Enjoy complimentary customisation on priority with our Enterprise License!
The aerosol refrigerants market size is estimated to grow by USD 317.61 million at a CAGR of 4.55% between 2022 and 2027. The growth of the refrigeration market is driven by several factors, including the increasing demand for refrigerators, chillers, and air conditioners due to rising urbanization and changing consumer lifestyles. The growth in e-commerce sales has also contributed to the market's expansion, as refrigeration units are essential for storing and transporting goods. Additionally, there is a high demand for propane-based aerosol refrigerants from cold chain solutions, as they are considered more environmentally friendly alternatives to traditional ones. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
This automotive stereo camera market report extensively covers market segmentation by application (passenger cars and commercial cars), type (static and dynamic), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The residential segment is estimated to witness significant growth during the forecast period. There is an increase in residential activities across the globe which is significantly contributing to the growth of the market. There is increasing adoption of technologically advanced household appliances by consumers due to the development of smart city projects.
Get a glance at the market contribution of various segments View the PDF Sample
The residential segment was the largest segment and was valued at USD 588.33 million in 2017. There is a significant increase in demand for air conditioning due to the growing number of smart city and construction projects. These products are extensively used in air conditioning systems and other cooling devices. Thus, the manufacturing and supply of cooling appliances in homes and other residential units have significantly increased the demand. Furthermore, there is an increasing adoption of these in developed countries such as Europe and North America due to extreme climatic conditions. Hence, such factors are expected to fuel the growth of this segment which, in turn, will drive the market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
Europe is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the key countries which are significantly contributing to the global aerosol refrigerant market in Europe include Germany and UK and is expected to continue the growth due to the expansion of popular retail chains. Fluorinated gases (F-gases) are a family of manmade gases which are widely adopted across industries for a range of applications. As these gases are eco-friendly and do not impact the atmospheric ozone layer, they are extensively used as alternatives for ozone-depleting substances. But as these gases cause the greenhouse effect which in turn leads to climate change, the EU has enforced stringent guidelines for the use of these gases. Thus there is increasing demand for aerosol refrigerants due to the rising demand for secondary refrigerants in the region led by the recent F-gas regulations or HFC phase-out plan. Hence, such factors are expected to drive market growth in the region during the forecast period.
The aerosol refrigerants market is experiencing a shift due to environmental concerns and regulatory changes like the Kigali Amendment to the Montreal Protocol. This has led to a growing demand for natural refrigerants and energy-efficient cooling solutions like HFOs and propane-based refrigerants. In response, industries such as automotive air conditioning, consumer appliances, and industrial cooling systems are adopting these alternatives to phase out HFC-134a, which has a high global warming potential (GWP). The use of steel aerosol refrigerants in aluminum containers is also gaining traction, especially in the building & construction sector for refrigeration and HVAC equipment. These changes reflect a broader commitment to environmental protection and sustainable practices in refrigeration. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key drivers for the market is the increasing demand for aerosol refrigerants, including HFOs, in various applications such as automotive air conditioning. The market is also influenced by regulatory frameworks like the Kigali Amendment and the Montreal Protocol, which aim to reduce the use of high-GWP refrigerants like HFC-134a in consumer appliances and household refrigeration appliances.
Additionally, the growing awareness of environmental protection and the need for energy-efficient cooling solutions are driving the adoption of natural refrigerants and advanced cold chain solutions. The expansion of online platforms is further facilitating market growth by enabling easy access to refrigerants, HVAC equipment, and other related products for industrial cooling systems, refrigerators, and air conditioners.
A key factor shaping the market is plastic aerosol cans gaining prominence. There is a growing popularity for plastic containers among end-users, even though they are rarely used as aerosol containers. Additionally, there is an increasing use of plastic for packaging carbonated soft drinks due to the improvements in ISBM technology.
Furthermore, there is an improvement in the quality and consistency of wall orientation and other process controls for aerosol containers. Additionally, The Pipeline & Hazardous Materials Safety Administration (PHMSA) has permitted the distribution of plastic aerosol containers by the amendment of section 173 of the Federal Register (Vol. 74). Hence, such factors are expected to drive the market during the forecast period.
Health and environmental concerns leading to stringent rules and regulations are the key challenges hindering the market. The main challenge associated with this is their high ODP, high GWP, as well as flammable and toxic characteristics. The presence of these toxic characteristics in aerosol refrigerants can cause significant environmental hazards.
Additionally, The Montreal Protocol has banned the use of CFCs which were extensively used before due to the high depletion of the ozone layer in the Earth's atmosphere. They are considered another variant of CFCs that are used for foams, insulations, and packing materials, which can cause serious environmental hazards. Therefore, it can negatively impact the market which, in turn, will hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A Gas International Ltd: The company offers aerosol refrigerants such as HFC refrigerants and low GWP refrigerants.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is driven by the demand for eco-friendly natural products in automotive air conditioning and cooling equipment. Aluminum containers and steel aerosol refrigerants offer dispensing convenience and are recyclable, aligning with environmental protection initiatives. Hydrocarbon-based refrigerants and HFOs are gaining traction due to their energy-efficient cooling solutions and compliance with the Kigali Amendment and HFC phase-down plan. However, challenges such as supply chain costs and regulatory uncertainties in regions like Europe and the U.S. impact market growth.
The market is influenced by factors like rapid urbanization and average household income, driving the adoption of sustainable and energy-efficient cooling solutions. Companies like Groupe Gazechim are investing in natural refrigerants to meet consumer demand and regulatory requirements, especially in household & commercial refrigeration and industrial cooling systems. Furthermore, the market is crucial for various sectors like the Building & Construction Sector and consumer appliances. With a focus on sustainability, the market offers aluminum aerosol refrigerants and propane-based refrigerants. The Global aerosol refrigerants market is driven by the HVAC&R and mobile air conditioning industries. Regulatory bodies like the Environmental Protection Agency (EPA) are promoting hydrocarbon-based refrigerants and hydrofluorocarbon-based refrigerants. CO2 cascade technology and UV light are among the innovative solutions improving performance and efficiency in the market.
Aerosol Refrigerants Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.55% |
Market growth 2023-2027 |
USD 317.61 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.07 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 31% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
A Gas International Ltd., Airosol Co. Inc., Akzo Nobel NV, Arkema Group, Baltic Refrigeration Group, Daikin Industries Ltd., Dongyue Group Ltd., E.F. International BVBA, First Continental International, Gujarat Fluorochemicals Ltd., Harp International Ltd., Honeywell International Inc., Linde Plc, National Refrigerants Ltd., Navin Fluorine International Ltd., Orbia Advance Corp. SAB de CV, Sinochem Group Co. Ltd., SRF Ltd., The Chemours Co., and Zhejiang Fotech International Co. Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.