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The global refrigerant market size is expected to reach at a significant CAGR forecast 2026. A refrigerant is a mixture of fluid substances used in a heat pump or refrigeration cycle. During refrigeration cycle it undergoes transitions from a liquid to gas. Refrigerants are used for its properties as non-corrosive, high heat of vaporization, moderate density in liquid form, and high density in gaseous form. In addition, there are many available chemicals which have application as refrigerants such as hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), Hydrofluro-Olefins (HFO), and other inorganic chemicals. The main application of refrigerants is air-conditioning systems for buildings, chemical, pharmaceutical, and food industries.
On the basis of type, refrigerants can be segmented into fluorocarbons, hydrocarbons, inorganic refrigerants, and others. Fluorocarbons are dominating the market due to increasing demand for hydrofluorocarbons. Urbanization and improving lifestyles are causing high demand for air conditioning which supports the growth of refrigerant market. Ammonia is the fasted growing among refrigerants because of its reduced environmental effects.
Key Market Driver -
Key Market Driver – Rise in demand for refrigerants from air conditioning.
Key Market Restraint -
Key Market Restraint – Difficulties in transportation & storage.
On the basis of application, refrigerant market can be segmented into domestic, industrial, commercial, air conditioning, chillers, variable refrigerant flow, mobile air conditioning, and others. Air conditioning is the largest application due to increasing population & urbanization, which has caused a rise in demand for refrigerants from the air conditioning segments. Mobile air conditioning is the fasted growing application due to growing automotive & transportation end-use industries.
The key market driver is the rise in demand for refrigerants from air conditioning for domestic and commercial purposes. Improving lifestyle and urbanization has increased the demand for air conditioning in residential and commercial infrastructures that will drive the demand for refrigerants globally.
The key market restraint is the difficulty in storage and transportation of refrigerants such as hydrochlorofluorocarbons and hydrocarbons due to its gaseous state and highly volatile nature. Governmental regulations regarding environmental conservation are also a restraint for refrigerant market.
On a geographical basis, refrigerant market can be segmented into North America, South America, Asia-Pacific, Europe, and Middle East & Africa. Asia-Pacific is the largest segment due to growing population and industrialization. The disposable economy will further help the growth of market due to increased use of air conditioning in domestic and industrial sectors. Rising demand from the automotive & transportation segments is also expected to support the refrigerant market growth.
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North America and Europe refrigerant markets are expected to have high demand for ammonia (inorganic refrigerant) due to technological advancement and major use of refrigeration in food industry. Rapid industrialization and urbanization are responsible for the growth of market in Middle East & Africa. Improving lifestyle and growing population will increase the demand for domestic refrigeration in South America. Overall, market is expected to have high growth during the forecast period.
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