Asia Pacific Refrigerants Market Report Description:
Asia Pacific Refrigerants market report gives comprehensive outlook on Refrigerants market across the regions of Asia Pacific. The report on Asia Pacific Refrigerants market gives historical, current, and future market sizes (US$ Mn) on the basis of product type, application and country. This report studies Asia Pacific Refrigerants market dynamics elaborately to identify the current market trends and drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, Asia Pacific Refrigerants market report includes competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed Asia Pacific Refrigerants market to better equip clients with possible investment opportunities across the Countries (Country Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the Asia Pacific Refrigerants market report include suppliers, manufacturers, marketers, policy makers, and recent market activities.
Asia Pacific Refrigerants Market:
The market size of Refrigerants is to be US$ XX Mn in 2018 and is projected to reach US$ XX Mn by 2023, at a CAGR of XX%, from 2018 to 2025. Rising awareness regarding global warming and ozone depletion coupled with increase in demand for energy-efficient cooling solutions is anticipated to fuel the refrigerant market during the forecast period. Global phase-down of production and consumption of hydro-fluorocarbons (HFCs), one of the six greenhouse gases (GHGs) has led to an increased demand for natural refrigerants. The hydrocarbon and inorganic segments are, therefore, anticipated to attest significant growth in the market. Increased industrialization in emerging economies such as China, India, and Japan has led to establishment of a large number of data centers, subsequently fueling demand for refrigerants. However, stringent regulation stifles the growth of market.
Launch of Eco-friendly Products Strengthens the Refrigerants Market
The key players in the Asia Pacific market have adopted acquisition, expansion, product launch, technological advancements, and partnerships as their business strategies to sustain the intense competition. Refrigerant giants have focused on market strategies such as product launch and expansion to strengthen their brand image in the market. Honeywell International is a pioneer in developing low GDP and OWP blends. Innovations such as these are expected to inspire other industry players to invest significantly in R&D and production of environment-friendly products to meet stringent regulatory specifications and changing consumer preferences.
Increasing Demand for Frozen Food Accelerates the Refrigerants Market
Cold chain is temperature-controlled supply chain, uninterrupted storage, and distribution activities, which maintain a given temperature range. Cold chain market operations that are meant to extend and ensure the shell life of fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical drugs are expected to rapidly increase. This rapid increase is due to the growing demand from the consumers resulting from changing lifestyles and growing advanced technologies. With increasing consumer demand for frozen food products and presence of highly competitive market with low margins, most of the food processors, distributors, and retailers are shifting from the manually operated obsolete facilities to high bay deep-freeze warehouses where refrigerants are widely employed. Moreover, the expansion of food retail chains by multinational companies and the growth in international trade due to trade liberalization have led to an increase in the demand for the cold chain processes, and in turn, increase demand for refrigerants across the world.
China Accounts for Larger Market Revenue Share in Asia Pacific Refrigerants Market
Increased GDP, rising disposable income, and increased investments are the various macro-economic factors up surging the growth of market in this region. Some of the major factors driving the market for Asia-Pacific refrigerant market are China focusing on natural refrigerants as advised by MEP/FECO China, technological changes such as low GWP refrigerants rise in the cold chain market and increase in the disposable income leading to rise in purchasing power of consumer appliances. These factors increase the demand for Asia-Pacific refrigerant market.
Key players profiled in the Asia Pacific refrigerants market include:
- Honeywell International
- Daikin Industries Limited
- Dongyue Group
- Arkema S.A.
- Linde Group
- Mexichem SAB de C.V.
- Sinochem Group
- Air Liquide,
- The Chemours Company
Key players adopted various organic as well as inorganic growth strategies between 2015 and 2018 to strengthen their position in the market. For instance, Chemours Company, Wilmington, has acquired ICOR International, Indianapolis, a privately-owned leading supplier of branded, ozone safe refrigerants and related products.
Key Findings of the Report:
Asia Pacific Refrigerants market expanding at significant CAGR over 2019 to 2025 to reach market value of US$ XX Mn by 2025 owing to the rising demand for refrigerants .
- Based on application, air conditioning segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on mergers and acquisitions strategies to retain market position in Asia Pacific Refrigerants market
By Product Type
- Industrial Refrigeration
- Domestic Refrigeration
- Transport Refrigeration
- Commercial Refrigeration
- Stationary Air Conditioning, Chillers & Heat Pumps
- Mobile Air Conditioning
- Rest of Asia Pacific
Key Features of the Report:
- The report provides granular level information about the market size, country market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market