The Latest Refrigerant Industry Statistics Explained
The global refrigerants market size is predicted to reach $22.16 Billion by 2026.
The statistic that the global refrigerants market size is predicted to reach $22.16 Billion by 2026 signifies a significant growth potential in the industry within the next few years. This prediction is indicative of increased demand for refrigerants globally, likely driven by factors such as expanding industries, growing population, and advancements in technology. The expected market size also implies opportunities for businesses operating in the refrigerants sector to capitalize on this growth trend and potentially drive innovation and development in the market. Overall, this statistic reflects a positive outlook for the refrigerants industry in terms of market expansion and economic impact.
The refrigerants market size was $18.05 billion in 2018.
The statistic indicates that the total market value of refrigerants in 2018 was $18.05 billion. This figure represents the combined revenue generated from the sale of various refrigerants used in commercial, industrial, and residential applications during that year. The market size provides insight into the overall scale and economic significance of the refrigerants industry in 2018, highlighting the demand for these products and the corresponding investments made by businesses and consumers. Analyzing this statistic can help industry stakeholders, policymakers, and researchers understand the trends, growth potential, and market dynamics within the refrigerants sector.
The Asia Pacific led the refrigerants market with a share of more than 48.0% in 2020.
The statistic “The Asia Pacific led the refrigerants market with a share of more than 48.0% in 2020” indicates that the Asia Pacific region held the largest portion of the global refrigerants market in 2020, accounting for more than 48.0% of the total market share. This suggests that the demand for refrigerants in countries within the Asia Pacific region was significant compared to other regions worldwide. Factors such as population growth, industrial development, and increasing demand for air conditioning and refrigeration systems likely contributed to the region’s dominance in the refrigerants market. The statistic highlights the importance of the Asia Pacific region as a key player in the global refrigerants industry.
Fluorocarbons dominated the refrigerants market accounting for 45% of the global demand in 2020.
The statistic indicates that fluorocarbons were the most widely used type of refrigerants in 2020, with a market share of 45% globally. Fluorocarbons are synthetic compounds known for their high efficiency in cooling applications, making them a popular choice for refrigeration systems. This dominance suggests that fluorocarbons were preferred by consumers and industries over other types of refrigerants such as hydrocarbons or ammonia. The significant market share held by fluorocarbons underscores their importance in meeting the cooling needs of various sectors, from residential and commercial refrigeration to industrial applications.
The hydrocarbon refrigerants will experience a 10% growth rate through the next seven years.
The statistic indicates that the market for hydrocarbon refrigerants is projected to grow at a 10% annual rate over the next seven years. This implies a steady and notable increase in demand for hydrocarbon refrigerants, likely driven by factors such as increasing awareness and adoption of environmentally friendly refrigerants due to their lower impact on climate change compared to traditional options. The projected growth rate suggests that the market for hydrocarbon refrigerants is expected to expand substantially over the forecast period, presenting opportunities for businesses operating within this sector to capitalize on this growth trend. It also implies a shift towards more sustainable practices in the refrigeration industry as a whole.
The commercial refrigeration application contributed to over USD 7.5 billion in 2019.
The statistic ‘The commercial refrigeration application contributed to over USD 7.5 billion in 2019’ indicates that the commercial refrigeration sector generated a total economic value of USD 7.5 billion in the year 2019. This value encompasses the combined revenues, sales, and various economic activities related to commercial refrigeration applications during that period. This statistic suggests that commercial refrigeration is a significant and thriving industry with a substantial impact on the overall economy, serving various sectors such as food and beverage, retail, and healthcare. The figure highlights the importance and scale of the commercial refrigeration market in contributing to economic growth and development.
Germany is leading the refrigeration industry in Europe with 28% of total market revenue.
The statistic that Germany is leading the refrigeration industry in Europe with 28% of total market revenue indicates that Germany generates the highest revenue in the refrigeration sector compared to other European countries. This suggests that Germany is a dominant player in the European refrigeration market, outperforming its competitors in terms of sales and market share. The 28% figure highlights the significant market power and influence that Germany holds in the refrigeration industry within Europe, showcasing the country’s strong position and competitiveness in this sector.
In 2021, the Refrigerant Market in North America was valued at over 4000K MT.
The statistic “In 2021, the Refrigerant Market in North America was valued at over 4000K MT” indicates that the total quantity of refrigerants consumed or traded in North America during the year 2021 exceeded 4 million metric tons. This statistic provides insight into the size and scale of the refrigerant industry in the region, pointing towards a significant demand for refrigerants for various applications such as air conditioning, refrigeration, and industrial processes. The large volume of refrigerants consumed highlights the importance of understanding and managing the environmental impact of refrigerants, particularly in the context of regulations aimed at reducing greenhouse gas emissions and protecting the ozone layer.
Global natural refrigerants market size exceeded USD 1.4 billion in 2020.
The statistic ‘Global natural refrigerants market size exceeded USD 1.4 billion in 2020’ indicates that the total value of the global market for natural refrigerants, which are substances used in cooling systems as an alternative to synthetic refrigerants with high global warming potential, surpassed $1.4 billion in the year 2020. This suggests a significant demand for natural refrigerants driven by factors such as regulations targeting the phase-out of synthetic refrigerants, increasing environmental awareness, and efforts to mitigate climate change. The growing market size signifies the momentum towards adopting environmentally friendly refrigeration solutions and the potential for further expansion in this sector in response to sustainability concerns and evolving market dynamics.
