Automotive Refrigerant Market: To Witness Excellent Revenue Growth, Emerging Trends & Forecast To 2019 - 2027
Automotive Refrigerant: Introduction
- Automotive refrigerant is used in the air conditioning system of the vehicle. Various types of refrigerants that are utilized in vehicle air conditioning systems, such as hydroflurocarbon, isobutene, and propene; however, these are being replaced due to their harmful effects on the environment.
- According to the Society of Automotive Engineers (SAE), heavy fuel oil -1234yf offers higher environmental performance for mobile air conditioning systems and hence, it may be developed as an alternative refrigerant. Majority of vehicle manufacturers still employ R-134 refrigerant, which contains harmful gases; consequently, most countries have banned the use of R-134 refrigerant and are likely to adopt heavy fuel oil-1234yf.
Key Drivers of Global Automotive Refrigerant Market
- Increase in use of air conditioning in vehicles across the globe is estimated to boost the automotive refrigerant market. Enactment of several stringent regulations enacted by governments across the globe, regarding vehicle emission norms, is projected to drive the automotive refrigerant market across the globe. Increase in environmental concerns across the globe is estimated to further fuel the demand for nontoxic refrigerants, which in turn is likely to boost the automotive refrigerant market across the globe.
- Most vehicle manufacturers are trying to increase the use of natural refrigerants, as synthetic refrigerants damage the environment. This is anticipated to propel the demand for natural refrigerants across the globe. Stringent rules and regulations have been enacted by governments across the globe in order to reduce the depletion of ozone. In 2018, Australia reduced the consumption of hydroflurocarbon by 20% and additionally, hydroflurocarbon refrigerants were banned in Europe and the U.S. These regulations across the globe are expected to drive the use of less harmful refrigerants.
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Europe and Asia Pacific to hold prominent share of automotive refrigerant market
- Europe is projected to account for a significant share of the global automotive refrigerant market due to the high presence of automotive industries and enactment of stringent rules regarding emissions in the region. Europe has presence of major original equipment manufacturers as well as Tier-1 suppliers, including Arkema S.A. and Air Liquide, have major Research and development facilities on refrigeration, this is likely to propel the automotive refrigerant market in Europe.
- Followed by Europe, Asia Pacific is projected to hold a major share of the global automotive refrigerant market due to an increase in vehicle production and sale in the region. Countries across Asia Pacific, including India and South Korea, has high temperature areas which is estimated to fuel the demand for better air-conditioning system in vehicles. This, in turn, is projected to further boost the automotive refrigerant market in Asia Pacific.
Key Players Operating in Global Automotive Refrigerant Market
The global automotive refrigerant market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global automotive refrigerant market are:
- Arkema SA
- Dongyue Group Co Ltd
- Honeywell International Inc.
- The Chemours Company
- The Linde Group
- Air Liquide
- Sinochem Lantian Co. Ltd
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