The global refrigerants
market size is anticipated to reach USD 22.16 billion by 2026
growing at a CAGR of 4.4% from 2019 to 2026 according to a new report published
by Polaris Market Research. The report ‘Refrigerant Market Share, Size, Trends,
& Industry Analysis Report, [By Product (Inorganics, Fluorocarbons,
Hydrocarbons), By Application (Domestic, Light Commercial, Commercial,
Industrial, Air Conditioning, Heat Pumps) By Regions]: Segment Forecast, 2018 –
2026’ provides insights on the current market
scenario and the future prospects.
Refrigerants can be defined as the
heat transfer medium that absorb heat at low temperature and pressure, by means
of evaporation and give up heat by means of condensation at high temperature
and pressure. Suitable and good refrigerants can be defined as those having
properties such as good stability, non-toxicity, non-flammability, and having
atmospheric boiling point in between the range of – 40 degree Celsius to 0
degree Celsius.
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Zeotrope and azeotrope are the two
major and basic classifications of refrigerant chemistry. The zeotrope can be
separated by distillation by carrying out the fractionalization process. Two or
more refrigerants can be blended to achieve properties suitable for customer
requirements. The properties that can be modified include volumetric capacity,
flammability, and discharge among others. Agencies such as the American Society
of Heating, Refrigerating, and Air-Conditioning Engineers, Inc. (ASHRAE) have
defined the nomenclature as well as standards to be used for refrigerants.
Major customers in this market
demand refrigerants which are ozone saving, have wide applicability, is less
costly and is suitable for the compressor type. According to the Montreal
Protocol, the Ozone Depletion Potential (ODP) of a refrigerant has to be zero.
In addition, it has to possess low Global Warming Potential (GWP).
The main applications of
refrigerants include chillers, air conditioners, heat pumps, refrigerators both
large scale and domestic. Improvement in economic conditions across the globe
has contributed to a rise in disposable income, increase in standard of living
and has spurred a rise in urbanization thus contributing to a rise in sale of
domestic appliances such as refrigerators. This trend is expected to benefit
the refrigerants market growth over the forecast period.
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Refrigerators are used widely in
the medical sector. They are used in laboratories, pharmacies, for uses such as
storage of medicine, and other equipments. The medical sector has experienced a
rapid growth particularly in areas such as Asia Pacific. Thus, the growth of
the medical sector is expected to in turn compliment the growth of the
refrigerants market over the forecast period.
There is a major role played by
refrigerators in the overall food value chain. The temperature control of
perishable food items at all steps of value chain is critical, and
refrigerators play an important role in doing so. It is essential for
preserving the flavor, vitamin content, texture as well as the color of the
food item. Growing population, scarce resources and demand for packaged food
has contributed to a growth in the food & beverage industry, and this trend
is expected to continue over the forecast period, thus complementing
refrigerant market growth.
Companies have to abide by strict
rules and regulations as prescribed by the regulatory agencies. Some of the
major industry participants include Arkema SA, Dongyue Group Co. Ltd.,
Honeywell International Inc., The Chemours Company, The Linde Group, Daikin
Industries Limited, Mexichem, Sinochem Group, SRF Limited, Air Liquide (Airgas
Refrigerants Inc.), Gujarat Fluorochemicals Ltd., Puyang Zhongwei Fine
Chemical, Harp International among others.
