The rising demand for air conditioners, refrigeration systems, and heat pumps, among others, opens a gateway for numerous opportunities in the refrigerant market. At present, the refrigerant manufacturing companies are experiencing a huge surge in demand for environment-friendly products. Fueled by stringent regulatory norms and increasing end-user interest, companies are moving towards products that take a lower toll on the environment than the existing line of products.
The existing conventional refrigerants such as R407A, R410A, R134a, and R544, among others, possess high global warming potential. Due to the rising wave of technological advancements to further expand its application areas, next-generation refrigerants are gaining huge popularity. Even several international organizations and government bodies are playing a vital role in shaping the refrigerant industry.
According to the market analysis report by BIS Research, the global Next-Generation Refrigerant market recorded a market value of $23.55 billion in 2018 and is expected to reach the mark of $33.64 billion by 2029, with a CAGR of 3.22% during the forecast period 2019-2029. Owing to the rise in the active government regulations, such as Montreal Protocol, F-Gas regulations, Significant New Alternative Policy (SNAP), and others, to curb the usage of Hydrofluorocarbons (HFCs) and Hydrochlorofluorocarbons (HCFCs), the demand for natural refrigerants is expected to grow significantly.
The prominent players operating in this global market have increased their business expansion activities over the past few years to create awareness about their expanding product portfolio and technologies and compete with its product portfolio. Various governments and private research institutes are putting in substantial efforts to reduce the production time and flammability issues of the refrigerants, thus, increasing the awareness about the benefits of next-generation refrigerant for the various industries.
The companies have increased their R&D investments and devised new environment-friendly refrigerants to meet the standards imposed by the government against the use of high GWP and high ODP. For instance, in 2019, the Chemours Company expanded its global footprint by inaugurating a new refrigerant facility of the Opteon range in Texas.
Market Segmentation
Market Outlook By Type
Out of the various types of next-generation refrigerants, hydrofluorocarbons (HFCs) have occupied more than half of the overall market share in the forecast period. However, they are subject to a decline in the near future driven by stringent regulatory norms of various nations and organizations. The natural refrigerant segment is expected to witness the highest growth rate due to significant initiatives taken by leading market players.
Market Segmentation by Application
On the basis of its applications, the air conditioning industry is anticipated to emerge as the fastest-growing end-user in the global market. Several companies around the globe are adopting next-generation refrigerants to become energy efficient and have sustainable long-term growth. The air-conditioning segment accounted for a market value of $11.16 billion in 2018 and is expected to retain its dominance within the entire application segment in the global next-generation refrigerant market.
Market Segmentation by Region
Due to an excessive industrial base, encouraging government policies, and financial support in R&D, the Asia-Pacific region is estimated to hold the largest market share during the forecast period 2019-2029. The region is primarily dominated by China, Japan, South Korea, and India, as these nations have been notable in making the transition toward next-generation refrigerants. Apart from the APAC region, North America and Europe also hold a prominent share in the global market.
Request Sample - https://bisresearch.com/requestsample?id=811&type=download
Key Questions Answered in this Report :
• What is the global next-generation refrigerant market size in terms of value and volume from 2018-2029 along with the year-on-year growth rates and the CAGR from 2019 to 2029?
• What are the different types of next-generation refrigerants and their growth patterns in terms of value and volume in different regions and countries from 2019 to 2029?
• How is the traditional refrigerants industry being cannibalized by next-generation refrigerants in the market between 2019 and 2029?
• What are the major end-use industries for next-generation refrigerants globally in terms of volume consumption and revenue generation between 2019 and 2029?
• What is the consumption pattern of the next-generation refrigerant across different regions and countries?
• Which are the major regions and countries that provide growth opportunities for the next-generation refrigerant market?
• What are the revenue generation and volume consumption of the next-generation refrigerant for various applications across different countries between 2019 and 2029?
• What is the competitive strength of the key players in the next-generation refrigerant market on the basis of their recent developments, product offerings, and regional presence?
BIS Research Offerings - https://bisresearch.com/our-offerings/subscriptions
You May Also Like -
