North America Refrigerants Market Report Description:
North America refrigerants market report gives comprehensive outlook on refrigerants market across the region of North America. The report on North America Refrigerants market gives historical, current, and future market sizes (US$ Mn) on the basis of product type, application and country. This report studies North America Refrigerants market dynamics elaborately to identify the current market trends and drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, North America Refrigerants market report includes competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed North America Refrigerants market to better equip clients with possible investment opportunities across the Countries (Country Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the North America Refrigerants market report include suppliers, manufacturers, marketers, policy makers, and recent market activities.
North America Refrigerants Market:
The market size of Refrigerants is to be US$ XX Mn in 2018 and is projected to reach US$ XX Mn by 2025, at a CAGR of XX%, from 2018 to 2025. Rising awareness regarding global warming and ozone depletion coupled with increase in demand for energy-efficient cooling solutions is anticipated to fuel the refrigerant market during the forecast period. Global phase-down of production and consumption of hydro-fluorocarbons (HFCs), one of the six greenhouse gases (GHGs) has led to an increased demand for natural refrigerants. The hydrocarbon and inorganic segments are, therefore, anticipated to attest significant growth in the market. Increased industrialization in emerging economies such as China, India, and Japan has led to establishment of a large number of data centers, subsequently fueling demand for refrigerants. However, stringent regulation stifles the growth of market.
Launch of Eco-friendly Products Strengthens the Refrigerants Market
The key players in the North America market have adopted acquisition, expansion, product launch, technological advancements, and partnerships as their business strategies to sustain the intense competition. Refrigerant giants have focused on market strategies such as product launch and expansion to strengthen their brand image in the market. Honeywell International is a pioneer in developing low GDP and OWP blends. Innovations such as these are expected to inspire other industry players to invest significantly in R&D and production of environment-friendly products to meet stringent regulatory specifications and changing consumer preferences.
Increasing Demand for Frozen Food Accelerates the Refrigerants Market
Cold chain is temperature-controlled supply chain, uninterrupted storage, and distribution activities, which maintain a given temperature range. Cold chain market operations that are meant to extend and ensure the shell life of fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical drugs are expected to rapidly increase. This rapid increase is due to the growing demand from the consumers resulting from changing lifestyles and growing advanced technologies. With increasing consumer demand for frozen food products and presence of highly competitive market with low margins, most of the food processors, distributors, and retailers are shifting from the manually operated obsolete facilities to high bay deep-freeze warehouses where refrigerants are widely employed. Moreover, the expansion of food retail chains by multinational companies and the growth in international trade due to trade liberalization have led to an increase in the demand for the cold chain processes, and in turn, increase demand for refrigerants across the world.
U.S. Accounts for Larger Market Revenue Share in North America Refrigerants Market
North America Refrigerant Market is expected to register a significant CAGR during the forecast period. Determining a climate-friendly future for supermarket refrigeration, introducing natural refrigerant, increased use of R- HFC because of its lower GWP than other alternatives are the major factors contributing to the growth of the market in North America. The refrigerant market in the North America region is leading in U.S.
Key players profiled in the North America refrigerants market include:
- Honeywell International
- Daikin Industries Limited
- Dongyue Group
- Arkema S.A.
- Linde Group
- Mexichem SAB de C.V.
- Sinochem Group
- Air Liquide,
- The Chemours Company
Key players adopted various organic as well as inorganic growth strategies between 2015 and 2018 to strengthen their position in the market. For instance, Chemours Company, Wilmington, has acquired ICOR International, Indianapolis, a privately-owned leading supplier of branded, ozone safe refrigerants and related products.
Key Findings of the Report:
North America refrigerants market expanding at significant CAGR over 2019 to 2025 to reach market value of US$ XX Mn by 2025 owing to the rising demand for refrigerants .
- Based on application, air conditioning segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on mergers and acquisitions strategies to retain market position in North America Refrigerants market
By Product Type
- Industrial Refrigeration
- Domestic Refrigeration
- Transport Refrigeration
- Commercial Refrigeration
- Stationary Air Conditioning, Chillers & Heat Pumps
- Mobile Air Conditioning
- North America
Key Features of the Report:
- The report provides granular level information about the market size, country market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market