Refrigerant 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.