The Global Chlorofluorocarbon Market size is expected to reach USD 1.5 billion in 2021 and projected to grow at a CAGR of 3.0% from 2021-2028. This is a booming market with many opportunities for both new entrants and established players. The recent developments in the market have increased the demand side of this industry. The major factors driving the growth of this market are increasing industrialization, raising awareness about environmental protection, and technological advancements in various industries. These factors provide huge potential for growth not only to emerging economies but also to developed economies across the Asia Pacific (APAC) region. The demand for chlorofluorocarbon is driven by its high efficiency as coolant gas and propellant gas, which are used in refrigeration systems as well as aerosol canisters.
Chlorofluorocarbons (CFCs) are a family of synthetic, non-toxic gases that were originally used in the late 1800s for refrigeration. CFCs are now regulated because they contribute to the ozone hole and global warming. The Montreal Protocol banned all production of new CFCs by developed countries as well as developing countries from January 2016 onwards, with specific exemptions such as essential uses like medical equipment or air conditioning.
On the basis of Type, the market is segmented into Gas and Liquid. The gas segment is considered to be the fastest-growing type of chlorofluorocarbon in terms of market share, as it has a higher demand for use on aerosol cans than liquids do.
Gas chlorofluorocarbons (CFCs) are chemicals with chlorine, fluorine, and carbon. They were manufactured to replace the ozone-depleting gases that had been existing for decades. The global trade in CFCs was banned by the Montreal Protocol because they deplete the earth’s atmospheric layer of ozone molecules which allow life on Earth from harmful ultraviolet radiation coming into our atmosphere from space.
These types of chlorofluorocarbon compounds have many uses including refrigerants, propellant gasses used in aerosol cans, solvents, and fire extinguishing agents.
Liquid Chlorofluorocarbons are a colorless, odorless gas that is used as refrigerants in air conditioners and freezers. Liquid CFCs work by releasing the heat inside buildings or machines to the outside of them so most people use them for cooling their homes. One of these products called R-12 was banned from production in 2010 due to its ozone-depleting properties. Nowadays, companies produce new forms like HFCs with replacement chemicals such as hydrofluoroether (HFE) which have some different qualities than the old ones but they still cause damage to nature's environment and health conditions.
On the basis of Application, the market is segmented into Industrial (chemical industry), Commercial (restaurants), and Household (home air conditioning). Chlorofluorocarbons are mainly used in commercial applications such as air conditioning (AC) systems for cooling buildings, refrigerators, or freezers to maintain the desired temperature level. They are also widely used in the petrochemical industry due to their high octane rating which is necessary during the combustion of fuels.
The Industrial application segment accounted for the highest revenue share among all applications during 2017 owing to its largest usage rates in refrigeration systems followed by chemical industries such as fertilizers and pesticides manufacturing.
On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market in the Americas is expected to be the largest during the forecast period on account of the high growth rate for AC usage rates across various end-user segments such as industrial (industrial cooling), commercial (restaurants), and household (home air conditioning).
The European region will also grow at a substantial CAGR due to the growing number of industries employing chlorofluorocarbons owing to their low global warming potential which makes them one of the most environment-friendly refrigerant substitutes. In addition, subsidies provided by some European countries are projected to further fuel demand over this period.
The Asia Pacific region is projected to be the fastest-growing market in the coming few years. The growing demand for industrial cooling systems and AC units will fuel this growth in addition to initiatives undertaken by various governments like China, India, and Japan that are promoting research into thermostatic refrigerant replacement technologies. The Middle East & Africa region will also witness considerable CAGR during the forecast period owing to air conditioning applications for residential as well as a commercial sector which has been on a steady rise due to increasing population across these regions.
Up Market Research published a new report titled “Chlorofluorocarbon Market research report which is segmented by Types (Gas, Liquid), By Applications (Industrial, Commercial, Household), By Players/Companies Arkema, Daikin Industries, DuPont, Honeywell International, Mexichem Flur, Solvay, Dongyc, Navin Fluorine International, Gujarat Fluorochemicals, SRF”.
Report Attributes | Report Details |
Report Title | Chlorofluorocarbon Market Research Report |
By Type | Gas, Liquid |
By Application | Industrial, Commercial, Household |
By Companies | Arkema, Daikin Industries, DuPont, Honeywell International, Mexichem Flur, Solvay, Dongyc, Navin Fluorine International, Gujarat Fluorochemicals, SRF |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 228 |
Number of Tables & Figures | 160 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Gas, Liquid and By Application Industrial, Commercial, Household.
Some of the companies that are profiled in this report are:
Chlorofluorocarbon Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Chlorofluorocarbon Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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