The Global Aerosol Refrigerant Market is projected to reach USD 1.48 billion in 2027. The growing demand for large-scale chillers, refrigerators, and air conditioning systems worldwide is expected to drive product demand.
Due to the descending plan for hydrofluorocarbons and the transition to environmentally friendly natural products, the commercial refrigeration, and portable air conditioners sector are expected to grow considerably over the forecast period. The recent years have also seen a growing trend in demand for cooling equipment, which has increased the use of aerosol coolant in the economy in turn.
A large number of raw material industry manufacturers are on the market. In addition, the industry uses biologically based and active ingredients due to concerns about the use of volatile organic compounds in substitution products.
The growth in e-commerce sites makes it easier to buy goods from businesses from discounts on their costs. Furthermore, demand from the post market sector has increased, as small volumes in these containers can be packed. The industry is expected to have an increase in the cost of raw materials, such as cans, propellants, and actuators.
The industry is characterized by a strict regulatory framework for the use of coolant types. Furthermore, the development of technologically advanced products that do not damage the environment is one of the industry's main new trends. However, increasing product penetration will increase the profit margins of manufacturers contributing to growth in the industry.
The COVID-19 impact:
The COVID-19 pandemic will probably disturb the growth of the industry to some degree. Prominent business leaders are pessimistic about the market's prospects and continue to change their plans to meet the threat. The pandemic had a severe effect on the HVAC sector, and most major manufacturers were forced to stop both manufacturing and other activities. The workforce is lacking in some parts of the world because of frequent lockdowns. The international trade, exports, and imports affected COVID-19, which resulted in a significant reduction in demand in the industry. The big corporations on the market seek to clean up their stocks and concentrate on holding their cash balances. In a way, this pandemic also offers an opportunity to expand the industry amid these deadly situations because consumers will be more mindful of health and safety and thus concentrate on embracing more sustainable alternatives. Manufacturers are trying to find innovative solutions that will meet customer needs much cheaper and reduce their average disposable income.
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Key players in the market include Navin Fluorine International Ltd, Arkema Group, Honeywell International Inc., Daikin Industries, Ltd., Baltic Refrigeration Group, Dongyue Group, Sinochem Corporation, The Chemours Company, SRF Limited, and A-Gas, among others.
Further key findings from the report suggest
- The growth of aluminum aerosol refrigerants in North America and Europe is expected to be significant by 2027 due to their small weight and the increase in metal recycling activities.
- Growing demand is expected to have a positive effect on the industry growth in households, commercial refrigeration, and air conditioning systems in the area.
- Aerosol Refrigerant products would find widespread usage in components during the forecast period and would substitute metallic underhood parts.
- As a result of increasing industrialization and high demand for refrigeration products in the Asia-Pacific by 2027, the market is expected to grow fastest.
- In February 2017, Honeywell confirmed the use of Honeywell's Solstice coolant in the latest chillers production line in India by Kirloskar Chillers, a part of the Kirloskar Company. In India, the Near East, South East Asia, and Europe, chillers, which are sizeable central air conditioners, can now be installed in both industrial and commercial buildings.
- In June 2019, Honeywell began full-scale commercial production of the aerosol, isolating, and cooling agent’s low-global hot / warming content. The substance is sold in the Solstice range of low-global hot-materials at Honeywell Fluorine Products in Baton Rouge, La. The substance is produced.
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For the purpose of this report, Reports and Data have segmented into the global Aerosol Refrigerant Market on the basis of Product, Material, Application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Material Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report further explores the key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and further validated by analysts, industry experts, and market professionals. The report also sheds light on the recent mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches, among others.
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Regional Bifurcation of the Aerosol Refrigerant Market Includes:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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