Refrigerants have great thermodynamic properties and are safe with good environmentally benign properties. Growing demands from various industries drive the global refrigerant market to where it stands at present. A refrigerant is an important substance used in heat cycle, which provides efficiency and reversible phase transition of the substances. Advanced findings about environment friendly and consumer durable compounds records steady growth in the market, which is a good sign for the global industry of refrigerants.
Fluorocarbons and chlorofluorocarbons were the traditional cooling substances. However, these components cause a great deal of global warming and ozone depleting. Both these substances received a great deal of scrutiny on global level, which also forced the experts to invent environment friendly alternatives. Variety of alternatives, increased applications and global acceptance has increased has gained rise in demand for these substances. Segmentation in the refrigerant market is based on the product types, applications and geographical demands.
Hydrocarbons, hydro chlorofluorocarbons (HCFC), hydro fluorocarbons and inorganic substances like ammonia and sulfur dioxide are common types of products available in the market. These substances have industrial, commercial as well as domestic applications, which increase their global demand and supply ratio. This rising demand for the refrigerants is causing growth in terms of business expansions and new revenue channels. Market research reports of latest trends and forecasting reports also expect steady growth for the global industry.
According to the forecasting trends, the global refrigerant market is anticipated to grow at a steady CAGR of 5.2%, which takes it to 1.6 million metric tons by the end of next five years. Asia pacific region (APAC) has a great potential in terms of growing opportunities and increasing business prospects. Improving economic conditions of the developing countries, increased standard of living across the globe and awareness about the advanced technology have increased the production of refrigerators and other cooling products. This rise in production directly affects the production of refrigerants.
Industry has reached is mature state. However, there is a great deal of competition, which is one of the major challenges for the businesses. Producing technologically smart and environment friendly products has become essential for the businesses to stay in the competition. Many leading players have understood this fact, which is evident in the kind of eco friendly products they are producing for domestic as well as mobile AC market. As mentioned earlier, Asia Pacific region has the greatest of potential as far as growth and rising demands are concerned.
Increasing middle class population, growing domestic front and improved standard of living in the APAC region is very significant to the global market.
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