According to recent study, the refrigerants market size estimated at USD 21.3 billion in 2020 is projected to reach USD 30.8 billion by 2025, at a CAGR of 7.7% between 2020 and 2025. Factors such as increasing demand for consumer appliances and growing cold chain markets will drive the refrigerants market. The increasing demand for natural refrigerants will act as an opportunity for the market.
Carbon dioxide is estimated to be the fastest-growing refrigerant during the forecast period. It is used as a refrigerant in applications such as supermarket/hypermarket, transport, industrial, and chillers. Its thermos-physical properties such as good heat transfer coefficient, negligible pressure loss, and low viscosity, make it a potential refrigerant for these applications. Inorganic refrigerants, such as CO2, are mostly used in supermarket/hypermarket and harmaceutical & food industry. Factors such as the growing organized retail sector and increasing infrastructure spending on supermarkets with large sales areas are driving the demand for carbon dioxide in the region.
APAC is the fastest-growing refrigerants market. Refrigerants have a high demand in the split ACs application in APAC. This is due to surge in the building & construction end-use industry, an increasing standard of living and disposable income, increasing residential building activities and also, housing construction expenditure are important drivers of refrigerants market in the split ACs application. The changing lifestyle also plays a significant role in boosting the refrigerants market. The market growth of refrigerants in the region is mainly attributed to China – the largest refrigerants market globally. Large consumer markets and lower cost of production in India and China are driving the region’s refrigerants market.