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Refrigerants Market to Hit USD 41.21 Billion by 2030 | With a CAGR 7.9%
Fortune Business Insights
5 min read
The refrigerants market is experiencing significant developments, driven by increasing demand for efficient cooling and refrigeration solutions. Stringent environmental regulations are pushing the industry toward eco-friendly alternatives, spurring innovation and competition among manufacturers.
Refrigerants
Refrigerants
Pune, India, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The global refrigerants market size was valued at USD 22.47 billion in 2022 and is projected to expand from USD 24.20 billion in 2023 to USD 41.21 billion by 2030, exhibiting a CAGR of 7.9% over the forecast period. The growth can be attributed to the surging demand for green refrigerants coupled with the increasing number of cold stores globally. The product demand comes from various end-use industries, especially the automotive sector.
Fortune Business Insights™ cites this information in its research report, titled “Refrigerants Market, 2023-2030”.
Hydrocarbons Segment to Gain Immense Traction Owing to Rapid Industrialization in Emerging Economies
Based on type, the market is classified into hydrocarbons, fluorocarbons, and inorganic refrigerants. The hydrocarbon segment held a leading market share in 2022. This was on account of rising industrialization in developing nations coupled with the extensive product usage in residential and commercial applications.
Refrigeration Segment to Lead Due to Surging Equipment Demand
With respect to application, the market is classified into refrigeration, air conditioning, and others. The refrigeration segment held the largest market share in 2022. This can be credited to the surging purchasing power of the middle-class population for consumer goods such as refrigeration equipment. The segment expansion can also be ascribed to surging industrialization and deteriorating weather conditions.
Industrial Segment to Dominate Owing to Rising Product Adoption
Based on end-use industry, the market is categorized into commercial, domestic, and industrial. The industrial segment captured the major market share in 2022. Stringent environmental regulations by the government, especially on manufacturing plants, coupled with surging industrial pollution in emerging nations, has bolstered the demand for refrigerants.
On the basis of region, the market for refrigerants is subdivided into Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.
COVID-19 Impact:
Disruption in Supply Chains Hampered Market Growth amid the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market on account of supply chain disruptions caused by stringent lockdown restrictions. Economies such as the U.S., Japan, the U.K., China, and Germany witnessed a sharp decline in product sales. An acute shortage of raw materials, skilled workforce, and logistic issues posed major barriers to industry growth amid the pandemic period.
The report provides vital insights into the key trends and drivers, presenting lucrative opportunities for market growth throughout the estimated period. It also offers a comprehensive coverage of the major strategies opted by leading market players to extend their global footprints.
Drivers and Restraints:
Market Value to Grow Owing to Rising Product Usage in Transportation
One of the major factors propelling the refrigerants market growth is the surging usage of transportation globally. Moreover, increasing demand for medicines, frozen food, and new therapeutic treatments within the cold chain has further proliferated the demand for reliable refrigerated transport, augmenting market growth.
However, the flammability and toxicity issues may present major barriers to product uptake.
Regional Insights:
North America to Become the Prominent Growth Hub Owing to Rising Product Demand from Transportation Sector
The North America refrigerants market share is projected to dominate over the forecast period. This rise is on account of the growing product demand from the automotive and transportation sectors.
The Asia Pacific market is poised to exhibit appreciable growth over the estimated period. The regional growth is driven by improved living standards of people and rapid urbanization.
Competitive Landscape:
Prominent Companies Emphasize on Product Innovations to Strengthen their Market Positions
Major industry players are focusing on product innovations to enhance their position. They are also investing heavy amounts into R&D activities to launch new products. Additionally, they are emphasizing on mergers and acquisition strategies to bolster their market positions.
January 2022- Honeywell, a multinational conglomerate corporation, unveiled Solstice N71(R-417A), a new low-global warming potential refrigerant for the supermarket space.
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