The automotive refrigerants market size is projected to reach USD 4.44 billion by 2027.
This statistic indicates a forecasted value for the automotive refrigerants market, predicting that it will grow to reach USD 4.44 billion by the year 2027. This projection suggests a significant increase in the market size compared to the current value, indicating potential growth and opportunity within the automotive refrigerants industry. Factors driving this growth could include increasing demand for automotive air conditioning systems, technological advancements in refrigerant products, and regulations promoting the use of environmentally friendly refrigerants. It is important for stakeholders, including manufacturers, policymakers, and investors, to consider this projection when making strategic decisions and investments in the automotive refrigerants market.
The demand for refrigerants from the air conditioning sector was 96 kl in 2018.
The statistic stating that the demand for refrigerants from the air conditioning sector was 96 kiloliters in 2018 represents the total quantity of refrigerants needed by the air conditioning industry during that year. This statistic is crucial for understanding the environmental impact and energy consumption associated with air conditioning systems, as refrigerants play a significant role in the cooling process. Monitoring the demand for refrigerants can provide insights into the growth of the air conditioning sector, potential environmental consequences, and the need for sustainable practices in the industry to minimize greenhouse gas emissions and ozone depletion.
The global refrigerants market in the household sector will reach a value of $5.70 billion by 2025.
The statistic indicates that the global market for refrigerants in the household sector is projected to grow and reach a value of $5.70 billion by the year 2025. This means that there is an expected increase in demand for refrigerants used in household appliances such as refrigerators and air conditioners. Factors contributing to this growth could include a rise in population, increasing urbanization, and improved standards of living leading to higher demand for cooling solutions. The statistic suggests opportunities for businesses operating in the refrigerants market to capitalize on this growth by offering innovative and sustainable solutions to meet the increasing demand from households worldwide.
The CO2 refrigerant market is expected to reach $1.34 billion by 2027.
The statistic “The CO2 refrigerant market is expected to reach $1.34 billion by 2027” forecasts the anticipated value of the market for carbon dioxide (CO2) refrigerants by the year 2027. This projection suggests a significant growth trend in the adoption and usage of CO2 as a refrigerant over the coming years, likely driven by various factors such as increasing awareness of environmental concerns and the shift towards sustainable and eco-friendly refrigeration technologies. The $1.34 billion valuation indicates the market’s economic importance and potential opportunities for businesses involved in the production, distribution, and utilization of CO2 refrigerants.
The HFC refrigerant market is expected to reach $1.58 billion by 2027.
The statistic indicates that the market for Hydrofluorocarbon (HFC) refrigerants is projected to grow to $1.58 billion by the year 2027. This figure serves as a forecast for the total market value of HFC refrigerants, which are commonly used in air conditioning and refrigeration systems. The expected growth in the market size suggests an increasing demand for HFC refrigerants driven by factors such as population growth, urbanization, and expanding commercial and industrial sectors. The estimated value provides insight into the potential economic opportunities and challenges within the HFC refrigerant industry over the coming years, impacting manufacturers, suppliers, and consumers in this sector.
The global demand for R22 refrigerant was over 160-kilo tons in 2016.
The statistic stating that the global demand for R22 refrigerant was over 160-kilo tons in 2016 represents the total amount of R22 refrigerant that was sought after and used worldwide during that particular year. R22, also known as chlorodifluoromethane, was commonly used as a refrigerant in air conditioning systems and other cooling applications. The high demand for R22 indicates its widespread usage and reliance in various industries and households for maintaining cool temperatures. The quantity of over 160-kilo tons highlights the significant scale of usage, emphasizing the importance of R22 refrigerant in meeting cooling needs globally in 2016.
The R32 refrigerant market is expected to grow at a CAGR of 9.9% from 2019 to 2025.
This statistic indicates that the market for R32 refrigerant is projected to experience a Compound Annual Growth Rate (CAGR) of 9.9% from the year 2019 to 2025. A CAGR provides a smooth representation of the growth rate over a specified period by considering the effect of compounding. In this context, the 9.9% CAGR forecast suggests a steady and significant growth trend in the demand for R32 refrigerant over the specified time frame, with the market expected to expand at a consistent annual rate of nearly 10%. This statistic is valuable for businesses, policymakers, and industry stakeholders as they can anticipate and plan for the growth trajectory of the R32 refrigerant market and make informed decisions regarding investments, production capacities, and sustainability efforts.
Conclusion
Through an analysis of the refrigerant industry statistics, it is evident that the market is experiencing significant growth driven by various factors such as increasing demand for refrigeration and air conditioning systems, advancements in technology, and regulatory frameworks. These statistics provide valuable insights for industry stakeholders to make informed decisions and navigate the changing landscape of the refrigerant market.
References
0. – https://www.www.precisionreports.co
1. – https://www.www.hexaresearch.com
2. – https://www.www.grandviewresearch.com
3. – https://www.www.alliedmarketresearch.com
4. – https://www.refindustry.com
5. – https://www.www.gminsights.com
6. – https://www.www.globenewswire.com
7. – https://www.www.adroitmarketresearch.com
8. – https://www.www.polarismarketresearch.com
9. – https://www.www.arizton.com
10. – https://www.www.prnewswire.com
11. – https://www.www.fortunebusinessinsights.com
