Refrigerant Market Boosting by the Widespread of Natural Refrigerants
Sep 4, 2019
The global refrigerants market, which stood at $23.5 billion in 2018, is set to grow at a CAGR of 7.6% over the forecast period 2019-2025.
Hyderabad, India - September 4, 2019 /MarketersMedia/ —
Refrigerants play a promising role in reducing increasing concerns regarding global warming and ecological footprints of the refrigeration and air conditioning industries. Currently, ammonia, sulphur dioxide and non-halogenated hydrocarbons, including propane, are the most commonly used refrigerants which serve as alternatives to hydro chlorofluorocarbons across a diverse range of applications. A report by IndustryARC estimates that the global Refrigerants Market, which stood at $23.5 billion in 2018, is set to grow at a CAGR of 7.6% over the forecast period 2019-2025. A recent computational study of National Institute of Standards and Technology (NIST) presents that more than a dozen chemical blends are suitable to replace today’s refrigerants. As these alternative refrigerants oppose heating up atmosphere and also catching up fire. This study has identified nearly 22 best nonflammable and marginally flammable blends with lower global warming potential, which are more apt in case of AC systems. Actually this analysis has been performed specifically for the U.S. military but now it is applicable for civilian applications which include AC systems for cars and homes. The report covers refrigerants market size by type and applications, refrigerants market share by top 5 companies and also the market share by start-ups during the forecast period.
View Full Table of Contents of Refrigerant Market:
https://www.industryarc.com/Report/11662/refrigerant-market-analysis.html
Report Price (Single User): US $3850
Refrigerants Australia is an industry, which works proactively with Government, focused to provide real environmental benefit during the prosperity of industry. This industry plays a vital role in handling the developments especially in the air conditioning and refrigeration industries of Australia. And also in reducing the footprints of the same on the environment. The major focus of refrigerants Australia projects for 2018 and 2019 is to provide training about the safe usage of refrigerants and managing safety issues along with the increased concentration on flammable refrigerants.
Refrigerant Market: Leading Segments
Puron Advance is one of the latest advances in the refrigerants market, which cause the least environmental impact. It is identified as the next generation refrigerant, which act as a ducted residential solution especially in the North America region. There is widespread adoption of R-410A in residential air conditioning (AC) units by manufacturers, as these don’t damage the ozone layer. Residential application has been acknowledged as the fastest growing segment among commercial, automobile and industrial applications, which is growing at a CAGR of 9.5% throughout the forecast period.
According to the World Health Organization, in Asia-Pacific less than 8% of people are inhaling a clean breathe and rest of the 92% populous that is nearly 4 billion people are exposed to the risk of air pollution. Increasing air pollution in this region can be reduced by eliminating usage of hydro fluorocarbon refrigerants in air conditioners. Natural refrigerants have become the preferred choice for companies in meeting objectives such as maintaining the ecological balance. Usage of these ecofriendly refrigerants boosts the revenue of the cold storage industry in Indonesia. Additionally, HVAC&R (Heat, Ventilation, AC, and Refrigeration) stakeholders of Southeast Asia are spreading the news of advantageous natural refrigerants usage across the world, through atmosphere conferences and exhibition centres. Higher adoption rate associated with the ozone-and climate friendly refrigerants in the domestic markets especially in the South and South East Asia regions to provide good services and to gain excellence in the competency for the same. In 2018, shecco organized ATMOsphere Asia, which has highlighted the natural refrigerants integrated services & products and the advanced use of five natural refrigerants namely carbon dioxide (CO2), hydrocarbons (HC), ammonia (NH3), water and air with other allies. Thus, the APAC region occupied a large share of about 42% in the global refrigerants market, in 2018.
Refrigerant Market: Disruptive Trends
Demand for refrigerants worldwide are being driven by increasing desire for causing zero ozone depletion, which is shifting demand towards refrigerants which have lower potential for causing global warming.
Development of novel synthetic refrigerants and natural refrigerants are driving growth of refrigerants in the refrigeration and air conditioning industries.In 2018, Coca-Cola, Pepsi, Red Bull and Unilever companies have installed 7.25 million units under light commercial refrigeration using natural refrigerants particularly hydrocarbons and carbon dioxide.
Increasing usage of refrigerants with low global warming potential, in order to avoid the impact of synthetic greenhouse gases in the atmosphere has been boosting the global refrigerant market demand.
Environmental regulations are encouraging newer and more efficient refrigerants to reduce the use of chemicals which are harmful to the surroundings. The U.S. Environmental Protection Agency has mandated phasing out the Freon refrigerant usage by 2020.
Refrigerant Market: Major Players
Some of the major refrigerant players operating in the global refrigerant market are Arkema S.A., Honeywell International Inc., The Chemours Company, Dongyue Group Co. Ltd., The Linde Group, Sinochem Lantian Co. Ltd., Daikin Industries, Mexichem, Air Liquide, and Asahi Glass Corporation.
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Related Reports:
A. Ammonia Refrigerant Market
https://www.industryarc.com/Report/1276/Ammonia-Refrigerant-Market-analysis-report.html
B. Natural Refrigerants Market
https://www.industryarc.com/Report/15239/natural-refrigerants-market.html
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IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected] to discuss more about our consulting services.
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Source URL: https://marketersmedia.com/refrigerant-market-boosting-by-the-widespread-of-natural-refrigerants/88914118
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