LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global refrigerant market for industrial and commercial applications to grow at a CAGR of almost 9% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global refrigerant market for industrial and commercial applications for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The rise in construction activities worldwide coupled with an increase in the disposable income of consumers, particularly in APAC and MEA, will be the key driving factors for the growth of the global refrigerant market for industrial and commercial applications during the forecast period. The advances in the field of chemistry and increased spending on R&D for new refrigerant chemicals that could replace the existing refrigerants in an efficient way to avoid the emission of harmful gases.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global refrigerant market for industrial and commercial applications:
- Rise in demand from developing countries
- Growth in construction segment
- Increase in global warming
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Rise in demand from developing countries
There has been an increase in the economic activity in several developing countries such as China, India, Brazil, and Indonesia. The disposable income of the population is constantly rising, which is leading to consumers spending on electronic items such as refrigerators, ACs, and chillers, where refrigerants are used. The increase in sales of these electronic items is driving the global refrigerant market.
Shakeel Iqbal, a lead specialty chemicals research analyst at Technavio, says, “The purchasing power has given a boost to the global refrigerant market as there has been a rise in the sales of various items in the electronics market. The developing countries play a vital role as a driver for the rise in the growth of the refrigerant market as the manufacturing, electrical and electronic, food and beverages manufacturing companies mainly reside in APAC and MEA.”
Growth in construction segment
With the increase in economic activities worldwide, there has been a rise in the construction space as well. Also, there has been an increase in the activities of various players in the retail market to add to their existing floor area to offer more variety of products to the consumers with high purchasing power. There has been a constant rise in the construction activities to provide more space for entertainment, food outlets, hotels, and clubs.
“The growth of the global refrigerant market has been attributed to the growth in the cooling systems, which is one of the major growth drivers for the market. The cooling systems in the existing spaces are being upgraded because of the increasing temperature as well as for customer satisfaction. The existing and new cooling systems are the major segments where a huge quantity of refrigerants is used,” adds Shakeel.
Increase in global warming
There has been a rise in global temperature because of the rise in global warming by gases such as methane, chlorofluorocarbon (CFC), and carbon dioxide. These gases are mainly emitted by refrigerants because of the presence of carbon footprint. As per the intergovernmental panel on climate change (IPCC), it is anticipated that the global temperatures will rise in the range of 0.3°C-0.9°C per decade.
The rapid increase in the global temperatures will be the leading driver for the growth of the global refrigerant market. APAC and MEA will be the major regions driving the refrigerant market as these regions will be affected the most because of the rise in the global temperatures. Some parts of MEA experience an average temperature of around 50°C, which will be the driving factor for the refrigerant market in these regions, resulting in the rise of the global refrigerant market.
- DAIKIN INDUSTRIES
- The Dow Chemical Company
- Honeywell International
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