Refrigerant is a substance or mixture, usually a fluid, used in a heat pump and refrigeration cycle that can extract heat from another body or substance. They are chemicals which are used in a cooling mechanism, such as an air conditioner or refrigerator, as the heat carrier which changes from gas to liquid and then back to gas in the refrigeration cycle.
Most common commercial refrigerants were the chlorofluorocarbons (CFCs) which, because of their high ozone damaging potential, are being phased out.
As per recent trends Hydrocarbons and Inorganic Compounds which include ammonia, CO2, simple hydrocarbons, and water will be the future of refrigerants industry. These compounds have zero ODP and low GWP values and hence are considered natural refrigerants.
The halocarbon refrigerants include one or more of the halogens (i.e., the elements fluorine, chlorine, or much less frequently, bromine or iodine) in a molecule with a carbon backbone. These chemicals include CFCs (i.e., containing carbon, fluorine, and chlorine), HCFCs (also containing hydrogen), and HFCs (which do not contain chlorine). Such refrigerants have been deemed as hazardous to the environment and are well on their way of being phased out as per European norms and other organizations will follow suit.
Consumer products and durables, food industry as well as the automobile market will be the major drivers for the refrigerant market. The demand for cooling equipment in Asia-Pacific, especially China and India has seen steady growth over years. These refrigerants find their applications in various end-user industries such as automobile, commercial and industrial sectors and these areas are booming in the Asia-Pacific region. Asia-Pacific is currently the largest and the fastest-growing car market.
As long as the automobile and consumer durable market remains growing, there would be demand for coolants and thus the refrigerant market is expected to grow at good pace over years. Hence, the Asia-Pacific region remains the largest market for refrigerants, followed by Americas, and Europe which are comparatively very small market as compared to Asia-Pacific.
Competitive landscape for each type of Refrigerant is highlighted and key market players are profiled with attributes of business overview, financials, business strategies, product portfolio and recent developments pertaining to refrigerants. Market shares of the key players for 2014 are also provided. The report encompasses the most detailed and in-depth segmentation and analysis of the Refrigerant market for the period 2015 – 2020.
Most players in the global Refrigerant market are based in the U.S. and Japan.
The key market players include:
- Daikin Industries Ltd. (Japan),
- Arkema SA (France),
- E.I. du Pont de Nemours & Co (U.S.)
- Solvay SA (Belgium).