Benefits of Refrigerant, increasing demand for cooling products, and rapid urbanization
Refrigerant Market Size – USD 415.55 million in 2020 Growth – CAGR of 3.8%, Trends – Technological advancements in Refrigerant
The global Refrigerant Market size is expected to reach USD 560.02 million in 2028 and register a revenue CAGR of 3.8% over the forecast period, according to a latest report by Reports Data. Major factors driving market revenue growth are rising awareness regarding the benefits of use of HFCs in refrigeration, rapid urbanization and industrialization and increasing disposable income.
The growing environmental concern has been resulting in rapid adoption of Refrigerant globally. Refrigerant minimizes the emission of ozone-depleting substances, reduce greenhouse gas eamissions and save energy. Ongoing research and development activities, government and private investments in the area of Refrigerant is expected to positively impact revenue growth of the market over the forecast period.
Get a sample of the report: https://www.reportsanddata.com/sample-enquiry-form/247
Top Companies: Honeywell International, Zhejiang Juhua, co. Ltd., Daikin, Navin Fluorine International Ltd. (NFIL), Gujarat Fluorochemicals (GFL), Arkema, Jiangsu Bluestar Green Technology, Shandong Yue’an Chemical Co., Ltd, Chemours, and Zhejiang Weihua Chemical Co., Ltd.
Further Key Finding from the Report Suggestion:
- On the basis of refrigerant type, the market report is segmented into R-23, R-32, R-125, R-134a, and others. Among these, the R-134a segment is expected to register a significantly rapid revenue CAGR during the forecast period as this product is non-flammable, non-toxic, non-explosive, non-irritating, and non-corrosive.
- On the basis of blend type, the market report is segmented into R-404A, R-407A, R-406B, R-410A, and others. The R-410A segment is expected to register largest revenue share over the forecast period as it is environmentally friendly, more energy efficient and less expensive.
- On the basis of application, the market report is segmented into refrigeration, domestic, commercial, industrial, and air conditioning systems. Among these, refrigeration segment is expected to register robust revenue CAGR during the forecast period due to rising demand for refrigerators from pharmaceutical and biotechnology, food industry and various end-use industries.
- Asia Pacific Refrigerant market is expected to register fastest revenue growth rate and dominate other regional markets over the forecast period. This is due to increasing demand for refrigerators owing to rapid urbanization and industrialization in countries in the region.
- North America Refrigerant market revenue is expected to remain significantly larger over the forecast period. This can be attributed to rising demand for air conditioners and ongoing research and development activities to develop eco-friendly HFCs in countries in the region.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
Download Summary: https://www.reportsanddata.com/download-summary-form/247
The global Refrigerant Market is segmented into:
By Refrigerant Type (Revenue, USD Million; 2018 – 2028)
- R-23
- R-32
- R-125
- R-134A
- Others
By Blend Type (Revenue, USD Million; 2018 – 2028)
- R-404A
- R-407A
- R-406B
- R-410A
- Others
By Application (Revenue, USD Million; 2018 – 2028)
- Refrigeration
- Domestic
- Commercial
- Industrial
- Air Conditioning Systems
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
Request a customization of the report https://www.reportsanddata.com/request-customization-form/247
Thank you for taking the time to read our article. The report can be tailored to the needs of the client. Please contact us for more details, and our team will tailor the report to your specific requirements.
Browse More Reports:
Industrial Absorbents Market https://www.reportsanddata.com/report-detail/industrial-absorbents-market
Molybdenum Disulfide Market https://www.reportsanddata.com/report-detail/molybdenum-disulfide-market
Metal Injection Molding Market https://www.reportsanddata.com/report-detail/metal-injection-molding-mim-market
About Us:
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
LinkedIn | Twitter | Blogs | Insights
Read the innovative blog at https://www.reportsanddata.com/blogs
Check out our upcoming research report at https://www.reportsanddata.com/upcoming-reports
