Refrigerants Market Worth $21 Billion by 2020
Stationary air conditioning dominates the refrigerants market
CHICAGO — The global refrigerants market is forecast to reach $21 billion by 2020, growing at a compound annual growth rate (CAGR) of 6 percent from 2015 to 2020, according to a report published by MarketsandMarkets.
Refrigerants have a variety of applications including domestic refrigeration, commercial refrigeration, transportation refrigeration, industrial refrigeration, stationary air conditioning, and mobile air conditioning. Stationary air conditioning dominates the refrigerants market, accounting for maximum share in terms of volume in 2014. Growing demand in end-user industries such as construction, food, and pharmaceutical is driving the refrigerants market in the stationary air conditioning sector.
The demand for refrigerants in the domestic refrigeration sector is expected to witness the highest CAGR of 7.1 percent from 2015 to 2020, in terms of volume. Increasing annual income and rising standard of living are the major factors contributing towards the growth of refrigerants in domestic refrigeration.
Fluorocarbons are the major type of refrigerants. They captured a major market share of the total refrigerants market in 2014. But due to various regulations related to F-gas such as the Montreal protocol, countries have started to phase out HCFCs and HFCs. The major manufacturers have initiated the production of low global warming potential (GWP) and ozone depleting potential (ODP) refrigerants, such as inorganics and hydrocarbons. Inorganic refrigerants are expected to witness significant growth, with a CAGR of 10 percent from 2015 to 2020. Manufacturers are focusing on the development of natural refrigerants which are based on hydrocarbons (propane, isobutane), CO2, ammonia, water, and air. Natural refrigerants have very low GWP and zero ODP.
More information on this report is available here.
Publication date: 8/24/2015