Market Size of Aerosol Refrigerants Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Aerosol Refrigerants Market Analysis
The global market for aerosol refrigerants is expected to grow at a CAGR of about 4% , during the forecast period. Major factor driving the market studied is rising need for refrigerators, air conditioners, and chillers. On the flip side, HFCs being potent greenhouse gases with high global warming potential (GWP) and long lifetimes, is hindering the growth of the market.
- Urbanization & commercialization of countries in the Asia-Pacific and Africa region is expected to offer various opportunities for the growth of the market.
- Asia-Pacific dominated the market across the world, owing to the rapidly growing construction and automotive industries.
Aerosol Refrigerants Industry Segmentation
The Aerosol Refrigerants Market report includes:
| Product | |
| HFC-143a | |
| HFC-32 | |
| HFC-125 | |
| SF6 | |
| Others |
| End-user Industry | |
| Residential | |
| Commercial | |
| Industrial | |
| Transportation |
| Geography | |||||||
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Aerosol Refrigerants Market Size Summary
The aerosol refrigerants market is poised for steady growth, driven by the increasing demand for refrigeration and air conditioning systems. This demand is particularly pronounced in the Asia-Pacific and Africa regions, where urbanization and commercialization are creating new opportunities. The Asia-Pacific region, in particular, is a dominant force in the market, fueled by the burgeoning construction and automotive sectors. However, the market faces challenges due to the environmental impact of hydrofluorocarbons (HFCs), which are potent greenhouse gases. Regulatory measures, such as the Kigali Amendment to the Montreal Protocol, are pushing for the replacement of HFCs with more environmentally friendly alternatives, potentially hindering market growth.
The global HVAC equipment market, which is closely linked to the aerosol refrigerants market, is also expected to experience growth, driven by factors such as increased household formation, rising construction spending, and growing disposable incomes. The demand for HVAC systems is particularly strong in the Asia-Pacific region, where rapid urbanization and commercial expansion are prevalent. In China and India, economic growth and changing consumer preferences are further propelling the market for aerosol refrigerants. Despite challenges from international trade issues and geopolitical tensions, the market is expected to recover and expand in the latter part of the forecast period. The market is partially consolidated, with major players like Arkema Group, Honeywell International Inc., and DAIKIN INDUSTRIES, Ltd. holding significant market shares.
Aerosol Refrigerants Market Size - Table of Contents
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1. Market Dynamics
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1.1 Drivers
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1.1.1 Rising Need for Refrigerators, Air Conditioners, and Chillers
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 HFCs as Potent Greenhouse Gases with High Global Warming Potential (GWP)
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porters Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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1.5 Regulatory Policies
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2. Market Segmentation
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2.1 Product
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2.1.1 HFC-143a
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2.1.2 HFC-32
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2.1.3 HFC-125
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2.1.4 SF6
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2.1.5 Others
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2.2 End-user Industry
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2.2.1 Residential
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2.2.2 Commercial
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2.2.3 Industrial
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2.2.4 Transportation
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Mexico
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2.3.2.3 Canada
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Aerosol Refrigerants Market Size FAQs
What is the current Aerosol Refrigerants Market size?
The Aerosol Refrigerants Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Aerosol Refrigerants Market?
Arkema Group, Groupe Gazechim, Honeywell International Inc., The Chemours Company and DAIKIN INDUSTRIES, Ltd. are the major companies operating in the Aerosol Refrigerants Market.
