Increasing Use of Refrigerants in Both the Residential and Commercial Sectors Craft New Opportunities for the Market Players

Improvements in lifestyle and rapid urbanization, in the last few years, have given way to increasing demand for air conditioners, which in turn has  boosted the global refrigerant market in several ways. High-end advancements in technology and widely utilized freezing facility in the food and beverage industry have supplemented the growth yet more. At the same time, demand for refrigerants has also witnessed a steep incline in the production of automobiles, owing to the fact that use of refrigerants is almost indispensable in automobile air conditioning.

Moreover, the commercial sector has been booming at a swift pace, mainly because the majority of shopping malls, offices, and other significant infrastructures across the world are being equipped with HVAC (heating, ventilation, and air-conditioning) systems, and refrigerant is an imperative module of HVAC systems.  Therefore, rapid development of the commercial sector has been highly beneficial for the global refrigerants market.

According to Allied Market Research, the market is projected to parade a striking CAGR from 2021 to 2030. China comes out as one of the fastest growing countries in the world and most of the end-use sectors in the province have been experiencing a considerable growth, due to the increasing per capita income of individuals.

Surge in usage of ready-to-eat food has heightened the demand for refrigeration appliances as household necessities, which in turn leads to the emergence of to-grade appliance in the market of developing economies such Japan, India, and China. This scenario further promotes the market growth.

International Commission picks to permit utilization of more environment-friendly refrigerants in heat pumps as well as air-conditioning systems-

A private polling conduct in the Byzantine world of international safety criterions, held recently, is expected to give way to a histrionic reduction in the emissions of greenhouse gases from home heating and cooling systems in the coming years.

During a closed-door process that clinched on 29th April, around twenty-four technical doyens from different countries of the world voted, to the hilt, to support a proposed update to a certain household appliance safety criteria laid down by IEC in Geneva, Switzerland.

Covid-19 scenario-

Here, it’s worth stating that the outbreak of the pandemic impacted the global refrigerants market negatively, especially during the initial phase, due to waning demand for refrigerants from the end-use sectors. The disrupted supply chain worsened the market condition even more. Nonetheless, as the global situation has gotten back to normalcy, the market for refrigerants has also started recouping at a quick and steady pace.

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