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Redding, California - October 3, 2024

Refrigerants Market to be Worth $10.5 billion by 2031

Refrigerants Market Size, Share, Forecast, & Trends Analysis by Type (CFCs, HCFCs, HFCs, HCs, CO2, HFO), Application (Air-conditioning, Refrigeration, Chilling and Heating), End User (Residential, Commercial, Industrial), and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a report titled 'Refrigerants Market - Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication, the refrigerants market is expected to reach $10.5 billion by 2031, at a CAGR of 5.8% from 2024 to 2031.

The widespread adoption of air conditioning and refrigeration for commercial applications and the growing emphasis on regulatory and environmental policies promoting sustainable refrigerants are key drivers of the refrigerant market's growth. However, this growth is restrained by issues associated with the flammability and toxicity of certain refrigerants.

Additionally, the increasing demand for refrigeration and storage solutions in the pharmaceutical industry, along with the growing need for refrigerants in automotive HVAC systems, presents significant growth opportunities for market players. However, the market faces significant challenges, including elevated operational costs. Moreover, prominent trends in the refrigerants market are the growing demand for natural refrigerants, the rise in green building certifications, and the adoption of sustainable construction practices.

Key Players:

The refrigerants market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. Some of the major players studied in this report are Honeywell International Inc. (U.S.), Daikin Industries, Ltd. (Japan), Linde plc (Ireland), L’AIR LIQUIDE S.A. (France), A‑Gas International Limited (U.K.), The Chemours Company (U.S.), Tazzetti S.p.A. (Italy), AGC Inc. (Japan), DuPont de Nemours, Inc. (U.S.), Arkema Group (France), Dongyue Group Limited (China), Sinochem Group Co., Ltd. (China), SRF LIMITED (India), Gujarat Fluorochemicals Limited (India), and Engas Pty Ltd (Australia).

The refrigerants market is segmented based on type, application, and end user. The report also evaluates industry competitors and analyzes the refrigerants market at the regional and country levels.

Among the types studied in this report, the chlorofluorocarbons (CFCs) segment is anticipated to hold the dominant position, with a share of 29.0% of the market in 2024. The widespread use of CFC refrigerants, owing to their ease of integration into existing refrigeration and HVAC systems with minimal modifications, and its growing adoption to mitigate fire hazards compared to some alternative refrigerants, are factors driving this segment's dominant market position.

Among the applications studied in this report, the refrigeration segment is anticipated to hold the dominant position, with a share of 34.0% of the market in 2024. The increasing demand for refrigerants with low global warming potential (GWP) is helping to reduce environmental impact compared to traditional high-GWP refrigerants. Furthermore, the widespread adoption of these refrigerants, due to their lower toxicity and flammability, enhances the safety of refrigeration systems, further contributing to this segment’s dominant market position.

Among the end users studied in this report, the industrial segment is anticipated to hold the dominant position, with a share of 35.0% of the market in 2024. The increasing use of refrigerants in industrial applications for temperature control in processes such as food processing, chemical manufacturing, and pharmaceuticals, as well as the growing demand for refrigerants to preserve product quality, extend shelf life, and reduce waste, are factors driving this segment’s dominant position in the market.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Netherlands, Spain, Sweden, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Singapore, Australia & New Zealand, Indonesia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Saudi Arabia, Israel, and Rest of Middle East & Africa).

Among the geographies studied in this report, Asia-Pacific is anticipated to hold the dominant position, with a share of 42.0% of the market in 2024. The growing adoption of residential air conditioning and large-scale industrial refrigeration, coupled with significant increases in R&D investment to develop high-performance, environmentally compliant refrigerants and the rising demand for specialty refrigerants in the automotive sector for HVAC systems, are factors contributing to APAC’s dominant position.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6011

Key Questions Answered in the Report-

What is the value of revenue generated by the sale of refrigerants?
At what rate is the global demand for refrigerants projected to grow for the next five to seven years?
What is the historical market size and growth rate for the refrigerants market?
What are the major factors impacting the growth of this market at global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which type, application, and end user segments create major traction in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the refrigerants market?
Who are the major players in the refrigerants market? What are their specific product offerings in this market?
What recent developments have taken place in the refrigerants market? What impact have these strategic developments created on the market?

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Redding, California - October 3, 2024

Refrigerants Market to be Worth $10.5 billion by 2031

Refrigerants Market Size, Share, Forecast, & Trends Analysis by Type (CFCs, HCFCs, HFCs, HCs, CO2, HFO), Application (Air-conditioning, Refrigeration, Chilling and Heating), End User (Residential, Commercial, Industrial), and Geography - Global Forecast to 2031

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