Global Next Generation Refrigerant Market is Projected to Reach $4.72 Billion by 2023

FREMONT, California, November 30, 2018 /PRNewswire/ --

According to a new market intelligence report by BIS Research, titled 'Global Next Generation Refrigerant Market - Analysis and Forecast, 2018-2023', the global next generation refrigerant market is expected to reach to $4.72 billion by 2023, growing at a CAGR of 8.11% and 10.52% during the forecast period from 2018 to 2023 in terms of value and volume, respectively.  

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Browse more than 193 Data Tables and 153 Figures spread through 308 Pages and in-depth TOC on "Global Next Generation Refrigerant Market."

Europe accounted for 53.94% of the total next generation refrigerant market in 2017. The rise in government initiatives, such as F-Gas regulation against hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs), has led to an increase in the demand for natural refrigerants and hydrofluoric olefin (HFO) in the region. Additionally, commercial supermarkets have mainly taken over the usage of carbon dioxide as a refrigerant in their refrigeration and air conditioning systems. These factors are further expected to increase the demand for natural refrigerants in the region.

The Asia-Pacific region accounted for 32.00% (by volume) of the next generation refrigerant market in 2017. The next generation refrigerant market in Asia-Pacific is expected to grow at a rate of 9.50% (by volume) during the forecast period. This potential growth is supported by a strong industrial base, encouraging government policies, and financial support in research and development in this region.

BIS Research Report: https://bisresearch.com/industry-report/next-generation-refrigerant-ma ...

According to Arpit Benjwal, Lead Analyst at BIS Research, "Japan dominated the next generation refrigerant market in Asia-Pacific in 2017. The next generation refrigerant market in Japan by type in terms of volume is dominated by the natural refrigerants, followed by HFO." The key factors driving the demand for natural refrigerants in Japan are the increased government initiatives in reducing the use of fluorinated gases as refrigerants along with the promotion of natural refrigerants by offering subsidies and energy-efficient benefits of natural refrigerants. Natural refrigerants are also commonly used in vending machines in Japan.