Report : Middle East and Africa 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)
Refrigeration System Segment to Dominate MEA Refrigerant Market During 2021–2028
According to a new market research study on “MEA Refrigerant Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 1,510.89 million by 2028 from US$ 1,072.50 million in 2021. The market is estimated to grow at a CAGR of 5.0% from 2021 to 2028. The report provides trends prevailing in the MEA refrigerant market along with the drivers and restraints pertaining to the market growth. The surging demand for energy-efficient refrigerants and growing consumption of eco-friendly refrigerants are the major factor driving the growth of the MEA refrigerant market. However, stringent regulation against fluorocarbon refrigerants hinders the growth of MEA refrigerant market.
The MEA refrigerant market is segmented based on type, application, and country. Based on type, MEA refrigerant market is segmented into HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others. The HFC segment dominated the market in 2020 and HCFC segment is expected to be fastest growing during forecast period. Based on application, MEA 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 MEA refrigerant market has been segmented into the UAE, Saudi Arabia, South Africa, and rest of MEA.
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 MEA 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 2022, Honeywell Ultra Low-Global-Warming-Potential Technology Powers New Cooling System At The Eiffel Tower.
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