Refrigerant Market for Industrial and Commercial Applications – Drivers and Forecasts by Technavio

September 12, 2017

LONDON–(BUSINESS WIRE)–#Refrigerant—Technavio
analysts forecast the global refrigerant market for industrial and
commercial applications to grow at a CAGR of almost 9% during the
forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of
the global refrigerant
market for industrial and commercial applications for
2017-2021. Technavio presents a detailed picture of the market by way of
study, synthesis, and summation of data from multiple sources.

The rise in construction activities worldwide coupled with an increase
in the disposable income of consumers, particularly in APAC and MEA,
will be the key driving factors for the growth of the global refrigerant
market for industrial and commercial applications during the forecast
period. The advances in the field of chemistry and increased spending on
R&D for new refrigerant chemicals that could replace the existing
refrigerants in an efficient way to avoid the emission of harmful gases.

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Technavio analysts highlight the following three factors that are
contributing to the growth of the global refrigerant
market for industrial and commercial applications:

Rise in demand from developing countries
Growth in construction segment
Increase in global warming

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Rise in demand from developing countries

There has been an increase in the economic activity in several
developing countries such as China, India, Brazil, and Indonesia. The
disposable income of the population is constantly rising, which is
leading to consumers spending on electronic items such as refrigerators,
ACs, and chillers, where refrigerants are used. The increase in sales of
these electronic items is driving the global refrigerant market.

Shakeel Iqbal, a lead specialty
chemicals research analyst at Technavio, says, “The purchasing
power has given a boost to the global refrigerant market as there has
been a rise in the sales of various items in the electronics market. The
developing countries play a vital role as a driver for the rise in the
growth of the refrigerant market as the manufacturing, electrical and
electronic, food and beverages manufacturing companies mainly reside in
APAC and MEA.”

Growth in construction segment

With the increase in economic activities worldwide, there has been a
rise in the construction space as well. Also, there has been an increase
in the activities of various players in the retail market to add to
their existing floor area to offer more variety of products to the
consumers with high purchasing power. There has been a constant rise in
the construction activities to provide more space for entertainment,
food outlets, hotels, and clubs.

“The growth of the global refrigerant market has been attributed to
the growth in the cooling systems, which is one of the major growth
drivers for the market. The cooling systems in the existing spaces are
being upgraded because of the increasing temperature as well as for
customer satisfaction. The existing and new cooling systems are the
major segments where a huge quantity of refrigerants is used,” adds
Shakeel.

Increase in global warming

There has been a rise in global temperature because of the rise in
global warming by gases such as methane, chlorofluorocarbon (CFC), and
carbon dioxide. These gases are mainly emitted by refrigerants because
of the presence of carbon footprint. As per the intergovernmental panel
on climate change (IPCC), it is anticipated that the global temperatures
will rise in the range of 0.3°C-0.9°C per decade.

The rapid increase in the global temperatures will be the leading driver
for the growth of the global refrigerant market. APAC and MEA will be
the major regions driving the refrigerant market as these regions will
be affected the most because of the rise in the global temperatures.
Some parts of MEA experience an average temperature of around 50°C,
which will be the driving factor for the refrigerant market in these
regions, resulting in the rise of the global refrigerant market.

Top vendors:

Arkema
Airgas
DAIKIN INDUSTRIES
The Dow Chemical Company
Honeywell International

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