Asia Pacific Refrigerant Market

Asia Pacific Refrigerant Market Value and Growth 2023-2028

Asia Pacific Refrigerant Market size was around USD 5.36 billion in 2022. It is expected to grow at a CAGR of 5.4% to reach USD 6.98 billion by 2028.

Refrigerant is a chemical combination of fluids, which operate as cooling agents in heat pumps & refrigeration cycles. It functions on the theory of phase transition and can be utilized either as primary working fluids in absorption refrigeration systems or as secondary fluids to transfer thermal energy from one medium to another.

The growth in the Refrigerant market is driven by numerous factors such as the rise in the usage of refrigerants in automobiles & food products and improved living standards. These are the vital factors fast-tracking the growth of the refrigerants market. Additionally, mobile ACs and chillers are anticipated to witness speedy adoption in commercial refrigeration. However, the use of halons such as chlorofluorocarbon (CFC) and hydrochlorofluorocarbons (HCFC) has a significant adverse effect on the environment. As a result, novel environment-friendly refrigerant substances have been developed over the last few years, such as R-410A, R-404A, and R-407C.

The Refrigerant market is segmented by type and by application. By type, the market is categorized into HCFC (Hydrochlorofluorocarbons), HFC (Hydrofluorocarbons), HFO (Hydrofluoro-olefins), Propane, Ammonia, Isobutane, and CO2. Hydrocarbons accounted for the major share of the market over the last decade and this can be attributed to the high demand for hydrocarbons due to the increasing utilization of refrigeration and AC devices. However, hydrochlorofluorocarbon and fluorocarbon are expected to be phased out by 2040 due to environmental concerns, which would lead to opportunities for other refrigerants. On the basis of Application, the market is segmented into Large-scale Refrigerators, Air Conditioners, Refrigerators, Chillers, and Heat Pumps. The air conditioners section is estimated to account for the highest revenue under this segment and this trend is not expected to change anytime soon.

Asia Pacific Refrigerant market geography Analysis:

1. India

2. China

3. Korea

4. Japan

5. Australia

6. India

The surge in per capita disposable salaries in developing nations such as China, India, Malaysia, and Indonesia has contributed to an unprecedented increase in energy demands in this region. Large-scale investments in conjunction with the increasing standards of living are expected to guide the growth of this regional refrigerants market.

Asia Pacific Refrigerant Market Key players

1. Arkema

2. The Linde Group

3. Honeywell International Inc.

4. Asahi Glass Co.

5. Sinochem group

6. Hychill

7. Hess Corporation

8. Airgas Inc.

9. A-gas international

10. Dongyue Group