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
Refrigerants Market Segmentation
By Product Type
Central, South America, and the Caribbean
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