Refrigerant Market Worth US$ 25,534.6Mn, Globally, by 2028 at 6.5% CAGR - Exclusive Report by The Insight Partners

NEW YORK, May 4, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Refrigerant Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and Application", the refrigerant market was valued at US$ 16,458.3 million in 2021 and is projected to reach US$ 25,534.6 million by 2028; it is expected to grow at a CAGR of 6.5% from 2021 to 2028. The projected growth of the market during the forecast period is attributed to a rise in demand for refrigeration systems and an increase in per capita income in developing economies.

The Sample Pages Showcases Content Structure and Nature of Information Included in This Research Study Which Presents a Qualitative and Quantitative Analysis:  https://www.theinsightpartners.com/sample/TIPRE00005348/

Refrigerant Market: Competition Landscape

The Chemours Company; Arkema; Honeywell International Inc.; Linde plc; Air Liquide; Dongyue Group; SINOCHEM GROUP CO., LTD.; DAIKIN INDUSTRIES, Ltd.; AGC Inc.; and Airgas, Inc. are among the major players operating in the global market. Players operating in the global market are constantly focusing on strategies such as investments in research and development activities and new product launches.

Schedule A Pre-Sale Discussion with The Author Team in A Slot That You Prefer to Address Queries on Scope of the Study, Customization, Introduction to Research Methodology, Assistance on Technologies and Market Definitions: https://www.theinsightpartners.com/inquiry/TIPRE00005348/

In 2020, Asia Pacific held the largest share of the global market. The growing demand for refrigeration systems, industrial chillers, and air conditioning in automotive, electronic, food & beverages, and manufacturing industries is contributing to the growth of the market. Asia Pacific is known as the manufacturing hub of automotive, electronics, and several other industries. The rising investment in the industrial sector is creating demand for cooling infrastructure in manufacturing industries, which, in turn, is driving the global market in the region. electronics industries in countries such as China, Japan, South Korea, and India create a huge demand for refrigerants. Factors such as the emergence of China as the global leader in grocery market and the development of Indonesia and India as the fastest-growing grocery markets are increasing demand for refrigerants in the region. Moreover, players operating in the Asia Pacific refrigerant market are focusing on adopting different strategies such as investments in research and development activities and new product launches. This is further fueling the market growth in the region.

Rise in Demand for Refrigeration Systems

Refrigeration systems are highly utilized in commercial and industrial refrigeration purposes for maintaining the temperature level. Refrigerant is a type of coolant used in these systems which acts as a heat carrier and provides a cooling effect. In industrial food processing, refrigeration systems are used to maintain the freshness of food during transportation and other areas where food is handled. Refrigeration systems are also used in chemical industries for the processing of chemicals. The rising demand for refrigeration systems for domestic use is creating a significant need for refrigerants. Refrigeration systems are also used in several manufacturing industries in the hotter region, such as the Middle East & Africa, to overcome the atmospheric temperature. Thus, the growing need for refrigeration systems in industrial and commercial sectors is driving the refrigerants market.

Click Here to Avail Lucrative DISCOUNTS on Our Latest Research Reports. We Offer Student, Enterprise, and Special Periodic Discounts to Our Clientele. Please Fill the Form to Know DISCOUNTED PRICE

Refrigerant Market: Segmental Overview

Based on type, the refrigerant market is segmented into HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others. The HFC segment held the largest share in the global refrigerant market in 2020. HFCs are being utilized in automotive air conditioning and various industrial chillers on a large scale. HFC refrigerants are being used in various industries, including food & beverages, healthcare, and chemical.

Based on application, the refrigerant market is segmented into refrigeration systems, chillers, air-conditioning systems, MACs, and others. The refrigeration systems segment held the largest share in the global refrigerant market in 2020. Refrigeration systems are developed in many industries for cooling purposes. An increase in commercialization is one of the key factors in the large-scale development of refrigeration systems.

Impact of COVID-19 Pandemic on Refrigerant Market

The COVID-19 pandemic caused a significant economic loss across the globe. The refrigerant market also experienced the adverse effects of the pandemic in 2020. The pandemic led to temporary effects on the operational efficiencies of various industries. The pandemic negatively impacted the demand for refrigerants from various industries.

Various economies have started reviving their operations. Further, the demand for refrigerants from different applications started increasing, backed by the recovery of the various industrial activities. Rise in the need for refrigerants and significant investments by prominent manufacturers to increase production capacity are expected to drive the refrigerants during the forecast period. The demand for refrigerants is gradually increasing, backed by the recovery of industrial and commercial activities. The increasing use of refrigerants in various applications is expected to offer more growth opportunities for the global refrigerant market during the forecast period.

Have A 15-Minute-Long Discussion with The Lead Research Analyst and Author of the Report in A Time Slot Decided by You. You Will Be Briefed About the Contents of the Report and Queries Regarding the Scope of the Document Will Be Addressed as Well: https://www.theinsightpartners.com/speak-to-analyst/TIPRE00005348/

Based on application, the air conditioning system is the fastest-growing segment owing to the increasing use of air conditioning systems in commercial and residential places as they provide cooling or maintain a specific room temperature.

