Global Next Generation Refrigerant Market is Projected to Reach $4.72 Billion by 2023

Global Next Generation Refrigerant Market is Projected to Reach $4.72 Billion by 2023

PR Newswire

FREMONT, California, November 30, 2018

FREMONT, California, November 30, 2018 /PRNewswire/ --

According to a new market intelligence report by BIS Research, titled 'Global Next Generation Refrigerant Market - Analysis and Forecast, 2018-2023', the global next generation refrigerant market is expected to reach to $4.72 billion by 2023, growing at a CAGR of 8.11% and 10.52% during the forecast period from 2018 to 2023 in terms of value and volume, respectively.  

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Browse more than 193 Data Tables and 153 Figures spread through 308 Pages and in-depth TOC on "Global Next Generation Refrigerant Market."

Europe accounted for 53.94% of the total next generation refrigerant market in 2017. The rise in government initiatives, such as F-Gas regulation against hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs), has led to an increase in the demand for natural refrigerants and hydrofluoric olefin (HFO) in the region. Additionally, commercial supermarkets have mainly taken over the usage of carbon dioxide as a refrigerant in their refrigeration and air conditioning systems. These factors are further expected to increase the demand for natural refrigerants in the region.

The Asia-Pacific region accounted for 32.00% (by volume) of the next generation refrigerant market in 2017. The next generation refrigerant market in Asia-Pacific is expected to grow at a rate of 9.50% (by volume) during the forecast period. This potential growth is supported by a strong industrial base, encouraging government policies, and financial support in research and development in this region.

BIS Research Report: https://bisresearch.com/industry-report/next-generation-refrigerant-market.html

According to Arpit Benjwal, Lead Analyst at BIS Research, "Japan dominated the next generation refrigerant market in Asia-Pacific in 2017. The next generation refrigerant market in Japan by type in terms of volume is dominated by the natural refrigerants, followed by HFO." The key factors driving the demand for natural refrigerants in Japan are the increased government initiatives in reducing the use of fluorinated gases as refrigerants along with the promotion of natural refrigerants by offering subsidies and energy-efficient benefits of natural refrigerants. Natural refrigerants are also commonly used in vending machines in Japan.

According to Maitreyee Dey, Research Associate at BIS Research, "The refrigeration end user segment is expected to witness the fastest growth in the market." Natural refrigerants are extensively used in industrial and commercial refrigeration. Ammonia or R-717 is one of the preferred choices for large installations, whereas ozone-depleting substances such as CFCs, HCFCs, and other high global warming potential refrigerants, have been ruled out under international agreements. In Europe, ammonia has been widely adopted for industrial refrigeration in the U.K. and Germany, owing to the usage restrictions and taxation on greenhouse gases in the countries.

Some of the key players operating in the next generation refrigerant market include AGC Inc., Arkema SA, ASPEN Refrigerants, Inc., Daikin Industries, Ltd., Global Refrigerants, Harp International Ltd., Honeywell International Inc., SRF Limited, Tazzetti S.p.A., The Chemours Company, and The Linde Group, among others. The key players operating in this market have increased their business expansion activities over the years to generate public awareness about their existing and new products and technologies and to compete with the competitors' product portfolio. Out of the total development, 38.89% of the developmental strategies have been product launches.

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Driven by the rapid evolution of the next generation refrigerant, there has been a sudden growth in the research and development activities by many important players in this market, leading to an increase in the number of business expansions over the last three years. For instance, Honeywell International started a new plant in Geismar, Louisiana, in the U.S. to produce R-1234yf type of refrigerant. It is a $300 million project whereby the company started the production of Solstice products in May 2017.

This report is a meticulous compilation of research on more than 100 players in the next generation refrigerant market and draws upon the insights from in-depth interviews with the key opinion leaders from more than 50 leading companies, market participants, and vendors. The report also profiles approximately 15 companies including supplier and customer profiles. The supplier profiles offered in the report are AGC Inc., Arkema SA, ASPEN Refrigerants, Inc., Daikin Industries, Ltd., Global Refrigerants, Harp International Ltd., Honeywell International Inc., SRF Limited, Tazzetti S.p.A., The Chemours Company, and The Linde Group, among others. The key end user companies profiled in the report include Carrier Corporation, Panasonic Corporation, Samsung Electronics, Ltd., and Trane Inc.

Key questions answered in the report: 

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