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New product launch is one of the key strategies adopted by the market players to achieve growth in the refrigerants market.
The refrigerant market is a rapidly evolving market. Currently, the refrigerant market is dominated by the major players such as The Chemours Company, Daikin Industries Ltd., Honeywell International Inc., Arkema S.A. and Mexichem S.A.B. de C.V. The degree of competition is quite high in refrigerant market. These top players have significant controlling in the market. The major players continue to hold their respective positions by launching new products and by making substantial investments to comply with the F-Gas regulation to produce energy efficient and environmental friendly products.
New product launch is one of the key strategies adopted by the market players to achieve growth in the refrigerants market. Market players are concentrating on developing new variants of refrigerants in accordance to the evolving environmental regulations. Companies are also focusing on the development of natural refrigerants with low GWP and ODP, which are not harmful to the environment. For instance, in January 2015, Honeywell announced that it has started the full-scale commercial production of a low GWP material, HFO-1234ze, marketed under Honeywell's Solstice, line of low-global-warming materials which is used as an aerosol propellant, insulating agent, and refrigerant. Therefore, the strategy of the market players is focused on developing new products, and expanding production capacities for the growth of the market in developed countries and to penetrate the emerging markets.
The global refrigerant market is expected to be driven by high demands from the emerging economies of Asia-Pacific such as India and China. The cooling equipment market is experiencing tremendous growth, mainly due to increasing income levels in Asia-Pacific, particularly in China. This is expected to further strengthen the demand for cooling products and, subsequently, contribute to the growth of the refrigerants market. Asia-Pacific is expected to become the largest cooling equipment market by 2020. The major developing economies in Asia-Pacific such as China, Japan, and India are the leading consumers of cooling equipment, with China being the fastest-growing market. The economic growth in these countries plays a vital role in the regionís refrigerants market. Heavy investment made in Indiaís cold chain industry through FDI will increase its cold storage capacity. This, in turn, will drive the demand for refrigerants in the country.
Refrigerant Market by Type (Fluorocarbon, Inorganics, and Hydrocarbons), and by Application (Domestic, Commercial, Transportation, Industrial, Stationary Air Conditioning, Chillers, and Mobile Air Conditioning) - Global Trends & Forecasts to 2020
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