Global Refrigerant Market to be dominated by growing consumption of frozen food through 2028.
Growing demand of
refrigerant in automotive industry and rise in disposable income are the major
drivers for the Global Refrigerant Market.
According to TechSci Research
report, “Refrigerant Market –Global Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2018-2028”, the Global
Refrigerant Market is anticipated to register a high CAGR during the
forecast period. This can be ascribed to collaborations and partnerships among
leading companies with a diverse approach to merge the expertise of individual
companies and to strengthen their position in the market.
With the increasing pace of modern lifestyles
and the growing emphasis on convenience, the demand for frozen food products is
experiencing a remarkable surge. This surge has had an impact on the
refrigerant industry, creating ripple effect. The globalization of food culture
has led to the availability of diverse cuisines. To ensure the authenticity and
quality of these international dishes, the frozen food industry has played a
vital role. Moreover, the expansion of retail chains and the rise of e-commerce
platforms have made frozen foods more accessible than ever before. The
availability of frozen food products through various distribution channels,
including supermarkets, hypermarkets, and online marketplaces, has
significantly contributed to the increasing consumption of these products.
Furthermore, advancements in food preservation techniques and freezing
technology have greatly enhanced the quality and safety standards of frozen
food products. As a result, consumers have gained confidence in the safety and
nutritional value of frozen foods, leading to greater consumption. In addition
to consumer preferences, regulations and environmental concerns are driving the
industry towards adopting low-global warming potential (GWP) refrigerants. As
the demand for frozen food continues to rise, the transition to environmentally
friendly refrigerants becomes increasingly crucial. The increasing demand for
refrigerants in the automotive sector is emerging as a significant driver of
the global refrigerant market. Environmental regulations, particularly those
aimed at reducing greenhouse gas emissions and improving fuel efficiency, are
reshaping the automotive industry. Vehicle manufacturers are adopting
technologies that minimize emissions and enhance energy efficiency. Refrigerants
play a pivotal role in achieving these objectives by ensuring that air
conditioning systems are designed to be environmentally friendly and energy
efficient.
Browse over XX market data Figures and spread through 110 Pages and an in-depth TOC on "Global Refrigerant Market.”
The rise of electric vehicles (EVs) presents unique challenges in
terms of cooling. Efficient cooling systems are required to manage battery
temperatures and maintain optimal performance in EVs. Refrigerants play a
critical role in managing the thermal conditions of EVs, contributing to
battery longevity, safety, and overall efficiency. As economies expand and
consumer purchasing power grows, there is a significant increase in the demand
for refrigerants, cooling appliances, and air conditioning systems. This surge
is attributed to the rise in disposable income, which is linked to evolving lifestyles
and preferences. Consumers now prioritize convenience, comfort, and quality of
life, thereby driving the demand for cooling solutions that rely on
refrigerants. The higher levels of disposable income enable consumers to invest
in advanced and energy-efficient cooling solutions, thereby compelling
manufacturers to innovate and develop new technologies. The development of new
refrigerant solutions frequently necessitates access to specialized resources,
facilities, and expertise. Collaborative research endeavors are indispensable
for the creation of innovative technologies and the resolution of intricate
challenges. Through the consolidation of resources and the exchange of
insights, partners can expedite the pace of research and development, leading
to more rapid advancements in refrigerant technology. Chemours and BOHN have
collaborated to innovate the cold food chain by launching the first low-GWP
(Global Warming Potential) solution. This collaboration includes the adoption
of new Opteon™ XL40, Opteon™ XL20, and Opteon™ XL10 refrigerants for BOHN
Ecoflex commercial refrigeration equipment. Moreover, OR (Institute of
Refrigeration) has expanded its partnership with a global ammonia refrigeration
body to enhance the sharing of information and expertise between cooling
experts in the UK and the US.
However, flammability and
safety concerns along with growing transition towards low-GWP alternatives are expected
to slow down the growth of the market in the coming years.
The Global Refrigerant Market segmentation is based on Type, Application, By Company, and Region
Some
of the major companies operating in the Global
Refrigerant Market include:
·
Honeywell
International Inc.
·
Daikin
Industries Ltd
·
Arkema
S.A.
·
Dongyue
Group
·
The
Chemours Company
·
Mexichem
SAB de CV
·
Sinochem
Group
·
Linde
Group
·
SRF
Limited
·
Gujarat
Fluorochemicals Limited
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“Certain regions,
particularly the Asia Pacific, are projected to exert significant demand for
refrigerant worldwide. The growth in the competitive landscape and the presence
of well-established companies in the market, committed to enhancing their
refrigerant productivity each year, are expected to contribute to a remarkable
growth of the Global Refrigerant Market in the forecast period," said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based Global
management consulting firm.
Refrigerant Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Halocarbons, Inorganics, Hydrocarbons and Others), By Application (Refrigerators, Large-Scale Refrigerators, Chillers, Air Conditioners, Heat Pumps, and Others), By Company, By Geography, Forecast & Opportunities, 2023 has evaluated the future growth potential of Global Refrigerant Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Refrigerant Market.
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