Aerosol Refrigerants Market Size, Share & Trends Analysis Report By Product (Steel, Aluminum), By Region (North America, Europe, Asia Pacific, CSA, MEA), Competitive Landscape, And Segment Forecasts, 2018 - 2025

Industry Insights

The global aerosol refrigerants market size was estimated at USD 912.0 million in 2016. Growing demand for natural refrigerants owing to increasing awareness regarding environmental protection is expected to have a positive impact on industry trends. The product offers energy-efficient cooling solution to the end-user industries, thus driving the industry growth.

The growth of advanced cold chain solutions infused with propane-based refrigerants is expected to be a key factor driving the demand for aerosol refrigerants over the forecast period. In addition, rising demand for consumer appliances including air conditioners and refrigerators is expected to have a positive impact on the industry growth over the next eight years.

U.S. commercial refrigeration and mobile air conditioning industries are likely to witness significant growth over the forecast period owing to the HFC phase-down plan and transition toward eco-friendly natural products. The demand for cooling equipment has also witnessed an upward trend in recent years, which in turn has boosted aerosol refrigerant consumption in the economy.

The aerosol refrigerants industry follows the growth of the refrigerant which is expected to be driven by the increase in demand for cooling systems. The use of such products is expected to remain highly regulated with agencies such as the U.S. EPA and European Commission enforcing stringent regulations pertaining to the use of the type of refrigerant and propellant.

The raw material industry for the market is characterized by the presence of a large number of suppliers. In addition, the industry is gyrating toward the use of bio-based and active ingredients owing to concerns regarding the use of volatile organic compounds (VOCs) in substitute products.

The products are used extensively by the original equipment manufacturers such as LG and Samsung. However, the product penetration is higher for consumers in the aftermarket industry on account of its high portability. In addition, decreased cost of handling the product is expected to result in increased adoption.

Growing demand for household & commercial refrigeration and air conditioning systems in the region is expected to have a positive impact on the industry growth. Furthermore, the expansion of supermarket retail chains and implementation of CO₂ cascade technology in cooling solutions has significantly boosted the industry's growth.

Product Insights

The demand for steel cans is expected to be driven by the use of the cans for the packaging of hydrocarbon-based refrigerants. Growing efforts toward recycling are likely to drive the demand for the product and decrease the price of empty steel cans. Increasing demand for steel cans on account of the high adoption of such products is likely to drive growth.

The demand for steel aerosol refrigerants is expected to rise over the forecast period, registering a CAGR of 4.4% by revenue. The low price of the steel cans coupled with superior strength is expected to drive the demand. In addition, the cans provide superior impact resistance and are likely to register high growth over the forecast period.

Aluminum container possesses excellent barrier properties against moisture and UV light, which helps in protecting the product. In addition, it is resistant to various gases including oxygen, carbon dioxide, and hydrogen. The market is expected to witness increased adoption of aluminum cans due to properties such as lightweight, better portability, and high corrosion resistance.

The demand for aluminum aerosol refrigerants is also expected to grow due to the ease of printing, embossing, and shaping. In addition, the container provides additional pressure handling abilities which are expected to drive the industry growth over the forecast period. Growth in demand for aluminum-based products on account of the superior inert nature of the metal is expected to benefit the market.

Steel-based aerosol refrigerants dominated the Europe industry owing to better dispensing convenience offered by the product along with fine vaporization for immediate use. In addition, steel-based products are recyclable in nature, offer good performance, sustainability, and reduced supply chain costs thereby garnering high demand.

Regional Insights

Asia Pacific is estimated to register a strong growth on account of a favorable environment, growth of the industrial sector, and relaxation of regulations. In addition, increasing average household income is anticipated to result in increased purchase of household products such as refrigerators, which is further expected to drive the industry growth.

The industry in Europe is expected to register a CAGR growth of 5.9% by revenue from 2017 to 2025. Hydrocarbon and inorganic type refrigerants have witnessed considerable growth in Europe owing to the considerable usage of the product in domestic refrigeration and mobile air conditioning applications, which in turn is likely to drive the aerosol refrigerants industry.

The industry in China is expected to benefit on account of a large number of cooling and refrigeration equipment manufacturing companies present in the economy. Factors such as rapid urbanization, industrialization, and the requirement for energy-efficient cooling solutions have boosted the refrigerant market in the country.

Japan is expected to witness high growth in natural aerosol refrigerants. The Japanese government has undertaken initiatives to accelerate the phasing out of hydrofluorocarbon-based refrigerants and promote the use of natural products. Increasing demand for inorganic aerosol refrigerants due to the widening application scope is expected to drive the industry growth.

Aerosol Refrigerants Market Share Insights

The market is characterized by the presence of a number of localized manufacturers coupled with the presence of a few global players accounting for a relatively large share of annual global production of such products. The companies compete on the basis of cost and product technology, positioning themselves as manufacturers of advanced products.

The price reductions offered by the companies are limited by low-profit margins of the manufacturers in the domain. The market does exhibit significant research and development efforts toward the product and production technology. The market is also characterized by a number of small unorganized players that deal majorly with the local distribution and cater to the demand in domestic and adjoining economies.

The innovation, development, and production of aerosol refrigerants is dominated by companies namely The Chemours Company, FJC Inc., and Technical Chemical Company, which contribute to a large percentage share of the overall production. The companies benefit from their market knowledge and experience.

Report Scope

Segments covered in the report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global aerosol refrigerants market on the basis of product and region:

• Product Outlook (Volume, ‘000 Units; Revenue, USD Million; 2014 - 2025)

  • Steel

  • Aluminum

• Regional Outlook (Volume, ‘000 Units; Revenue; USD Million; 2014 - 2025)

  • North America

    • The U.S.

    • Canada

  • Europe

    • Germany

    • The UK

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa