The refrigerants market is projected to reach USD 55 Billion by 2022
The refrigerants market is projected to reach USD 55 Billion by 2022, at a CAGR of 2.96% from 2017 to 2022. http://www.qyresearchglobal.com/goods-1242816.html
The refrigerants market is projected to reach USD 55 Billion by 2022, at a CAGR of 2.96% from 2017 to 2022.
http://www.qyresearchglobal.com/goods-1242816.html
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<strong>The</strong> <strong>refrigerants</strong> <strong>market</strong> <strong>is</strong><br />
<strong>projected</strong> <strong>to</strong> <strong>reach</strong> <strong>USD</strong> <strong>55</strong><br />
<strong>Billion</strong> <strong>by</strong> <strong>2022</strong><br />
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<strong>The</strong> <strong>refrigerants</strong> <strong>market</strong> <strong>is</strong> <strong>projected</strong> <strong>to</strong> <strong>reach</strong> <strong>USD</strong> <strong>55</strong> <strong>Billion</strong> <strong>by</strong> <strong>2022</strong>, at a<br />
CAGR of 2.96% from 2017 <strong>to</strong> <strong>2022</strong>. <strong>The</strong> <strong>market</strong> in several growing economies of<br />
the Asia-Pacific and the Middle East & Africa <strong>is</strong> expected <strong>to</strong> witness high growth<br />
owing <strong>to</strong> the increasing spending power, growth in the infrastructure industry,<br />
and growth in the manufacture of consumer appliances. <strong>The</strong> growing food and<br />
healthcare industries are also driving the <strong>market</strong> as these industries require<br />
refrigera<strong>to</strong>rs for preserving drugs and food items. Moreover, increasing<br />
populations and r<strong>is</strong>ing consumption of frozen food are also contributing<br />
significantly <strong>to</strong> the growth of the <strong>refrigerants</strong> <strong>market</strong> in the Asia-Pacific.<br />
However, the <strong>market</strong> in the developed economies of Europe and North America <strong>is</strong><br />
expected <strong>to</strong> witness slow growth due <strong>to</strong> changing trends regarding restrictions on<br />
the use of fluorocarbons under regulations of the Montreal Pro<strong>to</strong>col.<br />
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On the bas<strong>is</strong> of application, the <strong>refrigerants</strong> <strong>market</strong> <strong>is</strong> broadly categorized in<strong>to</strong><br />
four categories, refrigeration systems and air-conditioning systems, which are<br />
further subsegmented in<strong>to</strong> refrigera<strong>to</strong>rs (domestic, commercial, and transport),<br />
large-scale refrigera<strong>to</strong>rs (super<strong>market</strong>/hyper<strong>market</strong> and industrial), chillers<br />
(d<strong>is</strong>placement and centrifugal), air conditioners (portable, single split, mult<strong>is</strong>plit,<br />
and mobile air conditioners) and heat pumps. <strong>The</strong> MAC sub-application of<br />
air conditioners <strong>is</strong> <strong>projected</strong> <strong>to</strong> be one of the fastest-growing applications in<br />
the <strong>refrigerants</strong> <strong>market</strong>. <strong>The</strong> Asia-Pacific <strong>is</strong> expected <strong>to</strong> lead the <strong>refrigerants</strong><br />
<strong>market</strong> during the forecast period in the MAC application segment due <strong>to</strong> the<br />
growing au<strong>to</strong>motive industry in the region.<br />
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<strong>The</strong> Asia-Pacific was the largest <strong>market</strong> for <strong>refrigerants</strong> in 2016, globally. Growing<br />
populations and infrastructural developments in the region have led <strong>to</strong> an increase in the use<br />
of <strong>refrigerants</strong> for various applications such as refrigera<strong>to</strong>rs and air conditioners. <strong>The</strong> high<br />
economic growth, followed <strong>by</strong> heavy investments in the consumer appliances industry drive<br />
the demand for <strong>refrigerants</strong> in the region. Furthermore, the growing populations and<br />
industry alliances are expected <strong>to</strong> support the growth of the <strong>refrigerants</strong> <strong>market</strong> in the<br />
region. <strong>The</strong> presence of large consumer appliances manufacturers such as Daikin (Japan),<br />
Samsung (South Korea), LG (South Korea), and Videocon Industries Limited (India) supports<br />
the growth of the <strong>refrigerants</strong> <strong>market</strong> in the region.<br />
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