Report : Asia Pacific Refrigerant Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, and Others) and Application (Refrigeration Systems, Chillers, Air-Conditioning Systems, MACs, and Others)
HFC Segment to Dominate APAC Refrigerant Market During 2021–2028
According to a new market research study on “APAC Refrigerant Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 15,913.30 million by 2028 from US$ 9,954.44 million in 2021. The market is estimated to grow at a CAGR of 6.9% from 2021 to 2028. The report provides trends prevailing in the APAC refrigerant market along with the drivers and restraints pertaining to the market growth. Growing consumption of eco-friendly refrigerants and surging demand for energy-efficient refrigerants are the major factor driving the growth of the APAC refrigerant market. However, stringent regulation against fluorocarbon refrigerants hinders the growth of APAC refrigerant market.
The APAC refrigerant market is segmented based on type, application, and country. Based on type, APAC refrigerant market is segmented into HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others. The HFC segment dominated the market in 2020 and ammonia segment is expected to be fastest growing during forecast period. Based on application, APAC refrigerant market is segmented into refrigeration system, chillers, air-conditioning systems, MACs, and others. The refrigeration system segment dominated the market in 2020 and air-conditioning systems segment is expected to be fastest growing during forecast period. Based on country, the APAC refrigerant market has been segmented into China, India, Japan, South Korea, Australia, and rest of APAC.
AGC Inc.; AIR LIQUIDE SA; Arkema; Daikin Industries, Ltd.; Dongyue Group; Honeywell International Inc.; LINDE; Sinochem Group Co. Ltd.; and The Chemours Company are among the leading companies in the APAC refrigerant market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Air Liquide SA strengthens its expertise in extreme cryogenics with the acquisition of a majority stake in Cryoconcept.
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