The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 25, 2023 /PRNewswire/ — As per The Business Research Company’s Refrigerants Global Market Report 2023, the global refrigerants market has experienced significant expansion, reflecting a growing emphasis on sustainability and climate considerations. According to recent market research, the global refrigerants market size exhibited robust growth, surging from $22.93 billion in 2022 to $25.34 billion in 2023, boasting a commendable compound annual growth rate (CAGR) of 10.5%. Furthermore, the refrigerants market is poised to continue its upward trajectory, with expectations of reaching $34.23 billion in 2027, reflecting a CAGR of 7.8%.
Key Drivers for Market Growth
Several factors are driving refrigerant market growth rate. These include:
Rising Urbanization: Increased urbanization, particularly in emerging economies, has led to higher demand for refrigeration and air conditioning systems in homes and commercial spaces.Rising Global Temperatures: Escalating global temperatures are driving the need for efficient and effective cooling systems, contributing to the growth of the refrigerants market.Demand for Electric Vehicles: The growing popularity of electric vehicles (EVs) necessitates advanced air conditioning and refrigeration systems, further boosting the market.Learn More On The Refrigerants Market Report – https://www.thebusinessresearchcompany.com/report/refrigerants-global-market-report
Fragmented Market Landscape
The refrigerants market is characterized by fragmentation, with numerous players operating globally. In 2022, the top ten competitors accounted for 20.40% of the total market share. The Chemours Company led as the largest competitor with a 5.86% share of the refrigerants market, followed closely by The Linde Group, Dongyue Group, Honeywell International Inc., Arkema S A, Orbia, SRF Limited, Asahi Glass Co, Inc (AGC), Gujarat Fluorochemicals Ltd., and Daikin Industries Ltd.
Embracing Natural Refrigerants
Companies in the refrigerants market are actively investing in research and development to enhance the performance, safety, and applications of natural refrigerants. Hydrocarbons (HCs), ammonia (NH3), carbon dioxide (CO2), and water (H2O) are natural refrigerants gaining prominence due to their negligible or zero Global Warming Potential (GWP), non-ozone-depleting properties, and favorable thermodynamic characteristics, resulting in higher energy efficiency. Adopting these refrigerants can lead to long-term cost savings for end-users. They are increasingly being used in commercial refrigeration systems, industrial applications, and heat pumps.
Request A Free Sample Of The Refrigerants Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=5290&type=smp
Growing Environmental Awareness
Consumer awareness of environmental issues is rising, driving demand for sustainable and eco-friendly products and services. This trend is prompting manufacturers and industries to incorporate natural refrigerants into their sustainability initiatives.
Refrigerant Market Segmentation
The global refrigerants market is segmented into several categories:
Type: Halocarbons, Azeotropic, Zeotropic, Inorganic Refrigerants, Hydrocarbons, Other TypesApplication: Air Conditioners, Refrigerators, Chillers, Heat Pumps, Electronics Devices, Other ApplicationsAmong these segments, the hydrocarbons market is poised for substantial growth, with an estimated $6.6 Billion in global annual sales by 2027.
Asia-Pacific Dominates the Market
Asia-Pacific emerged as the largest region in the refrigerants market, with a market worth $9,425.6 million in 2022.
The growth of the refrigerants market in the Asia-Pacific region is attributed to the surging demand for air conditioners and refrigerators, driven by rapid urbanization. For instance, New Zealand witnessed a 0.74% increase in its urban population from 2020 to reach 4,445,853 in 2021.
View More Similar Market Reports:
Natural Refrigerants Global Market Report 2023https://www.thebusinessresearchcompany.com/report/natural-refrigerants-global-market-report
Large-Scale Natural Refrigerant Heat Pump Global Market Report 2023https://www.thebusinessresearchcompany.com/report/large-scale-natural-refrigerant-heat-pump-global-market-report
Train HVAC Global Market Report 2023https://www.thebusinessresearchcompany.com/report/train-hvac-global-market-report
Interested to know more about The Business Research Company?
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
The World’s Most Comprehensive Database
The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.
