Asia-Pacific is the Fastest Growing Region in the Global Refrigerants Market

Date: 2015-08-24

“The refrigerants market is projected to register a CAGR of 6.0% between 2015 and 2020 to reach $21 billion. Increasing demand of cooling products, high growth in Asia-Pacific region and growing cold chain market are the main growth drivers for refrigerant market.

Asia-Pacific is the fastest growing region in the global refrigerants market. The countries dominating in the Asia-Pacific region are China, Japan, and India. These three countries together accounted for almost 80% of refrigerants consumption in Asia-Pacific. Asia-Pacific is also estimated to have the highest growth mainly due to growing end-user industries such as construction, automobile, food, and pharmaceutical in the region. Europe and Americas are comparatively small market for refrigerants and projected to grow at a moderate CAGR.

The fluorocarbon demand majorly dominates the global refrigerants market, followed by inorganic refrigerants. The fluorocarbons have high GWP and ODP, which makes them harmful to the environment, due to which many countries have started the phasing out of HCFCs and HFCs.  The current market scenario is pushing the manufacturers to shift to non-hazardous low GWP refrigerants. As per the Montreal and Kyoto protocol, the use of high GWP refrigerants is regulated. Thus, the development of efficient refrigerant, which complies with the environmental norms, is the main challenge faced by the manufacturers. As per MAC Directive requirements, new model vehicle should use automotive refrigerant with a GWP of less than 150. So HFO-1234yf is developed which will be used in vehicles. These regulations provide huge potential for the natural refrigerants such as inorganic and hydrocarbon refrigerants, which are witnessing a significant CAGR of 10.0% and 9.4% respectively from 2015 to 2020.

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