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Eco-friendly Refrigerants Market: Introduction

  • Refrigeration systems are used for cooling of liquids or air. They lower the temperature of cold beverages; preserve food; and make ice. Refrigerants are utilized as working substances in refrigeration systems. Fluids used for the refrigeration purpose are classified into primary and secondary refrigerants. Fluids that are utilized directly as working fluids, for example, in vapor absorption and vapor compression refrigeration systems, are known as primary refrigerants. Primary refrigerants offer refrigeration by undergoing the phase modification process in an evaporator. On the other hand, liquids that are utilized for transporting thermal energy from one location to another are known as secondary refrigerants. Secondary refrigerants are also known as antifreezes or brines.
  • Eco-friendly refrigerants are used in various applications such as domestic refrigeration, commercial refrigeration, cold storage and food processing, and industrial refrigeration. They are also employed in unitary air-conditioners, centralized air-conditioners (chillers), transport refrigeration systems, mobile air conditioners, and heat pumps.

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Key Drivers of Global Eco-friendly Refrigerants Market

  • Increasing awareness regarding various environment-related benefits offered by eco-friendly refrigerants is a major factor estimated to drive the global eco-friendly refrigerants market during the forecast period. Additionally, increase in the spending capacity of individuals and rise in the disposable income fuel the demand for eco-friendly refrigerants.
  • Increase in the adoption of eco-friendly refrigerants, led by rise in government regulations supportive the usage of eco-friendly products and growth in awareness among key manufacturers about advantages offered by eco-friendly refrigeration systems, is a key factor boosting the global eco-friendly refrigerants market. In addition, rise in awareness regarding the issue of global warming is boosting the demand for eco-friendly refrigeration systems. This is another factor expected to drive the global eco-friendly refrigerants market in the near future. In addition, increase in the demand for advanced eco-friendly products in developed as well as developing economies is another factor anticipated to boost the global eco-friendly refrigerants market during the forecast period.
  • Stringent environment-related regulations regarding ozone depletion and greenhouse effect are other factors anticipated to boost the global eco-friendly refrigerants market during the forecast period

Rise in Demand for Eco-friendly Refrigerants in Residential Sector

  • Based on application, the global eco-friendly refrigerants market can be divided into air conditioning, refrigeration, heat pumps, and others. The refrigeration segment is anticipated to account for a major share of the global market, in terms of revenue, during the forecast period. Refrigeration is widely utilized in residential, commercial, and industrial sectors.
  • Based on end-user, the global eco-friendly refrigerants market can be divided into industrial, residential, commercial, and transportation. In terms of revenue, the residential segment is anticipated to account for a moderate share of the global market during the forecast period.

Asia Pacific: a Key Market for Eco-friendly Refrigerants

  • In terms of region, the global eco-friendly refrigerants market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • In terms of revenue, Asia Pacific is expected to account for a significant share of the global eco-friendly refrigerants market during the forecast period. This can be attributed to increase in the number of government initiatives for adoption of eco-friendly refrigerants and presence of a large number of manufacturers in the region. The market in Asia Pacific is expected to witness rapid growth during the forecast period. This can be ascribed to rising demand for eco-friendly refrigerants in the region.

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Key Manufacturers Operating in Global Market

  • Key players are consistently focusing on the development of high-quality eco-friendly refrigerants with the objective to expand their product offerings as well as gain a competitive edge in the global eco-friendly refrigerants market

Key manufacturers operating in the global eco-friendly refrigerants market are:

  • AGC Inc.
  • Arkema SA
  • ASPEN Refrigerants, Inc.
  • Daikin Industries, Ltd.
  • Harp International Ltd.
  • Honeywell International Inc.
  • SRF Limited
  • Tazzetti S.p.A
  • The Chemours Company
  • The Linde Group

Global Eco-friendly Refrigerants Market: Research Scope

Global Eco-friendly Refrigerants Market, by Application

  • Air Conditioning
  • Refrigeration
  • Heat Pumps
  • Others

Global Eco-friendly Refrigerants Market, by End-user

  • Industrial
  • Residential
  • Commercial
  • Transportation

Global Eco-friendly Refrigerants Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Eco Friendly Refrigerants Market