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Refrigerants Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Type (Fluorocarbons, Inorganics, Hydrocarbons, and Other Types), by Application (Refrigeration, Air-conditioning, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East & Africa)

Market Snapshot

Refrigerants Market - Market Summary
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The market for refrigerants is expected to grow at a CAGR of over 5% during the forecast period of 2019-2024. One of the major factors driving the market studied will be the expansion of the global cold chain market. However, stringent environmental regulations against fluorocarbon refrigerants are likely to restrain the market.

  • The rapid growth in the global automotive industry is also likely to boost the demand for automotive refrigerants during the forecast period.
  • Increasing demand for bio-based refrigerants is likely to act as an opportunity for market growth in the future.
  • Asia-Pacific dominated the market across the world in 2018, owing to the rapidly growing construction and automotive industries.

Scope of the Report

The refrigerants market report includes:

Type
Fluorocarbons
Chlorofluorocarbons (CFC)
Hydrochlorofluorocarbons (HCFC)
Hydrofluorocarbons (HFC)
Inorganics
Ammonia
Carbon Dioxide
Other Inorganics
Hydrocarbons
Isobutane
Propane
Other Hydrocarbons
Others
Application
Refrigeration
Domestic
Commercial
Transportation
Industrial
Air-conditioning
Stationary
Chiller
Mobile
Others
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Rest of the Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa (MEA)

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Key Market Trends

Fluorocarbons to Dominate the Market

  • Fluorocarbons have dominated the market owing to the increasing demand for hydrofluorocarbons.
  • HFCs are widely utilized in air conditioning applications as they are less harmful to the atmosphere in comparison to other fluorocarbon refrigerants.
  • They also serve as the most prominent substitutes for phased-out CFCs and HCFCs. Emerging nations are slowly phasing out fluorocarbon refrigerants and are working on phasing out HCFCs. This will, in turn, result in a high demand for HFCs globally.
  • HFCs are non-flammable, recyclable, energy efficient, less toxic, and are chemically stable. They are non-reactive with the environment even upon direct exposure.
  • One of the chief advantages of HFCs over chlorofluorocarbons (CFC’s) is that they do not contribute to ozone layer depletion.
  • Hence, fluorocarbons segment is likely to account for the highest market share during the forecast period.
Refrigerants Market - Segmentation

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Asia-Pacific to Dominate the Market

  • In 2018, Asia-Pacific has accounted for the highest market share and is likely to witness the highest market share during the forecast period.
  • The automotive industry has witnessed a major growth in the last decade. Development of the transportation sector is a major driver for the economic growth of China, and due to this, the sector is entirely run by state-owned corporations.
  • According to 13th Five-Year Plan, allocation of CNY 800 billion (USD 116 billion) for railways, CNY 1.65 trillion (USD 240 billion) for roads, CNY 244 billion (USD 33 billion) for airways, and CNY 150 billion (USD 21 billion) for water transport, was issued in 2017.
  • This mammoth allocation of funds paves a path for the manufacturing of various transportation vehicles, like buses, trains, ships, and airplanes in large scale. The rapid increase in production would in turn, accommodate a huge scope for usage of air conditioning systems in these vehicles.
  • The cold storage capacity grew by over 800% in China over a period of eight years. Hence, with the growing Chinese cold chain logistics industry, which constitutes of refrigeration trucks and cold storages, the Chinese refrigerants market is expected to rapidly increase during the forecast period.
  • Hence, Asia-Pacific is likely to dominate the market during the forecast period.
Refrigerants Market - Regional Trends

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Competitive Landscape

The global refrigerant market is consolidated, with the top five players accounting for a major chunk of the market. Some of the major players in the market include Honeywell International Inc., Arkema Group, Mexichem, and Sinochem Group Co., Ltd., among others.

Major Players

  1. Honeywell International Inc.
  2. Arkema Group
  3. Mexichem
  4. SINOCHEM GROUP CO., LTD.

* Complete list of players covered available in the table of contents below

Refrigerants Market - Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Expansion of the Global Cold Chain Market

      2. 4.1.2 Rapid Growth in the Global Automotive Industry

    2. 4.2 Restraints

      1. 4.2.1 Stringent Environmental Regulations against Fluorocarbon Refrigerants

      2. 4.2.2 Constant Amendment of Montreal Protocol

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Fluorocarbons

        1. 5.1.1.1 Chlorofluorocarbons (CFC)

        2. 5.1.1.2 Hydrochlorofluorocarbons (HCFC)

        3. 5.1.1.3 Hydrofluorocarbons (HFC)

      2. 5.1.2 Inorganics

        1. 5.1.2.1 Ammonia

        2. 5.1.2.2 Carbon Dioxide

        3. 5.1.2.3 Other Inorganics

      3. 5.1.3 Hydrocarbons

        1. 5.1.3.1 Isobutane

        2. 5.1.3.2 Propane

        3. 5.1.3.3 Other Hydrocarbons

      4. 5.1.4 Others

    2. 5.2 Application

      1. 5.2.1 Refrigeration

        1. 5.2.1.1 Domestic

        2. 5.2.1.2 Commercial

        3. 5.2.1.3 Transportation

        4. 5.2.1.4 Industrial

      2. 5.2.2 Air-conditioning

        1. 5.2.2.1 Stationary

        2. 5.2.2.2 Chiller

        3. 5.2.2.3 Mobile

      3. 5.2.3 Others

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 ASEAN Countries

        6. 5.3.1.6 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 France

        3. 5.3.3.3 United Kingdom

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of the Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa (MEA)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1

      2. 6.4.2 A-Gas

      3. 6.4.3 Arkema Group (Bostik SA)

      4. 6.4.4 Daikin Industries Ltd

      5. 6.4.5 Dongyue Group Co. Ltd

      6. 6.4.6 Harp International Ltd

      7. 6.4.7 Honeywell International Inc.

      8. 6.4.8 Hudson Technologies

      9. 6.4.9 Mexichem S.A.B. de CV

      10. 6.4.10 Navin Fluorine International Ltd

      11. 6.4.11 Sinochem Group

      12. 6.4.12 SRF Limited

      13. 6.4.13 The Chemours Company

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Demand for Bio-based Refrigerants

**Subject to Availability

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