Refrigerant Market

Introduction

A substance known as a refrigerant is usually found in either a fluid or gaseous condition. When paired with other parts like compressors and evaporators, it may produce refrigeration or air conditioning and rapidly absorbs heat from the surroundings. Let’s talk about the sorts of refrigerants, how they function in air conditioners, and the rules that apply to them.

A chemical called refrigerant is frequently used in air conditioners and freezers. Sulfur dioxide, chlorofluorocarbons, ammonia, and hydrocarbons like propane are examples of refrigerants that are utilised in heat pumps and the refrigeration cycle. They have several uses in the commercial, residential, and industrial sectors. Moreover, refrigerants are frequently used in the automobile sector.

 

What is refrigerant?

A substance known as a refrigerant is often found in either a gaseous or fluid condition. When paired with other elements like evaporators and compressors, it willfully absorbs heat from the environment and delivers air conditioning or refrigeration. A material used in a heat cycle to transfer heat from one place to another is called a refrigerant. At room temperature, usually a gas. Most often used in freezers, air conditioners, fridges, and car air conditioners, refrigerants are present in pretty much anything that cools and occasionally in items that heat.

How Refrigerant Works

  • Refrigerant is housed in copper coils within air conditioners. Refrigerant changes from a low-pressure gas to a high-pressure liquid when it absorbs heat from indoor air. The refrigerant is sent outside through air conditioning components, where it is exhausted to the outside by a fan that blasts hot air over the coils.
  • After cooling down, the refrigerant transforms back into a low-pressure gas. To spread the generated cold air throughout the structure, a second fan is installed inside the house and blows air over the cool coils. Then the cycle repeated.

 

Scope and growth of refrigerant market

According to Data Bridge Market Research, the refrigerant market was estimated to be worth USD 22.98 billion in 2021 and is projected to grow to USD 42.22 billion by 2029, showing a CAGR of 7.90% from 2022 to 2029. The market report created by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis, and technological advancements in addition to market insights like market value, growth rate, market segments, geographical coverage, market players, and market scenario.

The type, application, and end-user segments of the refrigerant market are divided. The expansion of these divisions will enable you to study the industries’ scarce growth segments and give users a comprehensive market overview and industry insights to aid in the identification of key market applications.

 

Market overview

  • In refrigeration cycles and heat pumps, refrigerants chemical mixes of fluids and gases serve as a cooling agent. They are most often used in air conditioners and freezers in a variety of industries, including residential, commercial, and automotive. They work with the idea of phase transition, which is the conversion of a liquid into a gas at a temperature that is adjustable, and vice versa. They can be employed as secondary solutions to transfer thermal energy from one medium to another or as main solutions in condensation, compression, evaporation, and expansion.
  • Among the main drivers of the worldwide market are the brisk expansion of the consumer electronics industry and rising demand for home air conditioning systems. Energy-efficient cooling systems have been developed in both the home and industrial sectors as a result of rising energy demand and increased awareness of the harmful environmental impacts of refrigerants. Refrigerant gas composition has changed significantly as a result of this.Β 
  • For instance, in the past, chlorofluorocarbons (CFCs) were used as refrigerants, but due to their impacts on the ozone layer, they are gradually being replaced by environmentally friendly alternatives including sulphur dioxide, ammonia, and non-halogenated hydrocarbons. In addition, the industry is being further stimulated by the growing demand for car air conditioning systems.
  • The need for refrigerants in the food and beverage sector has also increased due to the cold chain market’s growing need for deep freezers and refrigerators. Together with the significant improvement in living standards, other factors impacting the market expansion include infrastructure development and industrialisation.

 

Opportunities in refrigerant market

With the abundance of offices, shopping malls, and other commercial infrastructure throughout the world, there is a noticeable rise in demand. Air conditioners are installed into these structures’ HVAC systems. Owing to the commercial sector’s quick expansion, refrigerants are in high demand, which opens up profitable chances for the market’s expansion rate.

