Worldwide refrigerant market worth £7bn

The value of refrigerant sales is on course to reach almost $16 billion (£10.6 billion) over the next five years, analysts are predicting.

Refrigerant consumption reached $10.5 billion (£7 billion) — equivalent to 1,207 thousand MT — last year. By 2018 it is expected to rise to $15.7 billion courtesy of a CAGR of 7%.

Among all the geographies, Asia-Pacific accounted for the largest portion of refrigerant demand in 2012, totalling just around half of the world market, according to a report from US firm MarketsandMarkets.

Story continues below
Advertisement

The company said the increase in the region’s demand was mainly due to demand for cooling products primarily driven by increasing middle-class populations in China and India.

Demand for HCFC was high during 2003 to 2009, but the Montreal Protocol, which demands the phase-out of HCFC, has significantly reduced its growth prospects.

This in turn, is driving the HFC market as a substitute to HCFC. However, use of HFCs is beginning to come under strict regulations, especially in Western Europe, the firm said.

Refrigerants are used across a whole variety of industrial sectors, not just foodservice. The report said there is a shift in consumer preferences towards natural refrigerants. It claims the most commonly-used natural refrigerants are ammonia, carbon dioxide, propane and isobutane.

Since fluorocarbons have high GWP, the demand for natural is increasing tremendously, it added.

Authors

HAVE YOUR SAY...

*

Related posts

Top