Contact InformationThe Business Research CompanyEurope: +44 207 1930 708Asia: +91 8897263534Americas: +1 315 623 0293Email: info@tbrc.info
Follow Us On:LinkedIn: https://in.linkedin.com/company/the-business-research-companyTwitter: https://twitter.com/tbrc_infoFacebook: https://www.facebook.com/TheBusinessResearchCompanyYouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQBlog: https://blog.tbrc.info/Healthcare Blog: https://healthcareresearchreports.com/Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Logo: https://mma.prnewswire.com/media/1751581/3970581/tbrc_logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/the-industrial-refrigerants-market-size-is-expected-to-grow-at-a-rate-of-more-than-7-and-reach-a-value-of-34-2-billion-by-2027–by-the-business-research-company-301937532.html
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 25, 2023 /PRNewswire/ — As per The Business Research Company’s Refrigerants Global Market Report 2023, the global refrigerants market has experienced significant expansion, reflecting a growing emphasis on sustainability and climate considerations. According to recent market research, the global refrigerants market size exhibited robust growth, surging from $22.93 billion in 2022 to $25.34 billion in 2023, boasting a commendable compound annual growth rate (CAGR) of 10.5%. Furthermore, the refrigerants market is poised to continue its upward trajectory, with expectations of reaching $34.23 billion in 2027, reflecting a CAGR of 7.8%.
Key Drivers for Market Growth
Several factors are driving refrigerant market growth rate. These include:
Rising Urbanization: Increased urbanization, particularly in emerging economies, has led to higher demand for refrigeration and air conditioning systems in homes and commercial spaces.Rising Global Temperatures: Escalating global temperatures are driving the need for efficient and effective cooling systems, contributing to the growth of the refrigerants market.Demand for Electric Vehicles: The growing popularity of electric vehicles (EVs) necessitates advanced air conditioning and refrigeration systems, further boosting the market.
Learn More On The Refrigerants Market Report – https://www.thebusinessresearchcompany.com/report/refrigerants-global-market-report
Fragmented Market Landscape
The refrigerants market is characterized by fragmentation, with numerous players operating globally. In 2022, the top ten competitors accounted for 20.40% of the total market share. The Chemours Company led as the largest competitor with a 5.86% share of the refrigerants market, followed closely by The Linde Group, Dongyue Group, Honeywell International Inc., Arkema S A, Orbia, SRF Limited, Asahi Glass Co, Inc (AGC), Gujarat Fluorochemicals Ltd., and Daikin Industries Ltd.
Embracing Natural Refrigerants
Companies in the refrigerants market are actively investing in research and development to enhance the performance, safety, and applications of natural refrigerants. Hydrocarbons (HCs), ammonia (NH3), carbon dioxide (CO2), and water (H2O) are natural refrigerants gaining prominence due to their negligible or zero Global Warming Potential (GWP), non-ozone-depleting properties, and favorable thermodynamic characteristics, resulting in higher energy efficiency. Adopting these refrigerants can lead to long-term cost savings for end-users. They are increasingly being used in commercial refrigeration systems, industrial applications, and heat pumps.
Request A Free Sample Of The Refrigerants Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=5290&type=smp
Growing Environmental Awareness
Consumer awareness of environmental issues is rising, driving demand for sustainable and eco-friendly products and services. This trend is prompting manufacturers and industries to incorporate natural refrigerants into their sustainability initiatives.
Refrigerant Market Segmentation
The global refrigerants market is segmented into several categories:
Type: Halocarbons, Azeotropic, Zeotropic, Inorganic Refrigerants, Hydrocarbons, Other TypesApplication: Air Conditioners, Refrigerators, Chillers, Heat Pumps, Electronics Devices, Other Applications
Among these segments, the hydrocarbons market is poised for substantial growth, with an estimated $6.6 Billion in global annual sales by 2027.
Asia-Pacific Dominates the Market
Asia-Pacific emerged as the largest region in the refrigerants market, with a market worth $9,425.6 million in 2022.
The growth of the refrigerants market in the Asia-Pacific region is attributed to the surging demand for air conditioners and refrigerators, driven by rapid urbanization. For instance, New Zealand witnessed a 0.74% increase in its urban population from 2020 to reach 4,445,853 in 2021.
View More Similar Market Reports:
Natural Refrigerants Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/natural-refrigerants-global-market-report
Large-Scale Natural Refrigerant Heat Pump Global Market Report 2023
Train HVAC Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/train-hvac-global-market-report
Interested to know more about The Business Research Company?
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
The World’s Most Comprehensive Database
The Global Market Model, The Business Research Company’s flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.
Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Logo: https://mma.prnewswire.com/media/1751581/3970581/tbrc_logo.jpg
