Global Refrigerant Market, By Industry (Domestic household refrigeration), Light commercial refrigeration (Carbon dioxide, Hydrocarbons (propane, isobutene and others), Fluorocarbons (HCFC’s, HFC’s and hydrofluro olefins), low GWP alternatives), Commercial racks and condensing units ( Carbon dioxide, Hydrocarbons (propane, isobutene and others), Industrial refrigeration ( Carbon dioxide, Hydrocarbons (propane, isobutene and others), Fluorocarbons (HCFC’s, HFC’s and hydrofluro olefins), low GWP alternatives and ammonia), By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)- Industry Trends and Forecast to 2025 Global Refrigerant Market is expected to reach 2,019.96 Thousand Metric Tons by 2025 from 1,306.44 Thousand Metric Tons in 2017, at a CAGR of 5.7% in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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The major factors driving the growth of this market are china focusing on natural refrigerants as advised by MEP/FECO china, technological changes such as low GWP refrigerants, growth in the cold chain market and increase in the disposable income leading to rise in purchasing power of consumer appliances. On the other hand, government regulation on cutting down HFC emission, banned gases owing to regulation such as SNAP and increasing threats of ozone depletion and global warming may hinder the growth of the market.
Market Segmentation: Global Refrigerant Market
- On the basis of industry type, the global refrigerant market is segmented into domestic household, industrial refrigeration, commercial racks & condensing units, and light commercial. In 2018, domestic household based market segment is expected to dominate the global refrigerant market with 43.3% market share and is expected to reach 897.02 thousand metric tons by 2025, growing with the highest CAGR of 6.1%.
- On the basis of application type, the global refrigerant market is segmented into refrigerators, large scale refrigerators, chillers, air conditioners, heat pumps and others. In 2018, refrigerators based market segment is expected to dominate the global refrigerant market with 38.7% market share and is expected to reach 812.47 thousand metric tons by 2025, growing with the highest CAGR of 6.3%.
- Based on geography, the market is segmented into 5 geographical regions, North America, Europe, Asia-Pacific, South America and Middle East and Africa.
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