R410A Refrigerant Market Size, Share, Growth, And Industry Analysis By Type (Qualified Grade and Excellent Grade) By Application (Industrial And Commercial Air Conditioning, Residential Air Conditioning, and Others) Regional Forecast (2022-2028)

Report Overview

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The global R410A refrigerant market size was USD 1.787 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with R410A refrigerants experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to reach USD 2.139 billion in 2028, exhibiting a CAGR of 3.0% during the forecast period. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Refrigerants are used in freezing technologies such as air conditioners and refrigerators. R410A refrigerant is a hydrofluorocarbon (HFC) refrigerant. Traditionally, refrigerants contained hydrochlorofluorocarbons (HCFCs) containing chlorine, which is harmful to the environment and causes ozone layer depletion. R410A refrigerants were developed as a safer alternative for the environment with the added advantage of increased efficiency.

Due to growing environmental concerns, the previously used R22 refrigerants using hydrochlorofluorocarbons (HCFCs) are being phased out and R410A refrigerants are taking their place. While R410A refrigerants also cause some global warming, they do not cause ozone layer depletion. So, there is an opportunity for the R410A refrigerant market to dominate in the coming years.

COVID-19 Impact: Pandemic-related Disruptions and Weakened Demand Affected Market Dynamics

The COVID-19 pandemic has impacted all spheres of life and businesses. With the lack of disposable income for the people and economic disruptions, the R410A refrigerant market saw a downward trend during the pandemic. This is because R410A refrigerants are most commonly used for residential purposes. COVID-19 also affected the manufacturing and trading processes, which further impeded the R410A refrigerant market growth. As consumers prioritized spending only on essential supplies, the market witnessed a diminished demand during a major part of COVID-19. While a weakened demand affected the market growth, supply chain disruptions and raw material unavailability created several roadblocks for manufacturers globally.

Latest Trends

"Increasing Urbanization to Support Market Development"

In recent years, there has been a steady increase in the middle-class population across societies. As the disposable income of people increases and more people migrate to urban areas for a better lifestyle, the demand for refrigerating technologies is also increasing. Now more people than ever are buying air conditioners and refrigerators for their personal use. More industries and offices are being set up, boosting the R410A refrigerant market significantly. Driven by rapid urbanization, increasing demand across residential, commercial, and industrial applications will create favorable opportunities for market players globally.

Segmentation

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• By Type Analysis

Based on type, the market is bifurcated into qualified grade and excellent grade. The qualified grade segment is anticipated to capture the leading market share in the market through 2028.

• By Application Analysis

In terms of application, the market is segmented into industrial and commercial air conditioning, residential air conditioning, and others. The industrial and commercial air conditioning segment is going to hold the dominant market share in the future.

Driving factors

"Phasing out of R22 Refrigerants to Boost Product Demand"

Governments across the world have set ambitious goals to completely phase out the use of R22 refrigerants that use hydrochlorofluorocarbons in the coming years due to increasing concerns towards the environment. This will expand the R410A refrigerant market share as they are comparatively eco-friendlier. The application of these refrigerants across commercial, industrial, as well as residential sectors is expanding as industry shifts towards sustainable alternatives. Continuous ongoing efforts to replace conventional refrigerants with greener ones will certainly create a lucrative growth outlook for the market in the forthcoming years.

"Display of Better Efficiency to Accelerate Adoption"

R410A refrigerants are known to be more energy efficient as they are able to absorb heat better than R22 refrigerants. As the R22 refrigerants are being phased out of the market, it is inevitable that their cost will increase. So, R410A refrigerants are becoming more feasible economically as well as from a sustainability point of view. They also release heat more efficiently, making them less prone to burnout. The aforementioned benefits make R410A refrigerants a highly sought-after choice for residential, industrial, as well as commercial use-cases. The growing widespread switch towards sustainable alternatives will undeniably generate promising revenue prospects for the market over the next several years.

Restraining Factors

"Replacement of R410A refrigerants due to global warming concerns"

Although R410A refrigerants do not cause ozone layer depletion, they are still the cause of global warming. The Environmental Protection Agency (EPA) plans to phase out the use of R410A refrigerants in the coming years. No specific timeline has been specified as of now but in the future, eco-friendlier alternatives such as R290 and R600A might be used. These factors could hamper the market growth in the long-term.

Regional Insights

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The Asia Pacific dominates the market due to the growing population. China is leading the R410A refrigerant market in the Asia Pacific region. This is due to the large population of the country and the huge demand for freezing technologies like refrigerators and air conditioners. The Asia Pacific also holds large consumer appliances manufacturers such as Samsung (South Korea) and Daikin (Japan).

Europe is expected to acquire the second-largest market share during the forecast period. The regional expansion is largely due to tightening regulations regarding the use of refrigerants across different sectors. Gradual phasing out of harmful refrigerants with greener solutions such as R410A will strengthen the regional outlook.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of market players profiled

• Chemours company (U.S)
• Honeywell (U.S)
• Mexichem (Mexico)
• Arkema (France)
• The Linde Group (Ireland)
• Juhua Group (China)
• Dongyue federation (China)
• Meilan (China)
• Huaan new material (China)
• Sinochem (China)
• Limin Chemicals (China)
• Bailian Chemical (China)
• SINOLOONG (China)
• Fey Yuan Chemical (China)
• Gemeifu Chemical Industry
• Xilong Group (China)
• Sanmei (China)

Report Coverage

This research profiles a report with extensive studies that take into the description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.