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Aerosol Refrigerants Market - Forecast(2023 - 2028)
Aerosol Refrigerants Market Overview
Aerosol Refrigerants Market size is forecast to reach $1.45 billion by 2026, after growing at a CAGR of 7.3% during 2021-2026. Aerosol refrigerants are used in the refrigeration cycle for the purpose of refrigeration. The aerosol refrigerants market is growing because of the rise in demand for aerosol refrigerants as they are not harmful for the ozone layer. CFCs and hydrochlorofluorocarbons (HCFCs) such as CFC-12 and HCFC-22 were used as propellants, and CFC-11, CFC-113, HCFC-141b, HCFC-225ca/cb, and methyl chloroform were used as solvents.
Aerosol manufacturers switched to non-ozone depleting propellants and solvents, some of which have high GWPs, such as Hydrofluorocarbons which includes HFC-134a, HFC-227ea, HFC-43-10mee, HFC-365mfc, and HFC-245fa, as well as a number of low-GWP alternatives, in response to the CFC phaseout and the continuing phaseout of Hydrochlorofluorocarbons (HCFCs). The demand is also increasing due to commercialization and urbanization which in turn is leading to increase in usage of aerosol refrigerants in automotive and building & construction industries.
COVID-19 Impact
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. Currently the Aerosol Refrigerants Market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down.
According to World Trade Organization (WTO), global trade volumes declined between 13-32% in 2020. The pandemic has impacted the building and construction industries because of shutting down. This in turn has restricted the growth in year 2020 and in 2021 because of movement of workforce.
Report Coverage
The report: “Aerosol Refrigerants Market - Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Aerosol Refrigerants Industry.
By Product Type: HFC-143a, HFC-134a, HFC-227ea, HFC-236fa, HFC-32, HFC-125, Sulfur hexafluoride SF6, Dimethyl Ether and Others.
By Application: Refrigeration, Cold Storages, Air-Conditioner (Stationary, Mobile, Chillers and Others), Building Insulation, Fire Extinguishing Systems and Others.
By End Use Industry: Automotive, Building & Construction (Residential (Independent Homes and Large Apartment Buildings) and Commercial (Airports, Shopping Malls & Super Markets, Office Buildings, Hotels, Restaurants & Cafes and Others)), Food & Beverages, Industrial and Others.
By Geography: North America (U.S, Canada and Mexico), Europe (UK, France, Germany, Italy, Spain, Russia, Netherlands, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), and RoW (Middle East and Africa).
Key Takeaways
- Asia Pacific dominates the Aerosol Refrigerants Market owing to rapid increase in usage in automotive and building & construction.
- The market drivers and restraints have been assessed to understand their impact over the forecast period.
- The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
- The other key areas of focus include the various applications and end use industry in Aerosol Refrigerants Market and their specific segmented revenue.
- Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Aerosol Refrigerants Market related industries has been negatively affected, thus hampering the growth of the market.
Figure: Aerosol Refrigerants Market Revenue, 2020-2026 (US$ Billion)
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Aerosol Refrigerants Market Segment Analysis - By Product Type
The HFC-134a held the largest share of 28% in the Aerosol Refrigerants Market in 2020. The HFC-134a is a non-ozone depleting agent. HFC-134a is used in different applications which include foam like residential refrigeration, freezers, construction, panels for mobile freezers and as an extruded polystyrene foam board insulation.
The increasing use of HFC-134a and HFC-227ea are leading to increase in demand for refrigeration in the developing regions which is coupled with the growing population and new industries that are driving the growth of aerosol refrigerants market.
Aerosol Refrigerants Market Segment Analysis - By Application
Refrigeration held the largest share of 30% in the Aerosol Refrigerants Market in 2020. The market is witnessing a significant growth during the forecast period because of rise in usage of aerosol refrigerants. The refrigerants are used for cooling in the refrigeration cycle. This refrigeration cycle goes through the change in phase transition during the process.
According to India Cooling Action Plan 2019, the aggregate cooling demand will increase 8 times by 2037-38 when compared with the base period for 2017-2018. As the cooling demand is rising, certainly there will be rise in demand for refrigeration and hence this will lead to the growth in the aerosol refrigerants market.
Aerosol Refrigerants Market Segment Analysis - By End Use Industry
Building and construction held the largest share in the Aerosol Refrigerants Market in 2020. The increase in buildings and construction is due to the growing population, especially in the urban areas. According to India Cooling Action Plan 2019, the rise in cooling demand for building and construction industry will be 11 times followed by the transport air-conditioning by 5 times.
The space cooling energy consumption by equipment in year 2017-18 was 42% for room air conditioners. This increase in the rise of air-conditioning in the building industry is leading to the growth of Aerosol Refrigerants Market.
