Global R407c Refrigerant Market is valued approximately at USD XXX billion in 2019 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2020-2027. R-407C is a mixture of hydrofluorocarbons used as a refrigerant. The refrigerant is a replacement for R-22 which is set to be phased out by 2020 as per the Montreal Protocol. Hence the supportive government initiatives to reduce pollution specially the ozone depleting refrigerants drive the market towards growth.. Thus, to replace such refrigerants in the industry, the demand for R-407C refrigerants is expected to increase. Further, the growing demand for Air conditioners for residential and commercial buildings is driving the market growth. For Instance: as per Japan Industry Conditioning Air and Refrigeration Association the global AC demand rose from 102 million units in 2016 to 110 million units in 2017. Also, the Commercial AC demand reached 7.35 million units in North America followed by 2.48 million units demand in China. Hence, the growing demand for ACs in both Residential and commercial sector develops a potential demand for Refrigerants propelling a widespread market for R-407c Refrigerant. Further, the use of the refrigerant in industrial cooling and in healthcare sector fuels the market towards growth.
The regional analysis of global R407c Refrigerant market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the highest demand for Air Conditioners for commercial and residential purposes in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable incomes and changing living standards along with increasing industrialization would create lucrative growth prospects for the R407c Refrigerant market across Asia-Pacific region.
Major market player included in this report are:
The Chemours Company
Honeywell International Inc
Orbia Chemical industry company
Daikin Industries, Ltd.
Actrol Pty Ltd
ZHEJIANG VandT GROUP LIMITED
Liangyou Environmental Protection Chemicals
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Residential and Light Air Conditioning
Industrial and Commercial Air Conditioning
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global R407c Refrigerant Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers