LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global aerosol refrigerants market to grow at a CAGR of approximately 7% during the period 2018-2022, according to their latest report.
Replacement of high-GWP refrigerants with low GWP alternatives is a major trend being witnessed in the market. Conventional aerosol refrigerants displayed favorable flammability and toxicity characteristics but had high ODP and GWP characteristics. Most of the new zero-ODP, low-GWP alternatives provide undesirable characteristics such as higher flammability, toxicity, or lower volumetric capacity than the HFC refrigerants. HFC refrigerants will eventually be replaced by low-GWP alternatives. HFC-32 and HFC-152a are the two viable replacement options. HFC-32 is a versatile aerosol refrigerant suitable for air conditioning and heat pump applications. HFC-152a can be used in commercial refrigeration applications, chillers, and industrial refrigeration.
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In this report, Technavio analysts project the increasing demand for refrigerators, chillers, and air conditioners as a major factor contributing to the growth of the global aerosol refrigerants market:
Increasing demand for refrigerators, chillers, and air conditioners
The introduction of energy efficiency labels such as ENERGY STAR has increased the consumer awareness regarding costs, energy consumption, and benefits. The end-users prefer refrigerators, chillers, and air conditioners with non-ozone depleting refrigerants and glass shelves. The increasing number of double-income families in urban areas and high purchasing power promote the demand for home appliances. Globalization and automation reduce the manufacturing costs of appliances for producers. To meet efficiency standards, manufacturers have increased the refrigerator-size by 20% and provide user-friendly technological advances such as through-the-door ice and water dispensers.
According to a senior analyst at Technavio for specialty chemicals, “In the last few years, the demand for high capacity frost-free refrigerators has increased. Manufacturers target the high-income group and provide premium products. Side-by-side refrigerators have more storage space than the conventional refrigerators and are gaining popularity among the upper middle class. Other factors such as the availability of maintenance-free compressors, improved lifecycle, and easy financing options will increase the demand for household refrigerators and freezers market during the forecast period.”
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Global aerosol refrigerants market segmentation
This market research report segments the global aerosol refrigerants market into the following products (aluminum and steel) and key regions (the Americas, APAC, and EMEA). It provides an extensive analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Among the two products, aluminum held the largest market share in 2017, accounting for nearly 76% of the market. This segment is expected to grow significantly during the forecast period and project more than 1% increase in market share.
In 2017, EMEA accounted for the largest share of the global aerosol refrigerants market, followed by the Americas and APAC. The regional aerosol refrigerants markets will register considerable growth during the forecast period because of the rising use of aerosol refrigerants in domestic refrigeration and mobile air conditioning applications.
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