A new report by Mordor Intelligence forecasts the market for refrigerants is expected to grow at a CAGR of over 5% during the forecast period of 2019-2024. One of the major factors driving the market studied is the expansion of the global cold chain market. However, stringent environmental regulations against fluorocarbon refrigerants is likely to restrain the market.
Read the full report here.
– Rapid growth in the global automotive industry is also likely to boost the demand for automotive refigerants during the forecast period.
– Increasing demand for bio-based refrigerants is likely to act as an opportunity for the market growth in future.
– Asia-Pacific dominated the market across the globe in 2018, owing to the rapidly growing construction and automotive industries.
Fluorocarbons to Dominate the Market
– Fluorocarbons has dominated the market owing to the increasing demand for hydrofluorocarbons.
– HFCs are widely utilized in air conditioning applications as they are less harmful to the atmosphere in comparison to other fluorocarbon refrigerants.
– They also serve as the most prominent substitutes for phased-out CFCs and HCFCs. Emerging nations are slowly phasing out fluorocarbon refrigerants and are working on phasing out HCFCs. This will, in turn, result in high demand for HFCs globally.
– HFCs are non-flammable, recyclable, energy efficient, less toxic, and are chemically stable. They are non-reactive with the environment even upon direct exposure.
– One of the chief advantages of HFCs over chlorofluorocarbons (CFC’s) is that they do not contribute to ozone layer depletion.
– Hence, fluorocarbons segment is likely to account for the highest market share during the forecast period.