Global Refrigerants Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
31 Aug, 2021
The refrigerants market consists of sales of refrigerants by entities (organizations, sole traders, and partnerships) that can be used as primary working fluids in absorption refrigeration systems or as secondary fluids to transmit thermal energy from one medium to the other. A refrigerant is a chemical blend of fluids that serves as a cooling agent in heat pumps and refrigeration cycles. It operates on the concept of phase transition, which converts liquid to gas and vice versa at varying temperatures.
Global Refrigerants Market Size And Drivers:
The global refrigerants market is expected to grow from $18.10 billion in 2020 to $20.02 billion in 2021 at a compound annual growth rate (CAGR) of 10.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The refrigerants market is expected to reach $28.30 billion in 2025 at a CAGR of 9%. The rising demand for air conditioning is expected to drive the growth of the refrigerants market in the coming years.
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Trends In The Global Refrigerants Market
Growing technological advancements are shaping the refrigerants market. Major players operating in the refrigerants sector are focused on developing technological solutions for refrigerants to strengthen their position. For instance, in February 2020, Honeywell, a US-based company that delivers innovative technologies to customers launched Solstice N15 (R-515B) based on HVAC technology. Solstice N15 (R-515B) is a novel non-flammable refrigerant with a low global warming potential (GWP) that can be used in chillers and heat pumps.
Global Refrigerants Market Segments:
The global refrigerants market is further segmented based on type, application and geography.
By Type: Halocarbons, Azeotropic, Zeotropic, Inorganic Refrigerants, Hydrocarbons, Others
By Application: Air Conditioners, Refrigerators, Chillers, Heat Pumps, Electronics Devices, Others
By Geography: The global refrigerants market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the refrigerants market in 2020.
Read More On The Report For The Global Refrigerants Market At:https://www.thebusinessresearchcompany.com/report/refrigerants-global-market-report
Refrigerants Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides refrigerants market overviews, analyzes and forecasts market size and growth for the global refrigerants market, refrigerants market share, refrigerants market players, refrigerants market segments and geographies, refrigerants market’s leading competitors’ revenues, profiles and market shares. The refrigerants market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.