Refrigerant Market by Region – Global Opportunities & Forecast, 2020-2027

 Refrigerant Market

The GMI Research report asserts that the Refrigerant Market is likely to witness a surge of 7.7% over the forecast period (2020-2025). The market is mainly guided by the growing demand for refrigerants from domestic and industrial applications, refrigerators, and chillers.

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Refrigerant Market Dynamics

The global refrigerant market is anticipated to witness a sturdy boom over the coming years. The surging demand for electric vehicles guided by their ability to conserve energy has resulted in the increasing adoption of electric vehicles. Thus, this stands to be one of the chief forces contributing to the market growth. Simultaneously, as per the Refrigerant Market forecast, the aggravating adoption of cooling refrigerants by several end-use industries has bolstered the market size. There has been a drastic surge in the infrastructure for commercial purposes such as offices and malls that are integrated with air conditioners. Thus, the expansion of the commercial industry will result in a huge market demand.

The application of refrigerants for automobile air conditioning in the automotive industry has stimulated the production of vehicles, thereby elevating the market share. For example, as per the international organization of motor vehicle manufacturers (OICA) over 77.6 million vehicles were sold in 2020. The Refrigerant Market report projects that the aggravating acquisition of residential and commercial instruments such as ventilation, refrigerators, freezers, and air conditioning systems will elevate the market size.

However, the agitation towards montreal protocol under which strategic norms are enforced on certain refrigerants to reduce the damage caused to the ozone layer because of the usage of refrigerant gases may restrain the Refrigerant Market growth.

Type Segment Drivers

Based on the Type, the Ammonia segment will seize a noteworthy share during the forecast period. This is attributed to their remarkable properties, such as higher effectiveness, cost-efficient refrigeration system which has resulted in lower energy consumption and zero OPD and GWP rating, thus enhancing the rating of HFCs and HCFCs. Moreover, ammonia refrigerants are environment-friendly due to the lower discharge of carbon dioxide. These are the crucial forces supplementing the Refrigerant Market share.

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