The global refrigerants market was valued at $9.5 billion in 2015, and is projected to reach $18.5 billion by 2022, registering a compound annual growth rate (CAGR) of 9.9 percent from 2016 to 2022, according to a new report published by Allied Market Research.
The report, “Refrigerants Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022,” said the refrigerants market has witnessed rapid growth because of refrigerants’ increasing scope of applications in mobile air conditioning and transportation, especially in developing economies. The market is expected to grow during the forecast period because of a rise in demand for refrigerants in industries, commercial applications, transportation, and domestic sectors; and an increase in disposable income.
Key findings of the study include:
● The hydrocarbons segment is anticipated to grow at the fastest CAGR of 11.5 percent, in terms of revenue, during the forecast period.
● In 2015, China accounted for more than one-third share of the Asia-Pacific refrigerants market.
● The Asia-Pacific region is estimated to dominate the global market, in terms of volume, by 2022, registering a CAGR of 5.1 percent during the forecast period.
● India is estimated to grow at the highest CAGR, 11.1 percent in terms of revenue, by 2022.
● The U.S. accounted for around two-thirds of the North America refrigerants market in 2015, and is expected to continue its dominance.
● Refrigerant demand in the air conditioning application segment is expected to grow at a high CAGR of 5.0 percent, in terms of volume, during the forecast period.
● The Asia-Pacific and LAMEA regions (which includes countries from Latin America, the Middle East and Africa) jointly accounted for more than half of the global market in 2014, and are expected to maintain this trend throughout the forecast period. This is attributed to the spiraling development in the commercial and domestic sectors in these regions, an increase in per capita disposable income, and an upsurge in consumer spending in the developing economies of these regions.
For more information, visit https://www.alliedmarketresearch.com/refrigerants-market.
Publication date: 1/27/2017