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.
Discover some insights on the market size during the historic period (2017 to 2021) and forecast period (2023 to 2027) before buying the full report -Request a sample report
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? -
Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Vendor Offerings -
AGC Inc. - The company offers automotive refrigerants such as AMOLEA 1224yd.
Arkema Group - The company offers automotive refrigerants such as Forane HFCs.
Daikin Industries Ltd. - The company offers automotive refrigerants such as fluorine refrigerants.
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).
The market share growth by the passenger car segment will be significant for the market growth during the forecast period. With rising demand for sedans, coupes, hatchbacks, crossovers, and SUVs, the global passenger car market is growing significantly. Rising disposable income and various convenient and attractive vehicle loan schemes launched by financial institutions and automobile manufacturers increase the demand for vehicles, fueling the growth of the global automotive refrigerant market.
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.
Europe is estimated to contribute 33% to the growth of the global automotive refrigerant market during the forecast period. Europe accounts for the highest penetration of automotive HVAC systems, in both passenger cars and commercial vehicles segments. Commercial vehicle manufacturers like Volvo AB (Volvo), Scania AB (Scania), and MAN Truck and Bus AG (MAN Truck and Bus) offer HVAC systems in all their vehicle models. The extreme weather conditions in Europe support the penetration of HVAC systems across all vehicle segments in the region. Hence, the growth of the automotive refrigerant market in Europe highly depends on the growth of the regional automotive market.
For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report
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.
Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!
What are the key data covered in this Automotive Refrigerant Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the automotive refrigerant market between 2023 and 2027
Precise estimation of the size of the automotive refrigerant market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the automotive refrigerant market across Europe, APAC, North America, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of automotive refrigerant market vendors
Gain instant access to 17,000+ market research reports.
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.
Exhibit 126: Deepfreeze Refrigerants Inc. - Overview
Exhibit 127: Deepfreeze Refrigerants Inc. - Product / Service
Exhibit 128: Deepfreeze Refrigerants Inc. - Key offerings
12.7 DENSO Corp.
Exhibit 129: DENSO Corp. - Overview
Exhibit 130: DENSO Corp. - Business segments
Exhibit 131: DENSO Corp. - Key news
Exhibit 132: DENSO Corp. - Key offerings
Exhibit 133: DENSO Corp. - Segment focus
12.8 Dongyue Group Ltd.
Exhibit 134: Dongyue Group Ltd. - Overview
Exhibit 135: Dongyue Group Ltd. - Business segments
Exhibit 136: Dongyue Group Ltd. - Key offerings
Exhibit 137: Dongyue Group Ltd. - Segment focus
12.9 DuPont de Nemours Inc.
Exhibit 138: DuPont de Nemours Inc. - Overview
Exhibit 139: DuPont de Nemours Inc. - Business segments
Exhibit 140: DuPont de Nemours Inc. - Key news
Exhibit 141: DuPont de Nemours Inc. - Key offerings
Exhibit 142: DuPont de Nemours Inc. - Segment focus
12.10 Hanon Systems
Exhibit 143: Hanon Systems - Overview
Exhibit 144: Hanon Systems - Business segments
Exhibit 145: Hanon Systems - Key offerings
Exhibit 146: Hanon Systems - Segment focus
12.11 HELLA GmbH and Co. KGaA
Exhibit 147: HELLA GmbH and Co. KGaA - Overview
Exhibit 148: HELLA GmbH and Co. KGaA - Business segments
Exhibit 149: HELLA GmbH and Co. KGaA - Key news
Exhibit 150: HELLA GmbH and Co. KGaA - Key offerings
Exhibit 151: HELLA GmbH and Co. KGaA - Segment focus
12.12 Hitachi Ltd.
Exhibit 152: Hitachi Ltd. - Overview
Exhibit 153: Hitachi Ltd. - Business segments
Exhibit 154: Hitachi Ltd. - Key news
Exhibit 155: Hitachi Ltd. - Key offerings
Exhibit 156: Hitachi Ltd. - Segment focus
12.13 Honeywell International Inc.
Exhibit 157: Honeywell International Inc. - Overview
Exhibit 158: Honeywell International Inc. - Business segments
Exhibit 159: Honeywell International Inc. - Key news
Exhibit 160: Honeywell International Inc. - Key offerings
Exhibit 161: Honeywell International Inc. - Segment focus
12.14 Linde Plc
Exhibit 162: Linde Plc - Overview
Exhibit 163: Linde Plc - Business segments
Exhibit 164: Linde Plc - Key news
Exhibit 165: Linde Plc - Key offerings
Exhibit 166: Linde Plc - Segment focus
12.15 MAHLE GmbH
Exhibit 167: MAHLE GmbH - Overview
Exhibit 168: MAHLE GmbH - Business segments
Exhibit 169: MAHLE GmbH - Key news
Exhibit 170: MAHLE GmbH - Key offerings
Exhibit 171: MAHLE GmbH - Segment focus
12.16 National Refrigerants Inc.
Exhibit 172: National Refrigerants Inc. - Overview
Exhibit 173: National Refrigerants Inc. - Product / Service
Exhibit 174: National Refrigerants Inc. - Key offerings
12.17 Sinochem Group Co. Ltd.
Exhibit 175: Sinochem Group Co. Ltd. - Overview
Exhibit 176: Sinochem Group Co. Ltd. - Business segments
Exhibit 177: Sinochem Group Co. Ltd. - Key offerings
Exhibit 178: Sinochem Group Co. Ltd. - Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 179: Inclusions checklist
Exhibit 180: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 181: Currency conversion rates for US$
13.4 Research methodology
Exhibit 182: Research methodology
Exhibit 183: Validation techniques employed for market sizing
Exhibit 184: Information sources
13.5 List of abbreviations
Exhibit 185: List of abbreviations
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.
VIA Rail Canada (VIA Rail) today announced an impressive 106.5% increase in ridership (451,200 passengers), and $50.9 million increase in revenues (147.1%)...
Adam & Son, the first and only social impact auto repair shop in the United States, is pleased to announce its founder, Dan Adam, has been named the recipient of the 2023 Vistage Impact Award for Colorado. The Impact Award recognizes the remarkable...
The latest phase of construction in the Nashville International Airport (BNA) to expand its international passenger capacity in Nashville, Tennessee (USA),...
The days of automakers stocking dealer lots with 3.5 million units of inventory are gone, a long-term result of the industry's lessons learned during COVID-19. As a result, manufacturers will need to learn to balance just-in-time...
The U.S. Department of Labor's Job Corps program has launched Job Corps Alumni Connect, a network to provide reconnection opportunities for its more than 3 million graduates who have attended the program over the past 59 years.
Alumni Connect is a...
The National Institute for Automotive Service Excellence (ASE) has designated June as Automotive Service Professionals Month (ASPM), the ideal time to recognize skilled automotive professionals and the valuable service they provide from coast to...