The Middle East and Africa Refrigerant Market size were around USD 1.34 billion in 2022. It is expected to grow at a CAGR of 3.7% to reach USD 1.61 billion by 2028
A Refrigerant is a chemical combination of fluids, which operate as cooling agents in heat pumps & refrigeration cycles. It functions on the theory of phase transition and can be utilized either as primary working fluids in absorption refrigeration systems or as secondary fluids to transfer thermal energy from one medium to another.
The growth in the Refrigerant market is driven by numerous factors such as the rise in the usage of refrigerants in automobiles & food products and improved living standards. These are the vital factors fast-tracking the growth of the refrigerants market. Additionally, mobile ACs and chillers are anticipated to witness speedy adoption in commercial refrigeration. However, the use of halons such as chlorofluorocarbon (CFC) and hydrochlorofluorocarbons (HCFC) has a significant adverse effect on the environment. As a result, novel environment-friendly refrigerant substances have been developed over the last few years, such as R-410A, R-404A, and R-407C.
The Refrigerant market is segmented by type and by application. By type, the market is categorized into HCFC (Hydro chlorofluorocarbons), HFC (Hydrofluorocarbons), HFO (Hydrofluoro-olefins), Propane, Ammonia, Isobutane, and CO2. Hydrocarbons accounted for the major share of the market over the last decade and this can be attributed to the high demand for hydrocarbons due to the increasing utilization of refrigeration and AC devices. However, hydrochlorofluorocarbon and fluorocarbon are expected to be phased out by 2040 due to environmental concerns, which would lead to opportunities for other refrigerants. On the basis of Application, the market is segmented into Large-scale Refrigerators, Air Conditioners, Refrigerators, Chillers, and Heat Pumps. The air conditioners section is estimated to account for the highest revenue under this segment and this trend is not expected to change anytime soon.
Middle East and Africa Refrigerant Market Geography Analysis:
The market is segmented into two regions namely the Middle East and Africa. Some of the Middle Eastern governments (Qatar, Oman, and UAE) have increased their backing for urban and infrastructural projects. These developments are set to promote the growth of the Refrigerant market over the next decade.
Arkema
The Linde Group
Honeywell International Inc.
Asahi Glass Co.
Sinochem Group
Hychill
Hess Corporation
Airgas Inc.
A-gas international
Dongyue Group.
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