ShareRefrigerant Market worth USD 21 Billion by 2020
The global refrigerant market is forecast to reach USD 21 billion by 2020, growing at a CAGR of 6 % from 2015 to 2020, according to a report published by MarketsandMarket.
The global refrigerant market is forecast to reach USD 21 billion by 2020, growing at a CAGR of 6 % from 2015 to 2020, according to a report published by MarketsandMarkets.
The growth of refrigerants is driven by various factors such as increasing demand of refrigerants in Asia-Pacific, increasing demand of cooling products and growth in the global cold chain market.
Fluorocarbons had the largest market size, by volume in 2014, accounting for a maximum share of the total market. The fluorocarbon segment is witnessing slow growth due to stringent environmental regulations such as EU F-Gas Regulation and the Montreal Protocol. These strict regulations provide many opportunities for refrigerants such as inorganics and hydrocarbons: inorganics have the second largest market share, and are also expected to have the highest growth rate between 2015 and 2020.
The Asia-Pacific region remains the largest market for refrigerants, followed by the Americas and Europe (which are comparatively very small market). The Asia-Pacific refrigerant market is also expected to witness the highest CAGR of 7.9% from 2015 to 2020. The refrigerants are widely used in various end-user industries such as automobile, construction, chemicals, pharmaceuticals, and oil and gas, and these industries are booming in the Asia-Pacific region. Asia Pacific is home to both, the largest and the fastest-growing car markets. Construction is also a key emerging market in Asia-Pacific which is witnessing significant growth due to the presence of major economies such as China, India, and Japan.
The growth of refrigerants is driven by various factors such as increasing demand of refrigerants in Asia-Pacific, increasing demand of cooling products and growth in the global cold chain market.
Fluorocarbons had the largest market size, by volume in 2014, accounting for a maximum share of the total market. The fluorocarbon segment is witnessing slow growth due to stringent environmental regulations such as EU F-Gas Regulation and the Montreal Protocol. These strict regulations provide many opportunities for refrigerants such as inorganics and hydrocarbons: inorganics have the second largest market share, and are also expected to have the highest growth rate between 2015 and 2020.
The Asia-Pacific region remains the largest market for refrigerants, followed by the Americas and Europe (which are comparatively very small market). The Asia-Pacific refrigerant market is also expected to witness the highest CAGR of 7.9% from 2015 to 2020. The refrigerants are widely used in various end-user industries such as automobile, construction, chemicals, pharmaceuticals, and oil and gas, and these industries are booming in the Asia-Pacific region. Asia Pacific is home to both, the largest and the fastest-growing car markets. Construction is also a key emerging market in Asia-Pacific which is witnessing significant growth due to the presence of major economies such as China, India, and Japan.