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Aerosol Refrigerants Market Size Forecast to Reach $1.45 Billion by 2026
Aerosol Refrigerants Market Size Forecast to Reach $1.45 Billion by 2026
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 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.

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.

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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.

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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.

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.

Related Report:

A. Aerosol Market

https://www.industryarc.com/Report/15382/aerosol-market.html

B. HFC Refrigerants Market

https://www.industryarc.com/Report/1293/hfc-refrigerants-market-analysis.html

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