Marketing Expanse of Refrigerant
Marketing expansion of refrigerants
The scenario of the world dealing with equipment is abruptly changing. Technology-driven society empowering comfort in all sectors, including preservation as the main factor. Preservation of food expands the cold chain market in such a wide range that these days any country can taste the food situated far. 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), Hydrochlorofluorocarbon (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 the growing construction industry. The Asia Pacific and Latin America are two fast-growing regions 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 a large number of data centres, pick up the sales of refrigerant in an exponential form. Fluorocarbon, in 2016, increasingly dominated all the products, is the only stakeholder of 53.13% of the global refrigerant market. It was the same year when AC, Chiller and heat pump together only contributes to the 47% of the refrigerant used appliances in the market. Increasing hypermarket, Supermarket, food retails, rise in consumption of packaged and frozen foods, led refrigerant and a major need of the market.
2016 marks the bull speed in the refrigerant market. The year saw $19.17 Billion of the global refrigerant market size which even uplifted to $22.9 Billion in 2018 and still didn’t stop rising. Market and need are 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 the 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 the market with 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.