[FURL=https://www.industryarc.com/Research/Aerosol-Refrigerants-Market-Research-503463?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease/]Aerosol Refrigerants Market[/FURL] size is forecast to reach $1.45 billion by 2026, after growing at a CAGR of 7.3% during 2021-2026. Aerosol refrigerants are used in the refrigeration cycle for the purpose of refrigeration. CFCs and hydrochlorofluorocarbons (HCFCs) such as CFC-12 and HCFC-22 were used as propellants, and CFC-11, CFC-113, HCFC-141b, HCFC-225ca/cb, and methyl chloroform were used as solvents.Aerosol manufacturers switched to non-ozone depleting propellants and solvents, some of which have high GWPs, such as Hydrofluorocarbons which includes HFC-134a, HFC-227ea, HFC-43-10mee, HFC-365mfc, and HFC-245fa, as well as a number of low-GWP alternatives, in response to the CFC phaseout and the continuing phaseout of Hydrochlorofluorocarbons (HCFCs).
COVID-19 Impact
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. Currently the Aerosol Refrigerants Market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down.
Key Takeaways
Asia Pacific dominates the Aerosol Refrigerants Market owing to rapid increase in usage in automotive and building & construction.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in Aerosol Refrigerants Market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Aerosol Refrigerants Market related industries has been negatively affected, thus hampering the growth of the market.
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Aerosol Refrigerants Market Segment Analysis - Geography
Asia-Pacific (APAC) dominated the Aerosol Refrigerants Market in the year 2020 with a market share of 41%, followed by North America and Europe. China is one of the fastest growing economies in terms of increasing population, rise in standard of living and per-capita income.
Aerosol Refrigerants Market Drivers
Rise in demand for consumer appliances
Increase in the usage of Photovoltaics for cooling
Aerosol Refrigerants Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Aerosol Refrigerants Market. Major players in the Aerosol Refrigerants Market are Arkema Group, Honeywell International Inc., The Chemours Company, Daikin Industries Ltd., Groupe Gazechim, Akzo Nobel, Dongyue Group, SRF, Dongyue Group and Others.
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