LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global refrigerant market is projected to grow at a CAGR of more than 6% over the forecast period.
This research report titled ‘Global Refrigerant Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
| Shipments of refrigerants are expected to be driven by the need to replace some of the existing conventional equipment, which releases harmful gases such as chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs). In addition to this, the demand for using energy-efficient technology in order to save energy along with the latest developments and innovations in the field of home automation is expected to fuel the growth of the market globally. |
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Based on the product, the report categorizes the global refrigerant market into the following segments:
- Fluorocarbon refrigerants
- Inorganic refrigerants
- Hydrocarbon refrigerants
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Fluorocarbon refrigerants
“Fluorocarbon refrigerants occupied a majority 79% of the global market in 2016 and is expected to continue its dominance during the forecast period. Since their introduction in the 1930s, they have been capturing a significant market share, owing to their energy efficiency, low flammability, and less corrosive nature,” says Gaurav Mohindru, a lead analyst at Technavio for unit operations research.
The fluorocarbons family of refrigerants comprise chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), and hydrofluorocarbons (HFCs). The high ozone depleting potential (ODP) of CFCs and HCFCs has led to the increased use of HFCs, which are better substitutes to the earlier phased-out family of refrigerants. However, the implementation of various phase-out plans will offset the growth in the market segment.
Inorganic refrigerants
Inorganic refrigerants are inorganic compounds without carbon-hydrogen bonds. The inorganic family of refrigerants consists of R718, R717, and R744. Most of these refrigerants are inexpensive, non-toxic, environment-friendly and non-flammable. This non-toxic and non-flammable nature of these refrigerants will propel their demand during the forecast period.
The environment-friendly characteristics of inorganic refrigerants have resulted in their growing popularity and wide use as commercial, transportation, and industrial refrigerants. The growing stringency of standards and regulations for refrigerants combined with the environment-friendly and cost-efficient characteristics of inorganic refrigerants will lead to rising demand for them during the forecast period.
Hydrocarbon refrigerants
“Hydrocarbon refrigerants are expected to grow swiftly, at a CAGR of more than 11% over the forecast period. Hydrocarbons are non-toxic, natural, and environmentally friendly refrigerants. The gradual phasing-out of fluorocarbon refrigerants will make way for the hydrocarbons as a better choice of refrigerants,” says Gaurav.
Apart from being environment-friendly, hydrocarbon refrigerants also help in lowering energy costs. The energy cost savings realized by using hydrocarbon refrigerants can be as high as 54%. Since cooling accounts for more than half the energy consumption of a building, switching to hydrocarbon refrigerants can result in significant cost savings, thereby driving its adoption.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Airgas Refrigerants
- Arkema
- Chemours
- Dongyue
- Honeywell
- The Linde Group
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