Eco friendly Refrigerant Market

As the industry seeks greener solutions to meet environmental regulations, the refrigerant market is seeing an increase in demand for eco-friendly refrigerants. Refrigerants are used in many industrial sectors, including food and beverage, textile, chemical, pharmaceutical, and automotive. Also, because bio-refrigerants can help stop climate change, the market for them is expected to grow more quickly.

Refrigerants are gases that cool and chill air, liquids, or products. The boiling points of refrigerants are used to classify them. For example, r-134a is a low-quality refrigerant that commonly leaks from appliances. On the other hand, r-410A is a less harmful refrigerant with a higher boiling point that can be used in machines.

The market is divided into three categories based on product type: chlorofluorocarbons (CFCs), hydrofluorocarbons (HFCs), and ozone-depleting substances (ODS). Because of its low environmental impact, the HFC segment is expected to grow fastest during the forecast period.

Transportation is expected to be one of the key growth drivers shortly among applications. Building automation and air-conditioning units are also significant contributors to this market. Green refrigerant investment has recently increased due to environmental benefits such as low carbon dioxide emissions and toxicity levels. 

This has increased demand for eco-friendly refrigerants from various industries, including transportation and logistics, building and construction, food processing and production, healthcare institutions, etc. In addition, green refrigerants are becoming more popular in the biodiesel industry because they are better for the environment.

Traditional segments like commercial and residential are also expanding at a healthy rate. On the other hand, chemical-based elements dominate the overall market due to their longer life span and increased demand from end users.

BASF SE leads the European refrigerant market with a nearly 40% share. Among the other significant players are Mitsui Chemicals Holdings Co., Ltd., DuPont de Nemours & Co., LP, Air Liquide SA (SE), and Evonik Industries AG.