Eco-friendly Refrigerants Market: Introduction
- Refrigeration systems are used for cooling of liquids or air. They lower the temperature of cold beverages; preserve food; and make ice. Refrigerants are utilized as working substances in refrigeration systems. Fluids used for the refrigeration purpose are classified into primary and secondary refrigerants. Fluids that are utilized directly as working fluids, for example, in vapor absorption and vapor compression refrigeration systems, are known as primary refrigerants. Primary refrigerants offer refrigeration by undergoing the phase modification process in an evaporator. On the other hand, liquids that are utilized for transporting thermal energy from one location to another are known as secondary refrigerants. Secondary refrigerants are also known as antifreezes or brines.
- Eco-friendly refrigerants are used in various applications such as domestic refrigeration, commercial refrigeration, cold storage and food processing, and industrial refrigeration. They are also employed in unitary air-conditioners, centralized air-conditioners (chillers), transport refrigeration systems, mobile air conditioners, and heat pumps.
Key Drivers of Global Eco-friendly Refrigerants Market
- Increasing awareness regarding various environment-related benefits offered by eco-friendly refrigerants is a major factor estimated to drive the global eco-friendly refrigerants market during the forecast period. Additionally, increase in the spending capacity of individuals and rise in the disposable income fuel the demand for eco-friendly refrigerants.
- Increase in the adoption of eco-friendly refrigerants, led by rise in government regulations supportive the usage of eco-friendly products and growth in awareness among key manufacturers about advantages offered by eco-friendly refrigeration systems, is a key factor boosting the global eco-friendly refrigerants market. In addition, rise in awareness regarding the issue of global warming is boosting the demand for eco-friendly refrigeration systems. This is another factor expected to drive the global eco-friendly refrigerants market in the near future. In addition, increase in the demand for advanced eco-friendly products in developed as well as developing economies is another factor anticipated to boost the global eco-friendly refrigerants market during the forecast period.
- Stringent environment-related regulations regarding ozone depletion and greenhouse effect are other factors anticipated to boost the global eco-friendly refrigerants market during the forecast period
Rise in Demand for Eco-friendly Refrigerants in Residential Sector
- Based on application, the global eco-friendly refrigerants market can be divided into air conditioning, refrigeration, heat pumps, and others. The refrigeration segment is anticipated to account for a major share of the global market, in terms of revenue, during the forecast period. Refrigeration is widely utilized in residential, commercial, and industrial sectors.
- Based on end-user, the global eco-friendly refrigerants market can be divided into industrial, residential, commercial, and transportation. In terms of revenue, the residential segment is anticipated to account for a moderate share of the global market during the forecast period.
Asia Pacific: a Key Market for Eco-friendly Refrigerants
- In terms of region, the global eco-friendly refrigerants market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- In terms of revenue, Asia Pacific is expected to account for a significant share of the global eco-friendly refrigerants market during the forecast period. This can be attributed to increase in the number of government initiatives for adoption of eco-friendly refrigerants and presence of a large number of manufacturers in the region. The market in Asia Pacific is expected to witness rapid growth during the forecast period. This can be ascribed to rising demand for eco-friendly refrigerants in the region.
Key Manufacturers Operating in Global Market
- Key players are consistently focusing on the development of high-quality eco-friendly refrigerants with the objective to expand their product offerings as well as gain a competitive edge in the global eco-friendly refrigerants market
Key manufacturers operating in the global eco-friendly refrigerants market are:
- AGC Inc.
- Arkema SA
- ASPEN Refrigerants, Inc.
- Daikin Industries, Ltd.
- Harp International Ltd.
- Honeywell International Inc.
- SRF Limited
- Tazzetti S.p.A
- The Chemours Company
- The Linde Group
Global Eco-friendly Refrigerants Market: Research Scope
Global Eco-friendly Refrigerants Market, by Application
- Air Conditioning
- Heat Pumps
Global Eco-friendly Refrigerants Market, by End-user
Global Eco-friendly Refrigerants Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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