Asia Pacific accounted for the largest share of the global refrigerant market. Growing consumption of eco-friendly refrigerants offers a strong growth opportunity for the refrigerant market in the coming years. Based on type, the HFC segment accounted for the largest revenue share. HFCs are widely utilized refrigerants in most cooling units across the world. The rise in demand for refrigeration systems and an increase in per-capita income in the developing economies are some of the key driving factors for the refrigerant market.

Refrigerants are to a great extent utilized in refrigeration frameworks in both business and private areas. The rising use of refrigerants in refrigeration frameworks, chillers, cooling, MACs, and others is helping the refrigerant market development. The interest for refrigeration framework can be ascribed to the developing interest for cold chain. The virus chain is a production network for capacity and conveyance exercises that significantly depends on HFC, HFO, and HCFCs refrigerants for dispersion by keeping up with the necessary temperature range. Drug and food and refreshments ventures are significant clients of the virus chain.

Immediate Delivery of Our Off-The-Shelf Reports and Latest Research Studies, Through Flexible and Convenient Payment Methods: https://www.theinsightpartners.com/buy/TIPRE00005348/

The food and refreshments industry utilizes the virus chain to save the reaped nature of new produce. The refrigerants are exceptionally utilized in modern refrigeration and cooling for enormous scope cooling frameworks. The homegrown purposes of refrigeration frameworks are additionally expanding with ascend in populace and urbanization across the globe. The rising utilization of refrigerants for different applications in creating areas, like Asia Pacific, the Middle East and Africa, and South and Central America, made a tremendous effect available, with Asia Pacific adding to the biggest offer in the refrigerant market.

Browse Related and Latest Reports:

Natural Gas Liquids Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Ethane, Propane, Isobutane, Others) and Geography

Gas Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Gas Type (Hydrogen, Methane, Ammonia, Carbon Monoxide, Oxygen, Carbon Dioxide, Others); Technology (Infrared, Electrochemical, Catalytic, Laser, Photoionization Detector, Others); End Use (Healthcare, Automotive and Transportation, Consumer Electronics, Military and Defense, Industrial, Others) and Geography

Tunable Diode Laser Analyzer Market to 2025 - Global Analysis and Forecasts by Measurement Type (In-situ and Extractive); Gas Analyzer Type (Oxygen analyzer, Ammonia analyzer, COx Analyzer, Moisture Analyzer, Hx Analyzer, CxHx Analyzer and Others) & Industry Application ( Power, Oil & Gas, Mining & Metal, Chemicals, Fertilizers, Cement and Others)

Nitrogenous Fertilizer Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Urea, Ammonium Nitrate, Ammonium Sulfate, Ammonia, Calcium Ammonium Nitrate, and others), Form (Dry and Liquid), Crop Type (Cereals and Grains, Oilseeds and Pulses, Fruits and Vegetables, and Others), Mode of Application (Soil, Foliar, and Fertigation), and Geography

Liquefied Carbon Dioxide Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Source (Hydrogen, Ethyl Alcohol, Ammonia, Natural Gas, Others); Application (Food and Beverages, Chemicals, Electronics, Agriculture, Healthcare, Wastewater Treatment) and Geography

Glass Cleaning Sprays Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Ammonia Free, Streak Free, Others); Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, Others) and Geography

Ammonia Testing Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Instrument, Reagent, Other); Applications (Hospital Specialty, Clinics Diagnostic, Laboratory, Others) and Geography

Surgical Lasers Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by By Type (Carbon Dioxide (CO2) Lasers, Argon Lasers, ND:Yag (Neodymium:Yttrium-Aluminum Garnet) Lasers, Diode Lasers, and Other Surgical Lasers Connected Sensors), Procedure (Open Surgery, Laparoscopic Surgery, and Percutaneous Surgery), Application (Ophthalmology, Dermatology, Dentistry, Urology, Cardiology, Gynecology, Oncology and Other Applications), and Geography

Secondary Refrigerants Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By Type (Glycols, Salt Brines, Carbon Dioxide, Others); Application (Industrial Refrigeration, Commercial Refrigeration, Heat Pumps, Air Conditioning, Others) and Geography

Gas Sensor Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Gas Type (Hydrogen, Methane, Ammonia, Carbon Monoxide, Oxygen, Carbon Dioxide, Others); Technology (Infrared, Electrochemical, Catalytic, Laser, Photoionization Detector, Others); End Use (Healthcare, Automotive and Transportation, Consumer Electronics, Military and Defense, Industrial, Others) and Geography

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi 
E-mail: [email protected] 
Phone: +1-646-491-9876 
Press Release: https://www.theinsightpartners.com/pr/refrigerant-market

SOURCE The Insight Partners

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED