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Refrigerant Market Projected To Reach USD$ 20.1 Billion By 2021

A refrigerant is a substance or mixture, usually a fluid, used in a heat pump and refrigeration cycle. In most cycles it undergoes phase transitions from a liquid to a gas and back again.
The growth of refrigerants is driven by various factors such as keeping increasing demand of stationary air conditioner, currently stationary air condition application dominated the refrigerants market, accounting for maximum share in terms of volume in 2016. According to research, the global Refrigerant market is projected to reach USD$ 20.1 billion by 2021.

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……………………Geographically, Asia Pacific accounted for largest market share of refrigerant in 2016, totaling demand over half of the world market. The increase in regions demand is mainly due to rising demand for cooling products primarily driven by increasing middle class population in developing countries such as China and India, which result in growing demand in end-user industries such as construction, food, and pharmaceutical is driving the refrigerants market in stationary air conditioner application.
On the basis of product, the Fluorocarbons are the major type of refrigerants, which accounted for the largest share of refrigerants; however the fluorocarbon segment is witnessing a slow growth due to stringent environmental regulations such as F-Gas regulation, and Montreal Protocol, which demands the phasing out of such harmful gases. 
Currently, the major manufacturers have now started the production of low GWP and ODP refrigerants such as inorganic and hydrocarbons.
Global top manufacturers operating in Refrigerant market are Airgas Inc., Arkema S.A., Asahi Glass Co. Ltd, The Chemours Company, Daikin Industries Ltd, Honeywell International Inc., SRF Ltd., The Linde Group, Mexichem S.A.B. de C.V., and Sinochem Group among others.

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