CHICAGO, IL -- The report "Refrigerants Market by Type (Fluorocarbon, Inorganics, and Hydrocarbons), and by Application (Domestic, Commercial, Transportation, Industrial, Stationary Air Conditioning, Chillers, and Mobile Air Conditioning) - Global Trends & Forecasts to 2020", published by MarketsandMarkets, The Refrigerants Market is projected to reach $21 Billion by 2020 at a CAGR of 6.0% from 2015 to 2020.
The market report defines and segments the Refrigerants Market with an analysis and forecast for types, and applications by value
"Stationary AC to be the largest application for the refrigerants market"
Refrigerants have various applications such as domestic refrigeration, commercial refrigeration, transportation refrigeration, industrial refrigeration, stationary AC, chillers; mobile AC. Stationary AC application dominated the refrigerants market, accounting for maximum share in terms of volume in 2014. Growing demand in end-user industries such as construction, food, and pharmaceutical is driving the refrigerants market in stationary AC application.
"Domestic refrigeration to have the highest growth"
The demand for refrigerants in domestic refrigeration application is expected to witness the highest CAGR of 7.1% from 2015 to 2020, in terms of volume. Increasing annual income and rising standard of living are the major factors contributing towards the growth of refrigerants in domestic refrigeration.
"Fluorocarbon captures the largest share of refrigerants, but inorganics are expected to witness a huge growth"
Fluorocarbons are the major type of refrigerants. They capture a major market share of the total refrigerants market in 2014. But due to various regulations related to F-gas such as Montreal protocol, Kyoto protocol, countries have started to phase out HCFCs, and HFCs. The major manufacturers have now started the production of low GWP and ODP refrigerants such as inorganic and hydrocarbons. Inorganic refrigerants are expected to witness a significant growth, by growing with a CAGR of 10.0% from 2015 to 2020. Manufacturers are focusing on the development of natural refrigerants which are based on hydrocarbons (propane, isobutane), CO2, ammonia, water, and air. Natural refrigerants such as ammonia, CO2, hydrocarbons, water and air have very low GWP and zero ODP.
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