Automotive air-conditioning to bolster demand for R134A Refrigerant; commercial installation of refrigeration and cooling units to boost the market growth

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OVERVIEW

R134A Refrigerant Market is expected to reach USD 917.2 million by the end of 2026.

Bizlytik analysts forecast the global R134A Refrigerant market to grow at a CAGR of 1.1% during the forecast period, according to their latest market research report.

R134A is a hydrofluorocarbon and haloalkane refrigerant. It is widely used for refrigeration and air-conditioning applications. The R134A refrigerant has been integrated into residential, commercial, industrial, as well as automotive air-conditioning units. However, R134A has been identified as having high global warming potential.

The increasing demand for industrial refrigeration units for product storage and rising incorporation of automotive cooling equipment are the influential primary factors that would bolster the prospects of market growth during the forecast period. The high product demand for sustainable refrigerant supply in automotive vehicles would improve the possibilities of market growth. The need to store products in transit for long days and yet maintain its freshness has also spurred the installation of several refrigeration units in industrial facilities. Such equipment has invariably influenced a high demand for R134A refrigerant. The increasing customer demand for comfort and luxury inside residential houses would also work towards the adoption of R134A refrigerant, in turn, furthering the growth of the market. The rapid product adoption in commercial sectors of emerging countries would offer key market vendors with new opportunities for product sales and business expansion over the forecast period.

Tetrachloroethylene Process and Trichloroethylene Process are covered in the Type segment of the market scope. In contrast, the Application segment is categorized into Automotive Air-Conditioning, Commercial Refrigeration Equipment, and Domestic Refrigeration Equipment. The report covers the volume of the global market by Application, with the volume expressed in K MT. The Type segment is calculated in terms of volume and value.

The volume of the Automotive Air-Conditioning segment by Application is estimated to garner 136.3 K MT by 2026, growing at a CAGR of 0.5% from 2020 to 2026. The heightened product demand for application in cooling units of automotive vehicles has bolstered the segment growth. The customer demand for luxurious appliances and comfortable experience inside an automobile would further improve the growth of the segment in the coming years.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

Asia Pacific is a prominent region and holds a considerable share in terms of overall value and volume. The rise in the establishment of commercial facilities and warehouse locations in developing countries that would require refrigeration units would provide possibilities of market growth in the region. The increasing investments in luxurious automotive cooling units would also bolster the regional market growth.

The R134A Refrigerant market is moderately consolidated, with several key players operating with expansive manufacturing capabilities and extensive product distribution networks. The extension in product performance capabilities through consistent development and expansion in business capabilities through strategic collaborations and partnerships are the primary business strategies of top players.

Sinochem Group Co., Ltd. is one of the most significant companies of the global R134A Refrigerant Market in terms of production volume, with Juhua Group Corporation and Linde plc among many other vendors to hold substantial market share by value and volume.