Marketing Expanse of Refrigerant
Scenario of world dealing with equipments is abruptly changing. Technology driven society empowering the comfort in all sectors, including preservation as main factor. Preservation of food expands the cold chain market in such a wide range that these days any country can taste the food far long situated. The only thing which mainly responsible for this duty is refrigerant. Its need in the cold chain market, growing automobile sector and rapid capturing industries, boost the supply and demand of refrigerants all over the world.
ChloroFluoroCarbon (CFC), HydrohloroFluoroCarbon (HCFC), and HydroFluoroCarbon (HFC) are the main leading refrigerants ruling in the market. They have been using in domestic, commercial, transportation, and industrial sector. Increased consumption of refrigerant in split AC is attributed to growing construction industry. Asia pacific and Latin America are two fast growing region for the consumption of refrigerants.
It was $9.552 Million market supply of refrigerant in 2015. Increase in demand rises with energy efficient cooling. Establishment of large number of data centers, pick up the sales of refrigerant in an exponential form. Fluorocarbon, in 2016, increasingly dominated all the products, being the only stakeholder of 53.13% of global refrigerant market. It was the same year when AC, Chiller and heat pump together only contributes for the 47% of the refrigerant used appliances in market. Increasing hypermarket, Supermarket, food retails, rise in consumption of packaged and frozen foods, led refrigerant an a major need of the market.
2016 marks the bull speed in refrigerant market. The year saw $19.17 Billion of global refrigerant market size which even uplifted to $22.9 Billion in 2018, and still didn’t stop rising. Market and need is expecting $31 Billion of market size for the refrigerants until 2023, which isn’t surprising. The compound annual growth rate (CAGR) from 2018 to 2023 has been expected to be no less than 6.2 %. Domestic appliances using refrigerants are emerging as a promising segment in terms of value exhibiting of 6.2% over forecast period.
Today, after Montreal protocol following Kyoto protocol, industries are focusing on refrigerants with less GWP (Global Warming Potential) and ODP (Ozone Depletion Layer) to save the environment but it will take time to globally enrich in the market. Until then HCFC’s like R22 and R134a are the main focused refrigerants striking the market with their need in old appliances. Their non flammable and non toxic property helps them still active in the market.
Refrigerants in their zone are capturing market with an immense growth and so does high quality brands like “SEASON”. Their reach is travelling through large oceans to the far destination with such an ease that it might become the most selling product someday.