HFC Segment to Dominate North America Refrigerant Market During 2021–2028

According to a new market research study on “North America Refrigerant Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 4,873.73 million by 2028 from US$ 3,186.72 million in 2021. The market is estimated to grow at a CAGR of 6.3% from 2021 to 2028. The report provides trends prevailing in the North America refrigerant market along with the drivers and restraints pertaining to the market growth. Rise in demand for refrigeration system and increase in per-capita income in developing economies are the major factor driving the growth of the North America refrigerant market. However, stringent regulation against fluorocarbon refrigerants hinders the growth of North America refrigerant market.     

The North America refrigerant market is segmented based on type, application, and country. Based on type, North America refrigerant market is segmented into HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others. The HFC segment dominated the market in 2020 and ammonia segment is expected to be fastest growing during forecast period. Based on application, North America refrigerant market is segmented into refrigeration system, chillers, air-conditioning systems, MACs, and others. The refrigeration system segment dominated the market in 2020 and air-conditioning systems segment is expected to be fastest growing during forecast period. Based on country, the North America refrigerant market has been segmented into the US, Canada, and Mexico.     

AGC Inc.; AIR LIQUIDE SA; Airgas Inc.; Arkema; Daikin Industries, Ltd.; Dongyue Group; Honeywell International Inc.; LINDE; Sinochem Group Co. Ltd.; and The Chemours Company are among the leading companies in the North America refrigerant market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Air Liquide SA strengthens its expertise in extreme cryogenics with the acquisition of a majority stake in Cryoconcept.     

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