Dublin, March 19, 2019 (GLOBE NEWSWIRE) -- The "Refrigerants Market by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, Air, Water, Propene, Isopentane), Application (Domestic, Commercial, Industrial, Chillers, Split AC, VRF, Window, MAC), and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
Rising demand from applications of refrigerants is expected to drive the market
The refrigerants market size is estimated to be USD 22.9 billion in 2018 and is projected to reach USD 31.0 billion by 2023, at a CAGR of 6.2% between 2018 and 2023.
Refrigerants are defined as chemicals that transfer heat in cooling equipment. They function on the principle of transferring heat by absorbing heat at low temperature and pressure and releasing it at high temperature and pressure. Based on their functionality, they are broadly classified into two major types - primary and secondary refrigerants. Primary refrigerants act as phase change materials (PCMs) and provide refrigeration by undergoing a phase change. Secondary refrigerants are used for transferring heat energy from one source to another. They are mainly used in cooling equipment such as refrigeration and air-conditioning systems.
Refrigerants are used in applications such as domestic, commercial, and industrial refrigeration; chillers; window, split, VRF, and other air conditioning systems; and MAC. Some industrial applications of refrigerants are storing and preserving food products and pharmaceutical drugs.
The drivers for this market are increasing demand for consumer appliances such as refrigeration and air-conditioning equipment and the growing cold chain market. Factors such as growth in the organized retail framework, shift toward horticultural crops, and growth in the processed food sector have also contributed to the growth of refrigerants' demand. Increasing regulations against fluorocarbon refrigerants and flammability and toxicity issues are expected to act as a restraint for the refrigerants market growth. Owing to the increasing regulations on fluorocarbons, the refrigerants market is likely to witness increased demand for natural refrigerants, which may act as an opportunity for the market to grow.
The key market players include Arkema S.A. (France), Daikin Industries Ltd. (Japan), and Honeywell International LLC (US), among others. Continuous developments in the market - including new product launch, merger & acquisition, agreement, and expansion- are expected to help the market to grow.
The leading manufacturers of refrigerants have opted for new product launches to sustain their market positions. Manufacturers are introducing several products and investing to increase the production capacity of refrigerants.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Refrigerants Market
4.2 Refrigerants Market, By Region
4.3 APAC Refrigerants Market, By Country and Application
4.4 Refrigerants Market, By Major Countries
4.5 Refrigerants Market, By Application
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Consumer Appliances
5.2.1.2 Growing Cold Chain Market
5.2.2 Restraints
5.2.2.1 Increasingly Stringent Regulations Against Fluorocarbon Refrigerants
5.2.2.2 Flammability and Toxicity Issues
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Natural Refrigerants
5.3 Porter's Five Forces
5.4 Macroeconomic Indicators
6 Refrigerants Market, By Type
6.1 Introduction
6.2 HCFC
6.2.1 The Future Demand for HCFC is Governed By the Timelines Mentioned in the Montreal Protocol
6.3 HFC
6.3.1 APAC is Estimated to Be the Fastest-Growing Market for HFC During the Forecast Period
6.4 HFO
6.4.1 North America is the Fastest-Growing Market for HFO Owing to Consumer Awareness to Sustainable Refrigerants
6.5 Isobutane
6.5.1 North America is the Fastest-Growing Market for Isobutane Owing to Its Large Manufacturing Industry Base
6.6 Propane
6.6.1 Presence of A Large Number of Appliances Manufacturers Boosts the Demand for Propane in APAC
6.7 Ammonia
6.7.1 Emergence of China as A Leading Grocery Market Drives Ammonia's Demand in APAC
6.8 Carbon Dioxide
6.8.1 Growth of Supermarkets and the Food & Processing Industry is Driving the Demand for Carbon Dioxide Refrigerants
6.9 Others
7 Refrigerants Market, By Application
7.1 Introduction
7.2 Refrigeration Systems
7.2.1 Domestic Refrigeration
7.2.1.1 APAC is Estimated to Be the Largest Market for Domestic Refrigeration Owing to Its Large Population
7.2.2 Commercial Refrigeration
7.2.2.1 The Demand for Commercial Refrigeration is Increasing Due to the Growing Retail Industry in APAC
7.2.3 Industrial Refrigeration
7.2.3.1 Large Industrial Base of APAC Drives the Demand for Refrigerants in the Industrial Refrigeration Application
7.3 Chillers
7.3.1 APAC is Largest Market for Chillers Application Owing to Growing Investments in Industries of China and India
7.4 Air-Conditioning Systems
7.4.1 Window Ac
7.4.1.1 North America is Expected to Be the Largest Refrigerants Market in Window ACS
7.4.2 Split Ac
7.4.2.1 APAC is the Largest Consumer of Split ACS Owing to Rapid Urbanization and Increasing Spending Income
7.4.3 VRF (Variable Refrigerant Flow)
7.4.3.1 APAC is Estimated to Be the Fastest-Growing Market in the VRF Segment Owing to the Growing Construction Industry
7.4.4 Others
7.5 Mac (Mobile Air Conditioning System)
7.5.1 APAC is Expected to Be the Largest Market in Mac Segment Owing to the Large Automotive Manufacturing Base
8 Refrigerants Market, By Region
9 Competitive Landscape
9.1 Competitive Leadership Mapping
9.1.1 Terminology/Nomenclature
9.1.1.1 Visionary Leaders
9.1.1.2 Innovators
9.1.2 Strength of Product Portfolio
9.1.3 Business Strategy Excellence
9.2 Competitive Leadership Mapping (Start-Up/SMSE)
9.2.1 Terminology/Nomenclature
9.2.1.1 Progressive Companies
9.2.1.2 Responsive Companies
9.2.1.3 Starting Blocks
9.2.2 Strength of Product Portfolio
9.2.3 Business Strategy Excellence
9.3 Market Share of Top Players
9.4 Competitive Situation and Trends
9.4.1 Agreement
9.4.2 New Product Launch
9.4.3 Expansion
9.4.4 Merger & Acquisition
10 Company Profiles
10.1 Arkema SA
10.2 Dongyue Group Co. Ltd.
10.3 Honeywell International Inc.
10.4 The Chemours Company
10.5 The Linde Group
10.6 Air Liquide (Airgas Refrigerants Inc.)
10.7 Sinochem Group
10.8 Daikin Industries Ltd.
10.9 Mexichem
10.10 Asahi Glass Corporation (AGC)
10.11 List of Other Manufacturers/Bottlers/Suppliers
10.11.1 Srf Limited
10.11.2 Gujarat Fluorochemicals Ltd.
10.11.3 Navin Fluorine International Ltd.
10.11.4 A-Gas International
10.11.5 Oz-Chill Refrigerants
10.11.6 Puyang Zhongwei Fine Chemical
10.11.7 Shandong Yuean Chemical
10.11.8 Harp International
10.11.9 Quimobasico
10.11.10 Zhejiang Juhua Co Ltd
10.11.11 Tazzetti Spa
10.11.12 Gas Servei S.A.
10.11.13 Zhejiang Fotech International Co Ltd
10.11.14 Refrigerant Solutions
10.11.15 Changsu 3F Fluorochemical Industry Co Ltd.
10.11.16 A.S. Trust and Holdings (ASTH)
10.11.17 Brothers Gas Bottling & Distribution Co. LLC
10.11.18 Deepfreeze Refrigerants Inc.
10.11.19 Eco-Freeze International
10.11.20 Engas Australasia
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