Global Refrigerant Market
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Global Refrigerant Market was valued US$ 3.36 Bn in 2018 and is estimated to reach US$ XX Bn at a CAGR of XX % during a forecast period.
Global Refrigerant Market
Improving standard of living, dual income families and increasing disposable income are driving the market growth in developing countries. Rapid industrialization followed by infrastructural developments along with the growing demand for consumer appliances has create new opportunities and gateways for OEM.
Some consumer products industries, like the food and beverage industry as well as the automotive industry are at an all-time peak, due to increasing population and growing disposable income among the urban areas. This growth is impacting positively on the global refrigerant market, as the trend for packaged food and mobile refrigeration growths. The growth of other remotely linked industries like construction, oil and gas, and pharmaceutical is also expected to boost the demand during the forecast period.
Based on the type of refrigerant, the segment of fluorocarbons accounts for the XX% share, while the growth rate of this segment is anticipated to be slow during the forecast period, due to stringent government regulations like F-gas and Montreal Protocol. As a result, the segment of inorganic refrigerants is expected for the highest growth rate during the forecast period. By application, the segments of domestic and industrial refrigeration attend high demand and are anticipated to persist most prominent during the forecast period.
Based on regional segment, the global refrigerant market is sub-segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia-Pacific accounted for the XX% market share and is expected to witness the XX% market share during the forecast period. China is one of the fastest growing economies worldwide and almost all the end-user industries have been go through a significant growth, due to the increasing population, living standards, and per capita income. However, due to the international trade turbulences and unfavorable geopolitical affairs, the growth rate is anticipated to slow down in the initial years of the forecast period. But the growth is anticipated to speed up in the later part of forecast period, considering the favorable conditions and relations in the future. Also North America and Europe are prominent regions in terms of volume. The market in Latin America is projected to grow substantially throughout the forecast period due to the increase in the industrialization.
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Last Update : Sep 22, 2020
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|Item Owner : pallavi|
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