Refrigerants market: a glance at the future
Recent research designed to forecast the progression of the refrigerants market, has shown that that market is expected to reach a value of 8.4 billion dollars with a CAGR of 6.2% by the year 2027.
These are significant figures, obtained via targeted analysis and detailed examination of companies, products, services, strategies, expansions, mergers and purchases by leading operators in that sector.
The success of natural refrigerants
Among the various points mentioned in the report, the main one is the rise of natural refrigerants which, thanks to the technological advances in refrigeration systems, are gaining ground over traditional solutions such as HCFCs and HFCs. This has therefore increased the market share of these fluids in areas such as air conditioning, refrigeration and heating systems.
Although the most frequently used are HCs such as propane and isobutene, ammonia and carbon dioxide, it is the latter which has recently gained increasing popularity (second in terms of market share in 2021), out-performing the other two due to its characteristics of low flammability and non-toxicity. The same qualities have in fact led it to be widely used as a refrigerant in commercial settings such as supermarkets, small retail outlets, shops etc.
Despite the facts mentioned above however, it should be pointed out that as it is a colourless, odourless gas which is heavier than air and able to cause narcotic effects as well as suffocation, the equipment that uses it must be constantly monitored via specific sensors to detect any leaks.
Which equipment influences the refrigerants market most?
During the study, a specific investigation was carried out to identify the equipment which currently influences the refrigerant market the most and the leading candidates also included air conditioners which, in the last few years, have managed to achieve significant growth, particularly in terms of market value.
Another analysis involved the various model types (channel, window, split, variable refrigerant flow, package and roof), considering factors such as application or capacity.
As a result of expansion in the production of this equipment, the value of the fluids most commonly used in their refrigeration (including R-407C, HCFC-22 and R-410A) has increased.
Countries expected to see the greatest growth
If we observe the volume of turnover generated by the refrigerants market at global level, it is clear that it is the Asia Pacific countries that show the main upturn. Although North America is in first place with 32%, states considered to be emerging economies such as China, Japan and India have managed to reach 28% in the year 2021 alone. The following areas remain stable however:
- Europe with 21%;
- the Middle East and Africa with 12%;
- South America with 7%.
In the light of these developments, we may assume that it will be the Asian countries who will influence supply and demand trends in that market in the coming years. It is however important to bear in mind the potential issues arising from that trend, as in those nations, regulations governing refrigerants are not as well developed and could pose a risk as far as pollution is concerned. Ensuring that rules regarding climate change and the environment are fully respected will require a lot of care and rigorous supervision.
Translated by Joanne Beckwith
