The report on the global refrigerants market, published by Allied Market Research, states that the market is expected to generate $18,509 million by 2022, growing at a CAGR of 9.9% from 2016 to 2022.

Portland, OR -- (SBWire) -- 08/30/2017 --The inorganic refrigerants segment contributed to the major market share in the global market in 2015, constituting to more than one-third of the total market share.

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The refrigerants market has witnessed rapid growth owing to increase in scope of applications in transportation and mobile ACs, especially in the developing economies. Furthermore, the market would grow during the forecast period, owing to increase in demand for refrigerants in commercial, industrial, transportation, and domestic sectors and rise in disposable income. Moreover, growth in use of refrigerants, especially in the packaging, transportation, and stationary ACs sectors along with improvement in standards of living in the emerging geographies have boosted the market growth. However, frequent amendments in environmental norms & regulations along with undesirable effects of halocarbons on the ozone layer are factors that limit the market growth.

The refrigeration segment contributed to more than half of the total market share in 2015. It is estimated to maintain its lead during the forecast period, owing to growth in inflow of investments in domestic and commercial air conditioning sectors by leading market players worldwide.

Key findings of the study:

The hydrocarbons segment is expected to register the fastest CAGR of 11.5% for the forecast period.

The Asia-Pacific region is expected to dominate the global market by 2022, based on volume, growing a CAGR of 5.1% throughout the forecast period.

China contributed for more than one-third share of the Asia-Pacific refrigerants market in 2015.

India would grow at the highest CAGR of 11.1%, on the basis of revenue, by 2022.

The U.S. contributed to two-third of the North America refrigerants market in 2015, and is expected to continue its dominance throughout the forecast period.

Refrigerants demand in AC application segment would experience an upsurge at a CAGR of 5.0%, based on volume, during the forecast period.

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Asia-Pacific and LAMEA regions together contributed for more than half of the market in 2014, and would continue its position throughout the forecast period. This is attributed to rise in per capita disposable income, increase in development in the commercial and domestic sectors in these regions, and upsurge in consumer spending in the developing economies.

The key players in the global market have adopted strategy such as acquiring local market players to consolidate their market position and expand customer base. The prominent companies profiled in the report include Arkema SA, E.I. du Pont Nemours & Co., Daikin Industries Ltd., Mexichem SA, Honeywell International, Navin Fluorine International Ltd., Dongyue Group, and SRF Ltd.