Market Trends of Aerosol Refrigerants Industry
This section covers the major market trends shaping the Aerosol Refrigerants Market according to our research experts:
Rising Need for Refrigerators, Air conditioners, and Chillers
- Refrigerants are used in a wide range of heating, ventilation, air conditioning, and refrigeration (HVAC&R) applications.
- The global HVAC Equipment market is expected to grow at a CAGR of about 6% over the forecast period. Heating, ventilation, and air conditioning (HVAC) systems are finding widespread adoption across various regions, due to the multiple advantages they offer, most notably power-saving techniques. Major factors driving the market for HVAC equipment in the region include an increase in new households, rising average construction spending, rapid urbanization, and growth in disposable income across several major economies.
- The rising requirement from the commercial segment and high demand for HVAC products in the Asia-Pacific region are the other key drivers of the Aerosol Refrigerants Market.
- HFCs, being potent greenhouse gases with high global warming potential (GWP) and long lifetimes, they face international replacement by either hydrofluoroolefins (HFOs) or 'natural' refrigerants under the October 2016 Kigali Amendment to the Montreal Protocol. Recognizing this concern, the Environmental Protection Agency (EPA) announced a run of cuts to hydrofluorocarbons (HFCs) such as HFC-404a, HFC-134a, and HFC-410a and HFC-407c. Under the rules, new chillers would no longer be produced using these refrigerants after January 1, 2024.
- Hence, these regulations would hamper the growth of the market studied during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to account for the largest market for aerosol refrigerants, during the forecast period.
- China is one of the fastest growing economies worldwide and almost all the end-user industries have been experiencing significant growth, owing to the rising population, living standards, and per capita income. However, owing to the international trade turbulences, unfavorable geopolitical affairs, and the COVID-19 impact, the growth rate is expected to slow down in the initial years of the forecast period. But the growth is expected to speed up in the later part of forecast period, considering the favorable conditions in the future.
- Chinese consumers are increasingly purchasing health and wellness food products, including organics foods that require cold storages, including peas, corn, etc. Packaged frozen foods are also increasingly becoming popular, especially dairy, baby food, and confectionary products.
- Many consumers in China are considering refrigeration appliances as household necessities, owing to increasing usage of ready-to-eat packed food, which paves the way for appliances, to penetrate the market. The scenario further strengthens the growth of the Chinese refrigeration market.
- India is also a major economy, contributing to the aerosol refrigerant market. Due to rapid urbanization and rising living standards, the choices and preferences of an individual are changing. These are resulting in broadening of all major sectors of Indian economy, leading to higher growth prospects in the country.
- Hence, Asia-Pacific is likely to dominate the Aerosol Refrigerants Market during the forecast period.
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