HOME Research Insight New Product Developments, Expansions, and Agreements are the Key Strategies Adopted by the Major Refrigerant Manufacturers Between 2012–2017.

New Product Developments, Expansions, and Agreements are the Key Strategies Adopted by the Major Refrigerant Manufacturers Between 2012–2017.

The global market for refrigerants is expected to witness high growth between 2017 and 2022. Factors such as increasing demand for consumer appliances and the growing cold chain markets are driving its market. Growth of consumer appliances such as refrigerators and air-conditioners in the Asia-Pacific is also a factor in the growth of the refrigerants market in the consumer appliances industry. Additionally, factors such as increasing population, higher disposable incomes, higher standards of living, rising consumption of frozen food, and increasing manufacturing facilities of consumer appliances are also expected to contribute to its growth in the region. The growing food and healthcare industries are also driving the market, as these industries require refrigerators for preserving drugs and food items.

The global refrigerants market has a large number of market players; however the market is led by some of the major players, such as The Chemours Company (U.S.), Honeywell International Inc. (U.S.), Arkema S.A. (France), Dongyue Group Co. Ltd (China), Asahi Glass Co., Ltd. (Japan), Daikin Industries, Ltd. (Japan), Sinochem Corporation (China), Mexichem S.A.B. de C.V. (Mexico), The Linde Group (Germany), and SRF Limited (India), among others.

Most of these companies are leaders in the manufacture of refrigerants and are focusing on adopting new product launches, expansions and agreements strategies to achieve economies of scale and product innovations in order to capture and strengthen their market shares.

Market players are concentrating on expanding their product portfolios and developing cost effective technologies. The companies are investing in setting up new facilities mainly in emerging regions so as to increase their global reach. All these developments are due to the increasing demand for natural refrigerants such as hydrocarbons and inorganics for applications in refrigeration and air-conditioning systems.

New product developments, expansions, and agreements are the key strategies adopted by the major refrigerant manufacturers between 2012–2017. The top players in the refrigerants market are adopting these strategies for better penetration and expansion of their businesses into the untapped and emerging regions. These new ventures are expected to help companies satiate the growing demand for refrigerants in several applications. The Chemours Company (U.S.) and Honeywell International Inc. (U.S.) are among the market players who adopted these strategies in order to acquire a bigger market share.

The Chemours Company is amongst the leading suppliers of refrigerants. The company adopted strategies such as new product launches and expansions to maintain its premium position in the market. For instance, in October 2016, it expanded its product portfolio with the launch of a new product line under the brand name, Opteon XL series. The refrigerants have applications in refrigeration and air-conditioning systems. Similarly, in February 2017, it also invested USD 230 million to open a new production facility in Texas, U.S. which will triple the capacity of Opteon products.

Honeywell International Inc. (U.S.) also adopted the new product launches and agreements strategies to sustain its premium market position. For instance, it entered into an agreement with Juhua Corp. (China) and Navin Fluorine International Limited, India (India) to produce the low Global Warming Potential (GWP) refrigerant for use in the Mobile Air Conditioners (MAC) application.

Related Reports:

Refrigerant Market by Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, and CO2), Application (Refrigerators, Large-scale Refrigerators, Chillers, Air Conditioners, and Heat Pumps), Region - Global Forecast to 2022

Mr. Rohan
MarketsandMarkets™ INC. 
630 Dundee Road 
Suite 430 
Northbrook, IL 60062 
USA : 1-888-600-6441 

Connect Us

Follow us on LinkedIn  Follow us on Facebook   Follow us on Twitter 
Live Chat Support

US : 1-888-600-6441

Search reports