Global Refrigerants Market Expected to Reach $18.5B by 2022
Report projects growth rate of nearly 10 percent annually
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.