PUBLISHER: Orion Market Research | PRODUCT CODE: 1078062
PUBLISHER: Orion Market Research | PRODUCT CODE: 1078062
Global R-125 Refrigerant Market Size, Share & Trends Analysis Report by Type (HCFC-123, and HCFC-124), and by Application (Extinguishant, Air Conditioner, and Industrial Refrigeration) Forecast Period (2022-2028)
The global R-125 Refrigerant market is anticipated to grow at a substantial CAGR of 1.8% during the forecast period. One of the core factors is the growing demand for air conditioners across the globe. Ironically, one of the restraints of the market is the cause of depletion of the ozone layer by R-125 refrigerant has increased the global temperature which has grown the demand forR-125 for Air conditioners.The temperature is projected to rise so does the demand for refrigerant in the upcoming years. As per the data of NOAA National Centers for Environmental Information,updated in April 2022,averaged across ocean and land, the surface temperature of 2020 was 1.76° F (0.98° Celsius) warmer than the 20th-century average of 57.0°F (13.9°C), and 2.14°F (1.19°C) warmer than the pre-industrial period (1880-1900).
The global R-125 refrigerant market is segmented based on the type and applications. Based on type, the market is classified into HCFC-123 and HCFC-124. Based on applications, the market is segmented into extinguishant, air conditioner, and industrial refrigeration. The above-mentioned segments can be customized as per the requirements.Among applications, the air conditioner is projected to lead the market share in terms of value during the forecast period. There are many potential applications of R-125 refrigerants in air conditioning and medium temperature refrigeration plants as well as in heat pumps. Good heat transfer characteristics in R-125 refrigerants favor an economical use. R-125 refrigerant has become widely established for many years in commercial refrigeration and particularly in air conditioning.
Geographically market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.Europe is expected to register low CAGR owing to the unfavorable regulations and policies regarding the use of R-125 refrigerants owing to the concerns related to ozone layer depletion. This has limited the demand for the R-125 in the region significantly.
The major companies serving the global R-125 Refrigerant market include Daikin Industries, Ltd., Honeywell International, Inc., Linde GmbH, Mexichem S.A.B. de C.V. (Orbia), The Chemours Company LLC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2022, Honeywell announced an innovative, new low-global-warming-potential (GWP) refrigerant for industrial and commercial refrigeration that is improved for supermarkets. The product meets the needs of retailers and grocers who are seeking low-global-warming solutions ahead of likely regulatory changes. This addition to Honeywell's proprietary low-GWP line of Solstice solutions for multiple applications, Solstice N71 (R-471A) is the supermarket industry's first energy-efficient and non-flammable solution with a GWP of less than 150.
Research Methodology
The market study of the global R-125 refrigerant market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
The report provides an in-depth analysis of market size, intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
Market Segmentation
The Report Covers
Category- Chemical and Material