Aerosol Refrigerants Market Segment Analysis - Geography
Asia-Pacific (APAC) dominated the Aerosol Refrigerants Market in the year 2020 with a market share of 41%, followed by North America and Europe. China is one of the fastest growing economies in terms of increasing population, rise in standard of living and per-capita income. Also, there is increasing in the purchase of packaged food which requires refrigeration like peas, corns, dairy, baby food, confectionery items, and others. In India also, due to increase in urbanization and change in the living standards the choices and preferences are changing.
According to Indian Brand Equity Foundation (IBEF) Indian food processing industry comprise of 32% of the country’s total food market. The two countries China and India are driving the demand for the Asia-pacific region. This growth has significantly led to the growth of aerosol refrigerants market.
Aerosol Refrigerants Market Drivers
Rise in demand for consumer appliances
The increase in demand of consumer application is driving the aerosol refrigerants market. The increase in the air-conditioners and refrigerators in every household is increasing the consumer base for the market. According to the International Energy Agency the number of air-conditioners are projected to increase from 1.5 billion in 2015 to 5.5 billion in 2050 and the domestic refrigerators will double to more than 2 billion.
Increase in the usage of Photovoltaics for cooling
The use of Photovoltaics is done to produce energy. The use of photovoltaics for cooling can directly power approximately 50% of the cooling demand in areas where photovoltaics and cooling have a very higher synergy. This increase in the cooling demand fulfillment can lead to the growth of aerosol refrigerants market.
Aerosol Refrigerants Market Challenges
Stringent rules and regulations for phase down of HFC
According to the Kigali Amendment, the Montreal Protocol Parties are required to gradually phase down HFC production and usage. First reductions were done by most developed countries in 2019. Most of the developing countries are following with a freeze of HFCs consumption levels in 2024, and some in 2028. These rules and regulations to reduce the usage are hampering the growth of Aerosol Refrigerants Market.
Increase in usage of Natural Refrigerants
The presence of substitutes and increasing usage of natural refrigerants are hampering the aerosol refrigerants market. The substitutes used in the HAVC/R applications are carbon dioxide (CO2, R-744), hydrocarbons like propene (R-290), propylene (R-1270), ammonia (NH3, R-717), isobutane (R-600a), water (H2O, R-718) and air (R-729) and others are used.
Aerosol Refrigerants Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Aerosol Refrigerants Market. Major players in the Aerosol Refrigerants Market are Arkema Group, Honeywell International Inc., The Chemours Company, Daikin Industries Ltd., Groupe Gazechim, Akzo Nobel, Dongyue Group, SRF, Dongyue Group and Others.
Acquisitions/Technology Launches/ Product Launches
- In February 2020, Honeywell launched Solstice E-Cooling, a heat transfer agent that cools the data centers and other electronic appliances, with greater efficiency and lower operational cost. It uses a line of next-generation low-global-warming potential refrigerants technologies with two-phase liquid cooling process.
Related Report:
Report Code: CMR 0272
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1. Aerosol Refrigerants Market - Market Overview
1.1 Definitions and Scope
2. Aerosol Refrigerants Market - Executive Summary
2.1 Key Trends by Product Type
2.2 Key Trends by Application
2.3 Key Trends by End-Use Industry
2.4 Key Trends by Geography
3. Aerosol Refrigerants Market – Comparative analysis
3.1 Market Share Analysis- Major Companies
3.2 Product Benchmarking- Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis- Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Aerosol Refrigerants Market - Startup companies Scenario Premium Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Aerosol Refrigerants Market – Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Aerosol Refrigerants Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Aerosol Refrigerants Market – Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Aerosol Refrigerants Market– By Product Type (Market Size -$Million)
8.1 HFC-143a
8.2 HFC-134a
8.3 HFC-227ea
8.4 HFC-236fa
8.5 HFC-32
8.6 HFC-125
8.7 Sulfur hexafluoride SF6
8.8 Dimethyl Ether
8.9 Others
9. Aerosol Refrigerants Market-By Application (Market Size -$Million)
9.1 Refrigeration
9.2 Cold Storages
9.3 Air-Conditioning
9.3.1 Stationary
9.3.2 Mobile
9.3.3 Chillers
9.3.4 Others
9.4 Building Insulation
9.5 Fire Extinguishing Systems
9.6 Others
10. Aerosol Refrigerants Market– By End-Use Industry (Market Size -$Million)
10.1 Automotive
10.2 Building & Construction
10.2.1 Residential
10.2.1.1 Independent Homes
10.2.1.2 Large Apartment Buildings
10.2.2 Commercial
10.2.2.1 Airports
10.2.2.2 Shopping Malls & Super Markets
10.2.2.3 Office Buildings
10.2.2.4 Hotels, Restaurants & Cafes
10.2.2.5 Others
10.3 Food & Beverages
10.4 Industrial
10.5 Others
