asia Pacific to Dominate: Rapid Industrialization Will Favor Growth
The market is geographically segregated into the Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. Amongst them, Asia Pacific is considered to be the largest market owing to the ever-increasing industrialization and population. Also, the rising disposable income of people is aiding in the growing usage of air-conditioning in industrial as well as domestic sectors. It is set to augment the refrigerant market size in this region. Apart from that, high demand from the transportation and automotive sectors would also boost growth.
Europe and North America, on the other hand, are anticipated to showcase rising demand for ammonia, an inorganic refrigerant on account of its rapid usage in the food industry as well as the ongoing technological advancements. In the Middle East and Africa, increasing urbanization and industrialization are responsible for growth of the refrigerant market revenue. Apart from that, in South America, the growing population and enhancing lifestyle are set to give rise to more demand for domestic refrigeration.
Key Players Involve in Mergers & Acquisitions to Strengthen Position in Market
The market consists of numerous big, small, and medium enterprises. They are focusing on product launches and mergers and acquisitions to gain a competitive edge and achieve maximum refrigerant market share during the forecast period. Below are some of the latest significant industry developments:
- July 2019: The Chemours Company, a chemical company, headquartered in the U.S., announced that Axima Refrigeration France, a renowned contractor in fire protection, refrigeration, and HVAC, based in Paris, partnered up with Chemours to examine the future adoption and usage of Opteon XL low GWP hydrofluoroolefin refrigerants in commercial refrigeration.
- May 2019: Daikin Industries, Ltd., a multinational air conditioning manufacturing company, headquartered in Japan, declared the passing of a resolution at the Board of Directors meeting. It was done to create a brand new subsidiary in China for the sales and manufacturing of fluorochemical products. The subsidiary is being initiated to reinforce the sales and manufacturing functions for fluorochemical products in the battery materials and semiconductor market.
- June 2017: Daikin Industries, Ltd., announced that it is set to spend around USD 71.6 million to acquire Airmaster Australia, an award-winning technical solutions company, based in Melbourne. The main aim of this acquisition is to gain additional earnings via after-sales services in the middle of a worldwide upsurge in the usage of air conditioners.
- February 2015: Daikin Industries declared that it is planning to acquire Solvay S.A., a chemical company based in Belgium. It will acquire only the refrigerant business of the company. Daikin is striving to achieve its goal to become the only company that will manufacture both HVAC equipment as well as refrigerant. It is aiming to contribute to curbing global warming by promoting the utilization of refrigerants that have a minimum environmental impact and low GWP.
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Fortune Business Insights™ lists out few of the renowned companies operating in the refrigerant market. They are as follows:
- Honeywell International Inc.
- Arkema S.A.
- Mexichem SASRF Ltd.
- The Chemours Company
- Asahi Glass Corporation
- Air Liquide
- Dongyue Group Co. Ltd
- I. du Pont Nemours & Co
- Daikin Industries
- The Linde Group
- Sinochem Lantian Co. Ltd
- Other key market players
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