Increasing demand from the residential segment for HVAC systems is driving the demand for the market.
Market Size – USD 1.06 Billion in 2019, Market Growth – CAGR of 4.2%, Market Trends – Rising demand for plastic aerosol cans.
The Global Aerosol Refrigerant Market is projected to reach USD 1.48 billion in 2027. The growing demand for large-scale chillers, refrigerators, and air conditioning systems worldwide is expected to drive product demand. Due to the descending plan for hydrofluorocarbons and the transition to environmentally friendly natural products, the commercial refrigeration, and portable air conditioners sector are expected to grow considerably over the forecast period. The recent years have also seen a growing trend in demand for cooling equipment, which has increased the use of aerosol coolant in the economy in turn.
The aerosol refrigerants are used because of its properties, such as durability, high quality, and low supply chain, which results in the strong demand for the product. Commercial cooling and portable air conditioners are fueling market growth. Demand for cooling equipment has rapidly increased, which, in turn, is estimated to grow the market during the forecast period. Steel-based aerosol refrigerants have dominated the European market due to growing product handling benefits, with the proper vaporization for the sudden usages. Globally the aerosol refrigerant market is estimated to reach USD 1.48 Billion by 2027 at the CAGR of 4.2% from USD 1.06 Billion in 2019.
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Some of the players profiled in the report are Navin Fluorine International Ltd, Arkema Group, Honeywell International Inc., Daikin Industries, Ltd., Baltic Refrigeration Group, Dongyue Group, Sinochem Corporation, The Chemours Company, SRF Limited, and A-Gas, among others.
Market growth is propelled by the growing demand for cooling systems in end-user industries. Advanced propane-based cold chain solutions will have considerable growth during the forecast period. Growing demand for consumer gadgets which includes refrigerators and air conditioners is estimated to have a positive effect on the industry growth over during the forecast period. Recyclable design goods are projected to contribute to the market share.
Further key findings from the report suggest
- The growth of aluminum aerosol refrigerants in North America and Europe is expected to be significant by 2027 due to their small weight and the increase in metal recycling activities.
- Growing demand is expected to have a positive effect on the industry growth in households, commercial refrigeration, and air conditioning systems in the area.
- Aerosol Refrigerant products would find widespread usage in components during the forecast period and would substitute metallic underhood parts.
- As a result of increasing industrialization and high demand for refrigeration products in the Asia-Pacific by 2027, the market is expected to grow fastest.
- In February 2017, Honeywell confirmed the use of Honeywell’s Solstice coolant in the latest chillers production line in India by Kirloskar Chillers, a part of the Kirloskar Company. In India, the Near East, South East Asia, and Europe, chillers, which are sizeable central air conditioners, can now be installed in both industrial and commercial buildings.
- In June 2019, Honeywell began full-scale commercial production of the aerosol, isolating, and cooling agent’s low-global hot / warming content. The substance is sold in the Solstice range of low-global hot-materials at Honeywell Fluorine Products in Baton Rouge, La. The substance is produced.
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Product Outlook (Revenue, USD Billion; 2017-2027)
Material Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
On the basis of regional terminology the Asia Pacific region is estimated to observe significant growth during the forecast period on the basis of favorable environment in the region, relaxation of the regulations, and growth in the industrial segment. Increased income of people is estimated to result in higher purchase of household appliances, such as refrigerators, which is expected to aid market growth.
Market Segmentation by Regions:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Point Summary of the Report:
The global Aerosol Refrigerant market research report is an investigative study offering key insights into the latest growth trends, developments, technological and product advancements, and the research and development scenario. The report also covers the market aspects that directly influence the growth of the market. These features include strategies undertaken by the prominent players, their expansion tactics, and the product portfolios of the companies, and micro and macro-economic factors.
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Global Aerosol Refrigerant Market: Table of Contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2027
Chapter 3. Indicative Metrics
Chapter 4. Aerosol Refrigerant Market Segmentation & Impact Analysis
4.1. Aerosol Refrigerant Market Raw Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. Rise in HVAC systems
22.214.171.124. Increase in Industrialization
4.2.3. Market restraints analysis
126.96.36.199. Complexity involved in design process
188.8.131.52. Stringent government regulations
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence
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