R22 Refrigerant Market - Forecast(2021 - 2026)

 Overview

R22 Refrigerant Market size is forecast to reach $4.87 billion by 2025, after growing at a CAGR of 5.48% during 2020-2025. The R22 refrigerant market is driven by refrigeration and air-conditioning application across a wide range of temperatures. R22 refrigerant market is a colorless gas and is known as Chlorodifluoromethane  has been used as a substitute for chlorofluorocarbon (CFC) after phase out, which has propelled the demand for R22 refrigerant across various segments.

Report Coverage

The report: “R22 Refrigerant Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the R22 Refrigerant Industry.



Key Takeaways

  • Asia-Pacific dominates the R22 refrigerant market owing to strong consumption of air conditioners in China, Japan, and other developing countries.
  • The refrigerant industry is focusing towards the alternative to the Ozone Depleting refrigerant. As the industry faces the regulations to phase out Ozone Depleting Substances under the Montreal Protocol.

HVAC Device - Segment Analysis

Air conditioner held the largest share in the R22 refrigerant market in 2019. In 2018, the global demand for Air conditioner 110.97 million units which was the same as previous year according to The Japan Refrigeration and Air Conditioning Industry Association (JRAIA). The main market for air conditioners were Japan, China, Europe, and North America. In China the demand for air conditioners reached 44.63 million units in 2018 and demand occupies 40.2% of the overall world demand. According to International Energy Association (IEA) U.S. and China accounts for half of the world’s stock of air conditioners. With the rising population growth, climate condition, falling equipment prices and urbanization, the number of air-conditioning units installed globally is set to jump from about 1.6 billion to 5.6 billion according to IEA. The rise in utilization of air-conditioning units will fuel the demand of R22 refrigerant to be incorporated into air conditioners.

Application - Segment Analysis

Residential and light air conditioning has been the primary market for R22 (Hydrochlorofluorocarbon 22) refrigerant. Global warming caused by greenhouse emissions has raised the temperature and has become one of the major factors behind the increasing demand for HVAC. In 2018, carbon emission rose by 2%, the fastest pace in seven years. The extreme weather in 2018 resulted in increased demand for air conditioning, according to BP Plc in its annual energy sector review. Building Services Research and Information Association (BSRIA) stated that Residential and light air conditioning will have a modest growth due to urbanization and a rise in people's purchasing power.

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Location: United States

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