The SAM refrigerant market is expected to grow from US$ 692.93 million in 2021 to US$ 950.13 million by 2028; it is estimated to grow at a CAGR of 4.6% from 2021 to 2028.
The use of energy-efficient cooling solutions is a major trend in the refrigerant industry in this region. Increasing average temperature due to climate change, coupled with economic growth and urbanization, is likely to boost the demand for energy-efficient refrigerants in SAM in the coming years. Refrigerants with lower warming potential help reduce total greenhouse gas emissions. The environmental effects of refrigerants on the deterioration of the ozone layer have been a major topic of discussion, and it has driven manufacturers’ attention toward the development of energy-efficient refrigerants. Ongoing technological advancements in cooling techniques, and the replacement of traditional refrigerants with natural and energy-efficient ones further support the market. Most of the energy demand is expected to grow from emerging economies where strong economic growth, increased access to marketed energy, and growing population have led to a rise in demand for energy. This has also fueled the demand for energy-efficient refrigerants to cater to emerging economies' growing need for energy. Hydrocarbons are the most energy-efficient low in cost and eco-friendly cooling substitute for fluorocarbon-based cooling equipment and processes due to their low prices and easy availability. Surging demand for energy-efficient refrigerants across the region is expected to drive the market growth.
With innovative features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the SAM refrigerant market at a good CAGR during the forecast period.
SAM Refrigerant Market Segmentation
The SAM refrigerant market is segmented based on type, application, and country. Based on type, SAM refrigerant market is segmented into HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others. The HCFC segment dominated the market in 2020 and same segment is expected to be fastest growing during forecast period. Based on application, SAM 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 SAM refrigerant market has been segmented into Brazil, Argentina, and rest of SAM.
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 SAM refrigerant market.