Global Next Generation Refrigerant Market is Projected to Reach $4.72 Billion by 2023 - Seite 2

According to Maitreyee Dey, Research Associate at BIS Research, "The refrigeration end user segment is expected to witness the fastest growth in the market." Natural refrigerants are extensively used in industrial and commercial refrigeration. Ammonia or R-717 is one of the preferred choices for large installations, whereas ozone-depleting substances such as CFCs, HCFCs, and other high global warming potential refrigerants, have been ruled out under international agreements. In Europe, ammonia has been widely adopted for industrial refrigeration in the U.K. and Germany, owing to the usage restrictions and taxation on greenhouse gases in the countries.

Some of the key players operating in the next generation refrigerant market include AGC Inc., Arkema SA, ASPEN Refrigerants, Inc., Daikin Industries, Ltd., Global Refrigerants, Harp International Ltd., Honeywell International Inc., SRF Limited, Tazzetti S.p.A., The Chemours Company, and The Linde Group, among others. The key players operating in this market have increased their business expansion activities over the years to generate public awareness about their existing and new products and technologies and to compete with the competitors' product portfolio. Out of the total development, 38.89% of the developmental strategies have been product launches.

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Driven by the rapid evolution of the next generation refrigerant, there has been a sudden growth in the research and development activities by many important players in this market, leading to an increase in the number of business expansions over the last three years. For instance, Honeywell International started a new plant in Geismar, Louisiana, in the U.S. to produce R-1234yf type of refrigerant. It is a $300 million project whereby the company started the production of Solstice products in May 2017.

This report is a meticulous compilation of research on more than 100 players in the next generation refrigerant market and draws upon the insights from in-depth interviews with the key opinion leaders from more than 50 leading companies, market participants, and vendors. The report also profiles approximately 15 companies including supplier and customer profiles. The supplier profiles offered in the report are AGC Inc., Arkema SA, ASPEN Refrigerants, Inc., Daikin Industries, Ltd., Global Refrigerants, Harp International Ltd., Honeywell International Inc., SRF Limited, Tazzetti S.p.A., The Chemours Company, and The Linde Group, among others. The key end user companies profiled in the report include Carrier Corporation, Panasonic Corporation, Samsung Electronics, Ltd., and Trane Inc.