DELRAY BEACH, Florida — MarketsandMarkets released its Refrigerants Market report, which states the global refrigerant forecast is projected to reach $9.56 billion by 2029, growing at a CAGR of 6.5% from 2024.
HFC & blends segment to account for fastest growing segment, in terms of value, of the global refrigerants market during the forecast period.
The rising demand from the increasing population, accompanied by the development of new technologies and products, is projected to make this region an ideal destination for the HFC & blends segment. Improved lifestyles, increasing cost of living, and the multiplying population will help industries such as refrigeration and air conditioning flourish in developing regions, thereby supporting the demand for HFC & blends. The growing HVAC and automotive sectors, particularly in emerging economies like India and China, are driving the demand for air conditioning and refrigeration, where HFCs remain widely used. Despite ongoing global efforts to phase out high-GWP refrigerants, HFCs continue to be essential due to their energy efficiency, safety, and compatibility with current refrigeration systems.
Refrigeration System segment will account for fastest growing segment, in terms of value, of the global refrigerants market during the forecast period.
The rapid urbanization rate and emerging industries in the emerging economic region are increasing the demand for refrigeration systems. China being a global manufacturing base, generates high demand for refrigerants in commercial refrigeration systems. Similarly, other major economies in the Asia Pacific region, such as India, Japan, and South Korea, are also driving refrigerant demand in this application. This application is further divided into three major categories domestic refrigeration, industrial refrigeration, and commercial refrigeration. The growth of e-commerce and online grocery delivery services has further fueled the demand for efficient refrigeration units, especially in developing markets where cold chain infrastructure is expanding.
Asia Pacific is expected to be the fastest-growing region, in the overall refrigerants market, during the forecast period.
The key players in this market are Arkema S.A. (France), Daikin Industries Ltd. (Japan), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Dublin), and Air Liquide (France).
To find out more, visit www.MarketsandMarkets.com
Whether you require installation, repair, or maintenance, our technicians will assist you with top-quality service at any time of the day or night. Take comfort in knowing your indoor air quality is the best it can be with MOE heating & cooling services Ontario's solution for heating, air conditioning, and ventilation that’s cooler than the rest.
Contact us to schedule a visit. Our qualified team of technicians, are always ready to help you and guide you for heating and cooling issues. Weather you want to replace an old furnace or install a brand new air conditioner, we are here to help you. Our main office is at Kitchener but we can service most of Ontario's cities
Source link