11. Aerosol Refrigerants Market - By Geography (Market Size -$Million)
11.1 North America
11.1.1 U.S
11.1.2 Canada
11.1.3 Mexico
11.2 Europe
11.2.1 UK
11.2.2 Germany
11.2.3 France
11.2.4 Italy
11.2.5 Netherlands
11.2.6 Spain
11.2.7 Russia
11.2.8 Belgium
11.2.9 Rest of Europe
11.3 Asia-Pacific
11.3.1 China
11.3.2 Japan
11.3.3 India
11.3.4 South Korea
11.3.5 Australia and New Zealand
11.3.6 Indonesia
11.3.7 Taiwan
11.3.8 Malaysia
11.3.9 Rest of APAC
11.4 South America
11.4.1 Brazil
11.4.2 Argentina
11.4.3 Colombia
11.4.4 Chile
11.4.5 Rest of South America
11.5 Rest of the World
11.5.1 Middle East
11.5.1.1 Saudi Arabia
11.5.1.2 U.A.E
11.5.1.3 Israel
11.5.1.4 Rest of the Middle East
11.5.2 Africa
11.5.2.1 South Africa
11.5.2.2 Nigeria
11.5.2.3 Rest of Africa
12. Aerosol Refrigerants Market – Entropy
12.1 New Product Launches
12.2 M&As, Collaborations, JVs and Partnerships
13. Aerosol Refrigerants Market – Market Share Analysis Premium
13.1 Market Share by Region - Major companies
13.2 Market Share by Key Region - Major companies
13.3 Market Share by Key Country - Major companies
13.4 Market Share by Key Application - Major companies
13.5 Market Share by Key Product Type/Product category - Major companies
14. Aerosol Refrigerants Market – Key Company List by Country Premium Premium Premium
15. Aerosol Refrigerants Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
15.1 Company 1
15.2 Company 2
15.3 Company 3
15.4 Company 4
15.5 Company 5
15.6 Company 6
15.7 Company 7
15.8 Company 8
15.9 Company 9
15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"
LIST OF TABLES
1.Global Aerosol Refrigerant Market:Product Estimate Trend Analysis Market 2019-2024 ($M)1.1 Steel Market 2019-2024 ($M) - Global Industry Research
1.2 Aluminum Market 2019-2024 ($M) - Global Industry Research
2.Global Aerosol Refrigerant Market:Product Estimate Trend Analysis Market 2019-2024 (Volume/Units)
2.1 Steel Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 Aluminum Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Aerosol Refrigerant Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
3.1 Steel Market 2019-2024 ($M) - Regional Industry Research
3.2 Aluminum Market 2019-2024 ($M) - Regional Industry Research
4.South America Aerosol Refrigerant Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
4.1 Steel Market 2019-2024 ($M) - Regional Industry Research
4.2 Aluminum Market 2019-2024 ($M) - Regional Industry Research
5.Europe Aerosol Refrigerant Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
5.1 Steel Market 2019-2024 ($M) - Regional Industry Research
5.2 Aluminum Market 2019-2024 ($M) - Regional Industry Research
6.APAC Aerosol Refrigerant Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
6.1 Steel Market 2019-2024 ($M) - Regional Industry Research
6.2 Aluminum Market 2019-2024 ($M) - Regional Industry Research
7.MENA Aerosol Refrigerant Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
7.1 Steel Market 2019-2024 ($M) - Regional Industry Research
7.2 Aluminum Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Aerosol Refrigerants Market Revenue, 2019-2024 ($M)2.Canada Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
3.Mexico Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
4.Brazil Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
5.Argentina Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
6.Peru Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
7.Colombia Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
8.Chile Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
9.Rest of South America Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
10.UK Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
11.Germany Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
12.France Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
13.Italy Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
14.Spain Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
15.Rest of Europe Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
16.China Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
17.India Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
18.Japan Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
19.South Korea Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
20.South Africa Aerosol Refrigerants Market Revenue, 2019-2024 ($M)
21.North America Aerosol Refrigerants By Application
22.South America Aerosol Refrigerants By Application
23.Europe Aerosol Refrigerants By Application
24.APAC Aerosol Refrigerants By Application
25.MENA Aerosol Refrigerants By Application
26.Itw Sexton, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Baltic Refrigeration Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.The Chemours Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Fastenal Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Groupe Gazechim, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Nu-Calgon Wholesaler, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Technical Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Fjc Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Stp Product Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Mexichem S A B De C V, Sales /Revenue, 2015-2018 ($Mn/$Bn)