Global Refrigerants Market Projected to Grow at 4.5 Percent Through 2021
Asia-Pacific region will continue to be largest market; HCs projected grow the fastest
The global refrigerants market is estimated at $14.49 billion (U.S.) in 2017 and is projected to reach $18.05 billion by 2022, a compound annual growth rate of 4.5 percent.
Those were the findings of a report titled “Refrigerant Market by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, and CO2), Application (Refrigerators, Large-scale Refrigerators, Chillers, Air Conditioners, and Heat Pumps), Region - Global Forecast to 2022.” It was published by the research firm MarketsandMarkets.
According to the report, rising end-use applications such as large-scale refrigerators, chillers, air conditioners, and heat pumps are driving the market for refrigerants. Along with these, the growing demand for consumer appliances and the cold chain market are also important market drivers.
Air conditioners applications accounted for the largest share of the refrigerants market in 2016, and are projected to remain the largest market for refrigerants from 2017 to 2022.
Asia-Pacific was the largest refrigerants market in 2016 and is projected to be the largest market for refrigerants from 2017 to 2022. Factors contributing to market growth in this region are the rise in demand for consumer appliances in emerging countries, growing urbanization, and the growing cold chain market. These factors, along with upcoming infrastructure projects in energy, transport networks, institutional sites, and residential projects are expected to drive the refrigerant market across various applications in the region.
According to the report, hydrocarbons are expected to be the fastest growing segment in the refrigerants market. The main reason for the high demand for hydrocarbons can be attributed to the increasing consumption of refrigeration and air conditioning equipment, which are the largest applications for hydrocarbons. Additionally, the demand for fluorocarbon refrigerants is expected to decline in the near future mainly due to the required 100 percent phaseout of HCFCs by 2040 and the 85 percent phasedown of HFCs by 2047. These reductions are expected to lead to an increase in the demand for alternative refrigerants and contribute to the growth of inorganics and hydrocarbons, which is expected to remain high between 2017 and 2022.
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Publication date: 7/5/2017