North America Refrigerant Market size was around USD 2.68 billion in 2021. It is expected to grow at a CAGR of 4.5% to reach USD 3.34 billion by 2026 and the forecast period from 2022-2027
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 rise in 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 hydro-chlorofluorocarbons (HCFC) have 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.
North America Refrigerant Segmentation:
The Refrigerant market is segmented by type and by application.
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.
North America Refrigerant market geography Analysis:
By Geography, the North America market is segmented into
The region is regulated by various legislations, which have prompted users to shift toward hydrocarbon and inorganic refrigerants. Firms are continuously endeavouring to consolidate their presence through product development and application branching-out strategies. Advanced and cost-efficient solutions that meet both end-user stipulations and supervisory standards are significant determinants for competitive edge.
North America Refrigerant market Key players:
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