Market Segmentation:
The Global Refrigerant Market is segmented by Type, Application and Region.
On the Basis of the Type, the Global Refrigerant Market is segmented into natural refrigerants and synthetic refrigerants. Natural refrigerants are further segmented into organic/hydrocarbons and inorganic refrigerants. Hydrocarbons are further segmented into propane, n-butane, iso-butane, and others. Similarly, inorganic hydrocarbons are also sub-segmented into ammonia, CO2, water, and others. Synthetic refrigerants/fluorocarbons are segmented into two types namely pure fluorocarbons and fluorocarbon blends. Pure fluorocarbons are further segmented into chlorofluorocarbons (CFCs), hydrofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), hydrofluoro Olefins (HFO) and others. Similarly, fluorocarbon blends are also segmented into two type’s, i.e., azeotropic and zeotropic (non-azeotropic). HFC, HFO, HFC/HFO blends and natural refrigerants are expected to witness high growth during the forecast period, 2017-2023 due to their eco-friendly properties, low GWP, and low ODS potential compared to synthetic counterparts.
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On the Basis of the Application, the Global Refrigerant is segmented into refrigerators, air conditioners, chillers/heat pump, and others. Refrigerators are sub-segmented into domestic refrigerators, commercial refrigerators (medium scale), industrial & supermarket refrigerator (large scale), and transport refrigerator. Air conditioners (AC) are further segmented into centralized AC, split AC, window AC, portable AC, and hybrid AC. Air conditioners are projected to be the largest market for refrigerants in the forecast period due to the rising disposable incomes; rising standard of living, rapid technological advancements, and upcoming infrastructure projects on transport networks, and commercial & residential projects in the emerging economies.
Regional Analysis:
The Global Refrigerant Market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific is the major region in the global market. The Middle East & Africa is expected to show rising demand over the forecast period. North America and Europe is expected to show steady demand, which is further trailed by Latin America. Rising disposable income, changing lifestyle, upcoming transportation, domestic & commercial projects in the emerging economies are primarily driving the demand for air conditioners and refrigerators. Therefore, it is positively impacting the Global Refrigerant Market. Furthermore, growing industrialization across the globe is expected to drive the demand for chillers/heat pump.
Competitive Analysis:
Some of the key players in the Global Refrigerant Market are DAIKIN INDUSTRIES, Ltd. (Japan), The Chemours Company. (U.S.), Honeywell International Inc. (U.S.), Arkema S.A. (France), Dongyue Group Co. Ltd (China), Asahi Glass Co., Ltd. (Japan), Sinochem Group (China), Mexichem S.A.B. de C.V. (Mexico), The Linde Group (Germany), SRF Limited (India), and DowDuPont Inc. (U.S.).
Market Scenario:
Refrigerant is a substance used as a medium of heat transfer, which picks up the heat by evaporating at a low temperature and pressure. It gives up the heat on condensing at a higher temperature & pressure, and coverts back to the gas phase in the refrigeration cycle. Refrigerants are designated by R followed by a unique number.
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Regional Analysis:
The Global Refrigerant Market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific is expected to be the largest textile coating market in terms of market size due to growing home furnishing, construction, transportation, healthcare, agriculture, and packaging industry on account of relaxed investments norms, growing economy, rising disposable income of the middle-class population. North America and Europe are expected to show steady demand for PU based textile coating due to vast applications in clothing, healthcare, transportation, construction, home furnishing, and others. The Middle East & Africa is expected to show significant demand for Textile Coating from the construction, clothing, home furnishing sector due to the flourishing tourism industry. The Latin American market is expected to grow at a slow pace due to low overall development.
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