Refrigerant Market is a compound found in either fluid or gaseous state. It readily absorb the heat from the environment and can provided refrigeration or air conditioning when combined with other component such as compressor and evaporators. The rapid development worldwide has led the demand for the refrigerants market in various type HCFCs, HFCs, HFOs, Isobutane, Propane, Ammonia and Carbon Dioxide. Besides adoption of technology advancement products and appliance has further boosted the demand in the market. The market is expected to witness growth at significant pace during the forecast period.
Refrigerants Market Report Outlook
The refrigerants market is expected to witness the growth based on different driving factor like increasing demand for consumer appliances like air conditioners, motor vehicle air conditioners and refrigerators has led the growth of the market. Besides, growing cold chain market significantly for food industry has provided ample of growth opportunities for the market. Also, increasing demand for natural refrigerants has also furnished the efficient growth of the market.
COVID-19 Impact on Refrigerants Market Report
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the refrigerants market. In addition, complete analysis of changes on the refrigerants market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
Refrigerants Market Segmental Overview
The refrigerants market is segmented based on type, application and geography.
Refrigerants Market by Type
The refrigerants is available in market according to various type like hcfcs, hfcs, hfos, isobutane, propane, ammonia and carbon dioxide. Ammonia is projected to witness the growth at highest pace during the forecast period. The demand for ammonia is due to its low cost, required low operating costs, and also ammonia act as safe type for the environment which is ultimately driving the global refrigerants market.
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Refrigerants Market by Application
The refrigerants finds application in refrigeration, chillers, air-conditioning systems, mac. The refrigeration is bifurcated to domestic, commercial, industrial. Also, air-conditioning systems further includes window, split acs, vrf. The refrigeration is projected to dominate in the global refrigerants market. In refrigeration, commercial segment has gained the major market attributing to various application like food safety in dairy, meat, fisheries and other food industries. Also, increasing patients in the supermarket and hypermarket has propel the demand for the segment. Besides this refrigeration plays a crucial role in the pharmaceutical industry. In addition, domestic has observed increasing demand for refrigeration due to increasing disposable income and growing concern for food quality preservation and food wastage.
Refrigerants Market by Geography
Geographically refrigerants market is studied for the following region North America, Europe, Asia Pacific and RoW. Asia Pacific is anticipated to gain the largest market share in the global refrigerants market. The growing population and rapid urbanization has led the demand for the refrigerants in the region. Besides, application in industrial, commercial and residential has further fueled the growth of the region. Also, rise in disposable income has boosted the region growth thereby driving economy growth. However, North America is projected to witness the growth at the highest pace during the forecast period owing to technological advancement. The increasing consumer demand for the refrigerated food beverages which is ultimately propelling the growth in the supermarket. In addition, presence of key players in the region has significantly accelerated the refrigerants market growth in region.
Refrigerants Market Key Players
The key players in refrigerants market are A-Gas, Arkema Group (Bostik SA), Daikin Industries Ltd, Dongyue Group Co. Ltd, Harp International Ltd, Honeywell International Inc., Hudson Technologies, LINDE Plc, Mexichem S.A.B. de CV, Navin Fluorine International Ltd, Sinochem Group, SRF Limited and The Chemours Company among others.
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