The global hydrocarbon refrigerants market size is expected to gain momentum owing to the rising demand of product over fluorocarbon refrigerants during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Hydrocarbon Refrigerants Market, 2022-2029.” They are commonly used when the safety of fuel gases is necessary, and they are highly recommended in the petroleum and gas industries. Mainly divided into three types: Propane, isobutene, and propylene. Furthermore, the product is made up of natural, non-toxic refrigerants with no ozone depletion potential. It has excellent thermodynamic properties and is compatible with a wide range of components. It’s found in a variety of appliances, including refrigerators, chillers, and air conditioners.

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COVID-19 Impact-

Covid-19 Impact on Industry Growth

The COVID-19 outbreak had an effect on the global hydrocarbon refrigerants industry, as demand for refrigerants from end-use applications fell for a brief time in early 2020. Several sectors experienced setbacks, resulting in a decrease in demand for refrigerant. The market is predicted to increase at a negative rate. However, from 2021 onwards, demand is predicted to pick up and continue throughout the forecast period.

Segments-

By type, the market for hydrocarbon refrigerants is segmented into propane, isobutane, propylene, and others. On the basis of application, the market is segregated into refrigerators, chillers, air conditioners, and others. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

What does the Report Offer?

The report for hydrocarbon refrigerants examines the demand and supply-related aspects driving the market, and key dynamics affecting the market throughout the projected period, such as drivers, constraints, opportunities, and future trends. The market has been split by type, application, and geography in this analysis. It contains the estimation of the market size in terms of value for five major geographies.

Drivers & Restraints-

Increasing Demand for Energy-Efficient Appliances to Stimulate Growth

The global hydrocarbon refrigerants market is expected to grow due to the increasing demand for energy-efficient appliances during the projected period. Increased adoption of fluorocarbon refrigerants will aid market expansion. Because of the high latent heat of evaporation, they are environmentally friendly and provide more efficient cooling. It also contributes to improving the energy efficiency. It is used in wide range of applications such as commercial refrigeration, cold storage, and food processing, vending machines, industrial refrigeration, small air conditioning systems, and huge air conditioning. The market is likely to be driven by increased product demand.

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REGIONAL INSIGHTS

Increasing Adoption in Various Applications to Promote Growth in Asia Pacific

Asia Pacific is expected to hold the largest global hydrocarbon refrigerants market share during the forecast period. The rising adoption of products in the refrigerator application is expected to drive the market in the region.

North America is expected to have a sizable market. The rising demand for propylene hydrocarbon in the chillers in the US and Canada are the leading countries in the region.

Competitive Landscape-

Increasing Number of Mergers to Create Opportunities for Prominent Players

Few big firms currently dominate the market in terms of market share. These

market leaders are concentrating their efforts on growing their consumer base to include international countries. These businesses are taking use of strategic collaboration initiatives to grow their market share and profits.

Industry Development-

  • March 2020: Ingersoll Rand and Gardner Denver united to create a stronger, more comprehensive portfolio of mission-critical industrial, energy, medical, and specialty vehicle products and services. The new Ingersoll Rand has been positioned as a global leader in mission-critical flow creation and industrial technology due to the merger.

List of Key Players Profiled in the Global Market for Hydrocarbon Refrigerants:

  • Puyang Zhongwei Fine Chemical Co. Ltd.
  • The Linde Group
  • A-Gas International
  • Sinochem Group
  • GTS S.P.A
  • Airgas Inc.
  • Hychill Australia Pvt. Ltd.
  • Harp International Ltd.
  • Shandong Yueon Chemical Industry
  • Engas Australia

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