In a recent published report, Kenneth Research has updated the market report for Refrigerant Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Refrigerant Market products.
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A report on Refrigerant Market has recently been added into the repository of market research reports of Kenneth Research. The report, which is calculated for the forecast period 2021 2025, provides an in-depth analysis on the opportunities, latest trends, challenges and the growth drivers that are associated with the growth of the market. The market is thriving on account of the growing need for chemicals that are less toxic, backed by the stringent government regulations to regulate chemical pollution. It is estimated that more than 3 million tons of toxic chemicals have been released by industries till date in the year 2021. On the other hand, it is estimated that every second, around 300kgs of toxic chemicals are released into water, land and air by the industrial facilities.
Further, the market is projected to grow on account of the growing trade in chemicals worldwide. The European Union recorded to be the largest exporter of chemical products around the globe in the year 2019. The region was also the second largest importer of chemical products after the United States in the same year. The exports of chemicals in Europe, according to the statistics by Eurostat, grew from USD 323.49 billion in 2010 to USD 504.83 billion in 2020. Moreover, the imports of chemicals in the region grew from USD 205.64 billion in 2010 to USD 285.91 billion in 2020.
In its database of market research reports, Kenneth Research has recently added a report on ‘Refrigerant Market ‘ that focuses on the key strategies developed by the key players operating in the market, along the growth factors, opportunities and the challenges associated with the growth of the market for the projected period of 2021 2025. The report also provides a full assessment of the micro- and macro-environmental factors by utilizing tools such as PESTEL and Porter’s five forces analysis to analyze the market growth. Additionally, the report consists of the numerical data in terms of value and volume, and also includes detailed analysis on the impact of COVID-19 on the Refrigerant Market during the forecast period.
The global refrigerant market was valued at USD 14.40 billion in 2016 and is projected to reach USD 20.32 billion by 2025, growing at a CAGR of 4.40% from 2017 to 2025. A refrigerant is a mixture or a substance that is used refrigeration and heat pump cycle. The growing environmental concerns surrounding fluorocarbons is expected to adversely affect market demand. The rising number of cold storage facilities is expected to augment market demand over the forecast period.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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1. Market Drivers
1.1 Rising demand for consumer appliances
1.2 Increasing demand for cold chain facilities
2. Market Restraints
2.1 Toxicability and flammability issues
2.2 Stringent regulations against fluorocarbons
The global refrigerants market is segmented on the basis of product, application, and region.
1. By Product:
2. By Application:
2.2 Large Scale Refrigerators
2.4 Air Conditioners
2.5 Heat Pumps
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Dongyue Group
2. Honeywell International Inc.
3. The Linde Group
4. The Chemours Company
5. Arkema SA
6. SRF Limited
7. Asahi Glass Corporation
8. Sinochem Group
10. Gujarat Fluourochemicals Ltd.
11. Shandong Yuean Chemical
12. Harp International
13. Air Liquide
15. Gas Servei SA
16. Daikin Industries Ltd.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the global refrigerant market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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