Asia-Pacific — The Largest Shareholder of the Global Refrigerants Market

Tue, 09 June 2020 4:21

Market Introduction

The trajectory of the refrigerants market witnessed a dent when the Environmental Protection Agency (EPA) announced a significant new alternatives policy (SNAP) program that focuses on the evaluation and regulates substitutes of the ozone-depleting chemicals. Thus, leading to the phase-out of various fluoro refrigerants such as CFCs and HCFCs. This changed the entire outlook of the refrigerant markets, as now the manufacturers in the industry are trying to focus on developing refrigerants with low ozone-depleting potential (ODPs) and global warming potential (GWPs) that will fulfill the norms of these environmental and governmental organization.

The thriving global economy, improving disposable income coupled with the rapid industrialization and urbanization, are some of the key factors that are driving the growth of the global refrigerants market. Moreover, the increase in the demand for better and efficient energy conservation practices is another factor that is slated to accelerate the growth of the market during the forecast period. 

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The Asia-Pacific region is driving the global refrigerant market, owing to the rapid industrialization, economic development, and increasing consumer spending. The region’s snowballing automotive industry using these refrigerants as a coolant in automobiles is further anticipated to bolster the market growth. Moreover, the regulations pertaining to these refrigerants in the region are lenient due to which the leaders in the global market have turned prominent exporters of phase-out refrigerants among the western markets. Although this scenario has made the products cheaper, it has also affected the financial viability of the regional manufacturers in the market. However, the governments and several companies in the region are shifting their focus on preventing the use of high-GWP refrigerants and inclining toward the natural refrigerants market.

Refrigerants Market: Key Players

  • Honeywell International Inc.
  • DAIKIN INDUSTRIES, Ltd.
  • Dongyue Group
  • Arkema S.A.
  • Linde Group
  • SINOCHEM GROUP CO., LTD.
  • Engas Australasia
  • Hess Corporation
  • Deepfreeze Refrigerants Inc.
  • Tazzetti S.p.A
  • Airgas, Inc.
  • HyChill Australia
  • Orbia Advance Corporation S.A.B. de CV
  • The Chemours Company
  • Air Liquide
  • Puyang Zhongwei Fine Chemical Co.,Ltd.
  • Shandong Yuanlian Chemical Co.,Ltd.
  • A‑Gas International Limited

Key Developments

  • On June 2018, Honeywell International Inc., launched Solstice N41, a nonflammable, energy-efficient, and lower global-warming-potential (GWP) refrigerant, for use in stationary air conditioning systems. This refrigerant will be a replacement of the R-410A, which is used in the HVAC systems worldwide.
  • On December 2019, the Chemours Company announced the suspension of refrigerants R-404A and R-507A in the EU from 1 January 2020, owing to their high-GWP. These refrigerants will be replaced by the Option series refrigerants of the company, which have lower-GWP.
  • On September 2019, SRF Limited obtained the ASHRAE certification for its new and low GWP refrigerant blend R-467A for stationary air-conditioning applications. The product is a non-toxic, mildly flammable refrigerant and is offered under the SRF’s FLORON Brand.

Refrigerants Market Segmentation

By Product Type

  • Chlorofluorocarbons (CFCs)
  • Hydrofluorocarbons (HFCs)
  • Hydrochlorofluorocarbons (HCFCs)
  • HydroFluoroOlefin (HFOs)
  • Carbon Dioxide
  • Ammonia
  • Propane

Application

  • Air Conditioners
  • Refrigerators
  • Chillers & Heat Pumps
  • Others

End-User

  • Residential
  • Commercial
  • Automotive
  • Industrial
  • Marine

By Region

North America

  • U.S.
  • Canada
  • Mexico

Europe

  • Germany
  • U.K
  • France
  • Italy
  • Rest of Europe

Asia-Pacific

  • Japan
  • China
  • India
  • South Korea
  • Australia
  • The Rest of Asia-Pacific

Central, South America, and the Caribbean

  • Argentina
  • Brazil
  • Colombia
  • The Rest of Central, South America, and the Caribbean

Middle East

  • Saudi Arabia
  • Oman
  • Qatar
  • The U.A.E
  • Turkey
  • The Rest of Middle East

Africa

  • Nigeria
  • South Africa
  • The Rest of Africa

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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