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Classified in: Transportation, Covid-19 virus
Subject: MRR

Automotive Refrigerant Market to grow at a CAGR of 9.36% from 2022 to 2027, Driven by the higher time spent inside vehicles - Technavio


NEW YORK, March 24, 2023 /PRNewswire/ -- The global automotive refrigerant market size is estimated to increase by 100.02 million Kg from 2022 to 2027. The market's growth momentum will progress at a CAGR of 9.36% during the forecast period. The higher time spent inside vehicles is pushing the demand for cabin comfort features. This, in turn, is fueling the market growth significantly. However, factors like the high costs associated with redesigning automotive HVAC systems may hinder the market growth during the forecast period.

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Automotive refrigerant market ? Vendor Analysis
Vendor Landscape - The global automotive refrigerant market is fragmented with the presence of several global as well as regional vendors. A few prominent vendors that offer automotive refrigerants in the market are AGC Inc., Air International Thermal Systems, Arkema Group, Daikin Industries Ltd., Deepfreeze Refrigerants Inc., DENSO Corp., Dongyue Group Ltd., DuPont de Nemours Inc., Hanon Systems, HELLA GmbH and Co. KGaA, Hitachi Ltd., Honeywell International Inc., Johnson Electric Holdings Ltd, Linde Plc, MAHLE GmbH, National Refrigerants Inc., Sinochem Group Co. Ltd., The Chemours Co., Toyota Industries Corp., and Valeo SA and others.

What's New? -

Vendor Offerings -

Automotive Refrigerant Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on vehicle type (passenger car and commercial vehicle), type (r134a, r1234yf, and others), and geography (Europe, APAC, North America, South America, and Middle East and Africa).

Geography Overview
By geography, the global automotive refrigerant market is segmented into Europe, APAC, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive refrigerant market.

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Automotive Refrigerant Market ? Market Dynamics

Leading Drivers - 

A key factor fueling the global automotive refrigerant market growth is the higher time spent inside vehicles which is pushing demand for cabin comfort features. The extended time spent inside vehicles can be attributed to factors like long-distance travel and rising traffic congestion. These days, automotive HVAC systems are standard fitments in passenger cars, while commercial vehicles are also increasingly using them. There is a rapid adoption of HVAC systems in developing countries like India, where overall climatic conditions are hot. Thus, countries with hot climatic conditions are expected to contribute the most to the revenue of the automotive refrigerant market during the forecast period.

Key Trends - 

The rising preference for R-1234yf refrigerant is one of the key automotive refrigerant market trends that is expected to positively impact the industry in the forecast period. The R-134a refrigerant is widely used in the global automotive refrigerant market. But developed regions are shifting toward the R-1234yf refrigerant due to its lower GWP. Refrigerants with more than 150 GWP are banned, making R-1234yf the ideal refrigerant for widescale adoption in Europe. The rising adoption of R-1234yf can be attributed to factors such as the Greenhouse Gas Emissions and Corporate Average Fuel Economy Standards program for light-duty vehicles (US EPA, 2012). More countries are expected to join the bandwagon and switch over to the R-1234yf refrigerant, which is expected to fuel the growth of the global automotive refrigerant market.

Major challenges - 

The high cost associated with redesigning automotive HVAC systems is a key challenge to the global automotive refrigerant market growth. HVAC systems are manufactured with increased features and functionalities like quicker heating and cooling processes to cater to the need for reduced humidity, better ventilation, and controlled temperature. The effective installation of these air conditioners also involves various alterations in the entire wiring system of automobiles. Moreover, the cost associated with such installations, coupled with the cost of the product itself, which is very high, dissuades increased investments in automotive HVAC systems. Hence, the high costs are expected to hinder market growth during the forecast period.

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The HVAC refrigerant market has the potential to grow by USD 3.45 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 6.85%. The market is segmented by product (fluorocarbons, inorganics, hydrocarbons, and others) and geography (APAC, Europe, North America, MEA, and South America). The growing demand for reducing energy consumption and operating costs are notably driving the HVAC refrigerant market growth. 

The aerosol refrigerants market size is expected to increase by USD 477.87 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.81%. The market is segmented by product (aluminum and steel) and geography (Europe, North America, APAC, South America, and Middle East and Africa). The rising demand for refrigerators, chillers, and air conditioners is one of the key drivers supporting the aerosol refrigerants market growth.

Automotive Refrigerant Market Scope

Report Coverage

Details

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 9.36%

Market growth 2023-2027

100.02 million kg

Market structure

Fragmented

YoY growth 2022-2023 (%)

9.95

Regional analysis

Europe, APAC, North America, South America, and Middle East and Africa

Performing market contribution

Europe at 33%

Key countries

US, China, Japan, Germany, and UK, Canada, Mexico, Italy,Spain, India, Japan, Australia,  and South Korea

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

AGC Inc., Air International Thermal Systems, Arkema Group, Daikin Industries Ltd., Deepfreeze Refrigerants Inc., DENSO Corp., Dongyue Group Ltd., DuPont de Nemours Inc., Hanon Systems, HELLA GmbH and Co. KGaA, Hitachi Ltd., Honeywell International Inc., Johnson Electric Holdings Ltd, Linde Plc, MAHLE GmbH, National Refrigerants Inc., Sinochem Group Co. Ltd., The Chemours Co., Toyota Industries Corp., and Valeo SA

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of Contents? 

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Vehicle Type

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio


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