International. The refrigerant market is projected to reach US$18.05 trillion in 2022, at a CAGR of 4.5% from 2017 to 2022. The market in several growing economies of Asia-Pacific and middle east and Africa is expected to experience high growth due to increasing purchasing power, growth in infrastructure industry and appliance manufacturing.
The growing food and healthcare industries are also driving the market, as these industries require refrigerators to preserve medicines and food. In addition, increasing populations and increasing consumption of frozen foods are also contributing significantly to the growth of the refrigerant market in the Asia-Pacific region. However, the market in the developed economies of Europe and North America is expected to experience slow growth due to changing trends regarding restrictions on the use of fluorocarbons under the regulations of the Montreal Protocol. Hydrocarbon refrigerants (HCs) will gain importance in North America due to the rapid shift from fluorocarbon to hydrocarbon-based refrigerants.
On the basis of type, fluorocarbon refrigerants are estimated to account for the maximum proportion of global refrigerant consumption in 2017. However, due to its undesirable effect on the ozone layer, demand is expected to decrease.
On the basis of application, the MAC sub-application of air conditioners is anticipated to be one of the fastest growing applications in the refrigerant market. Asia-Pacific is expected to lead the refrigerant market during the forecast period in the MAC application segment due to the growing automotive industry in the region.
The major drivers contributing to the growth of the global refrigerant market are the increasing demand for household appliances and the growing cold chain markets. Increasing regulations against fluorocarbon refrigerants and flammability and toxicity issues are the major growth restraints in the market. The increasing use of natural refrigerants is expected to act as an opportunity for those interested in the refrigerant market. Natural refrigerants are likely to show high growth in the coming years. Developments in the market, including new product launches, mergers and acquisitions, agreements, and joint ventures, are expected to help the growth of the market.
Source: Markets&Markets.
