Refrigerant Market Surge Valuation Of 30.37 Billion Units By 2025: Grand View Research, Inc.
The global refrigerant market size is expected to reach USD 30.37 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.3% during the forecast period. Development of eco-friendly alternatives, as a result of environmental policies aimed at ozone depletion and GHG emissions, is a key factor driving market growth. Regulations across EU, Japan, China, and U.S. have prompted consumers to shift toward hydrocarbon and inorganic refrigerants, with its demand predicted to increase drastically over the forecast period. The fluorocarbons segment accounted for over 50% of the overall consumption in 2016. Inorganics emerged as the second-largest product segment in terms of revenue. Thermal efficiency of the product has enabled its penetration across industrial applications. Low cost, easy availability, and eco-friendly characteristics are key factors boosting its demand in industrial areas. The Asia Pacific market for refrigerants has repor