A recent report has stated that the global refrigerant market is to reach £10.4 Billion by 2018.
The report, entitled Refrigerant Market – Hydro Chlorofluorocarbons, Hydro fluorocarbon, Hydrocarbon, Inorganic - Trends & Forecasts to 2018” produced by MarketsandMarkets, also predicts that the compound annual growth rate for refrigerants will stand at 6.9 per cent up to 2018.
The report segments the global refrigerant market by type, application, and geography, togther with focusing on market share analysis, and market metrics such as drivers, restraints, opportunities, burning issues and winning imperatives
It identifies major players in the market as DuPont (U.S.), Solvay SA (Belgium), Japan based Daikin and Asahi Glass, Shandong France based Arkema, Dongyue Group (China), Asahi Glass (Japan), and Honeywell International Ltd. (U.S.).
The report defines and segments the global refrigerant market with analysis and forecasting of the global volume and revenue. Refrigerant consumption will grow from an estimated £6.9 billion (equivalent to 1,207 thousand MT) in 2012 to £10.4 billion by 2018, with a CAGR of 6.9 per cent from 2013 to 2018.
It states that the rapid economic growth in most of the emerging countries (China and India) in the recent years resulted in rampant growth of commercial, industrial and automotive sector, which in turn created significant demand for refrigerants.
Among all the geographies, Asia-Pacific accounted for largest portion of refrigerant demand in 2012, totaling just around half of the world market. The increase in regions demand is mainly due to rising demand for cooling products primarily driven by increasing middle class population in developing countries such as China and India.
The demand for HCFC was high during 2003 to 2009 but the Montreal Protocol which demands phase out HCFC has significantly reduced its growth prospects. This in turn, is driving the HFC market as a substitute to HCFC. However use of HFCs is beginning to come under strict regulations, especially in Western Europe.
So now there is shift of consumer preferences towards natural refrigerants. The most commonly used natural refrigerants are ammonia, carbon dioxide, propane and iso-butane. Since fluorocarbons have high GWP, the demand for natural is increasing tremendously.
The report forecasts volume and revenue of the global refrigerant market and its various sub-markets with respect to main regions such as Americas, Europe, Asia-Pacific, and Rest of the World. Major countries such as U.S., China, India, Japan, Germany, and UK etc. were analysed.
The report segments the global refrigerant market by type, application, and geography. It also focuses on market share analysis, and market metrics such as drivers, restraints, opportunities, burning issues and winning imperatives. Top players in the global refrigerant market have been identified and profiled.