The most widely utilised natural refrigerants on the market are propane and isobutene, along with carbon dioxide and ammonia. Natural refrigerants are replacing conventional ones in cooling equipment as a result of technological improvements. The market share of natural refrigerants has increased as a result in a number of applications, including refrigeration, air conditioning, and heating systems.

 

Fundamentals of refrigerant market

  • The use of transportation should rise

Food and other fragile items that must be transported over long distances require chilling in the trucks, ships, and trains used for transportation. R134A and R1234yf are two examples of refrigerants used in transportation cooling. Thus, it is anticipated that the refrigerant market would expand due to the increased demand in the transportation industry.

  • Use in pharmaceutical industryΒ 

Several medicines require chilling because they include essential components that must be preserved. R134A and R1234ze may be two of the most widely used cooling refrigerants in the pharmaceutical industry. For warehouse cooling reasons, R448A, R449A, 450A, R507A, R404A, R407A, R407F, R422D, and R513A may also be beneficial. Nonetheless, there are certain restrictions on the use of high GWP refrigerants inside the European Union.

  • A key component in refrigeration systems

Systems for cooling are widely employed in commercial and industrial refrigeration to maintain the desired temperature. Refrigeration systems are employed in the food business to preserve food’s freshness at retail establishments, household settings, and other locations where food is handled. For handling chemicals, it is also employed in the chemical industry. The market’s need for refrigerants is rising as a result of the rising demand for household refrigeration systems.

Challenges in refrigerant market

Regulations are being implemented by several countries and organisations to restrict the use of hydrocarbon refrigerants. owing to the extensive damage. The ozone layer suffers because of the chlorofluorocarbon refrigerants. Several nations have made the decision to gradually phase out the usage of HFCs and HCFCs by limiting consumption through a number of policies and procedures. The expansion of the refrigerant market is hampered by these rules.

This refrigerant market report provides information on recent developments, trade laws, import-export analysis, production analysis, value chain optimization, market share, and the effects of domestic and local market participants. It also analyses opportunities in terms of new revenue streams, regulatory changes, strategic market growth analysis, market size, category market expansions, application niches and dominance, product approvals, product launches, and geographical trends.

Types of Refrigerants

Over time, the following refrigerants have been used most often for air conditioning:

  • R12 and other chlorofluorocarbons (CFCs). This is well recognised to amplify the effect of greenhouse gases. In 1994, production was stopped.
  • R22 is one of many hydrochlorofluorocarbons (HCFCs). After the passage of the Clean Air Act in 2010, the EPA required a phase-out of this gas, despite it being somewhat less harmful to ozone than R12. By 2020, R22 had been totally phased out.
  • HFCs, like R410A and R134, are hydrofluorocarbons. HFCs are safer for the environment because they don’t contain chlorine. R410A-powered air conditioners are more dependable, efficient, and provide improved air quality.

Covid 19 scenario

Although the COVID-19 epidemic has had an impact on a number of industries, the demand for refrigerants from end-user applications temporarily decreased. Beginning in 2020, a number of sectors experienced setbacks, which resulted in a fall in the need for refrigerants. As a result, it is projected that throughout the pandemic, the refrigerant industry would see negative growth. Nonetheless, it is projected that demand will resume starting in 2021 and continue throughout the projection period.

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https://www.databridgemarketresearch.com/reports/global-refrigerant-market

 

About Data Bridge Market Research

In the healthcare, chemical, FMCG, semiconductor, food and beverage, and ICT areas, Data Bridge Market Research is a leading global provider of market research and consulting services. DBMR supports the development of company growth plans to maintain market competition and assists investment communities, IT experts, and business leaders in making fact-based judgements on technology purchases. Data Bridge Market Research and Consulting guarantees to give a mix of industry knowledge combined with global and country-level expertise thanks to its staff of more than 200+ analysts and aggregate industry experience.

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