Automotive Refrigerant Market to grow at a CAGR of 9.36% from 2022 to 2027, Driven by the higher time spent inside vehicles - Technavio

NEW YORK, March 24, 2023 /PRNewswire/ -- The global automotive refrigerant market size is estimated to increase by 100.02 million Kg from 2022 to 2027. The market's growth momentum will progress at a CAGR of 9.36% during the forecast period. The higher time spent inside vehicles is pushing the demand for cabin comfort features. This, in turn, is fueling the market growth significantly. However, factors like the high costs associated with redesigning automotive HVAC systems may hinder the market growth during the forecast period.

Technavio has announced its latest market research report titled Global Automotive Refrigerant Market 2023-2027

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Automotive refrigerant market – Vendor Analysis
Vendor Landscape - The global automotive refrigerant market is fragmented with the presence of several global as well as regional vendors. A few prominent vendors that offer automotive refrigerants in the market are AGC Inc., Air International Thermal Systems, Arkema Group, Daikin Industries Ltd., Deepfreeze Refrigerants Inc., DENSO Corp., Dongyue Group Ltd., DuPont de Nemours Inc., Hanon Systems, HELLA GmbH and Co. KGaA, Hitachi Ltd., Honeywell International Inc., Johnson Electric Holdings Ltd, Linde Plc, MAHLE GmbH, National Refrigerants Inc., Sinochem Group Co. Ltd., The Chemours Co., Toyota Industries Corp., and Valeo SA and others.

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Vendor Offerings -

AGC Inc. - The company offers automotive refrigerants such as AMOLEA 1224yd.
Arkema Group - The company offers automotive refrigerants such as Forane HFCs.
Daikin Industries Ltd. - The company offers automotive refrigerants such as fluorine refrigerants.
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Automotive Refrigerant Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on vehicle type (passenger car and commercial vehicle), type (r134a, r1234yf, and others), and geography (Europe, APAC, North America, South America, and Middle East and Africa).

The market share growth by the passenger car segment will be significant for the market growth during the forecast period. With rising demand for sedans, coupes, hatchbacks, crossovers, and SUVs, the global passenger car market is growing significantly. Rising disposable income and various convenient and attractive vehicle loan schemes launched by financial institutions and automobile manufacturers increase the demand for vehicles, fueling the growth of the global automotive refrigerant market.

Geography Overview
By geography, the global automotive refrigerant market is segmented into Europe, APAC, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive refrigerant market.

Europe is estimated to contribute 33% to the growth of the global automotive refrigerant market during the forecast period. Europe accounts for the highest penetration of automotive HVAC systems, in both passenger cars and commercial vehicles segments. Commercial vehicle manufacturers like Volvo AB (Volvo), Scania AB (Scania), and MAN Truck and Bus AG (MAN Truck and Bus) offer HVAC systems in all their vehicle models. The extreme weather conditions in Europe support the penetration of HVAC systems across all vehicle segments in the region. Hence, the growth of the automotive refrigerant market in Europe highly depends on the growth of the regional automotive market.

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Automotive Refrigerant Market – Market Dynamics

Leading Drivers -

A key factor fueling the global automotive refrigerant market growth is the higher time spent inside vehicles which is pushing demand for cabin comfort features. The extended time spent inside vehicles can be attributed to factors like long-distance travel and rising traffic congestion. These days, automotive HVAC systems are standard fitments in passenger cars, while commercial vehicles are also increasingly using them. There is a rapid adoption of HVAC systems in developing countries like India, where overall climatic conditions are hot. Thus, countries with hot climatic conditions are expected to contribute the most to the revenue of the automotive refrigerant market during the forecast period.

Key Trends -

The rising preference for R-1234yf refrigerant is one of the key automotive refrigerant market trends that is expected to positively impact the industry in the forecast period. The R-134a refrigerant is widely used in the global automotive refrigerant market. But developed regions are shifting toward the R-1234yf refrigerant due to its lower GWP. Refrigerants with more than 150 GWP are banned, making R-1234yf the ideal refrigerant for widescale adoption in Europe. The rising adoption of R-1234yf can be attributed to factors such as the Greenhouse Gas Emissions and Corporate Average Fuel Economy Standards program for light-duty vehicles (US EPA, 2012). More countries are expected to join the bandwagon and switch over to the R-1234yf refrigerant, which is expected to fuel the growth of the global automotive refrigerant market.

Major challenges -

The high cost associated with redesigning automotive HVAC systems is a key challenge to the global automotive refrigerant market growth. HVAC systems are manufactured with increased features and functionalities like quicker heating and cooling processes to cater to the need for reduced humidity, better ventilation, and controlled temperature. The effective installation of these air conditioners also involves various alterations in the entire wiring system of automobiles. Moreover, the cost associated with such installations, coupled with the cost of the product itself, which is very high, dissuades increased investments in automotive HVAC systems. Hence, the high costs are expected to hinder market growth during the forecast period.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this Automotive Refrigerant Market report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the automotive refrigerant market between 2023 and 2027
Precise estimation of the size of the automotive refrigerant market and its contribution to the market with a focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the automotive refrigerant market across Europe, APAC, North America, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of automotive refrigerant market vendors

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Automotive Refrigerant Market Scope
Report Coverage	Details
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 9.36%
Market growth 2023-2027	100.02 million kg
Market structure	Fragmented
YoY growth 2022-2023 (%)	9.95
Regional analysis	Europe, APAC, North America, South America, and Middle East and Africa
Performing market contribution	Europe at 33%
Key countries	US, China, Japan, Germany, and UK, Canada, Mexico, Italy,Spain, India, Japan, Australia, and South Korea
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	AGC Inc., Air International Thermal Systems, Arkema Group, Daikin Industries Ltd., Deepfreeze Refrigerants Inc., DENSO Corp., Dongyue Group Ltd., DuPont de Nemours Inc., Hanon Systems, HELLA GmbH and Co. KGaA, Hitachi Ltd., Honeywell International Inc., Johnson Electric Holdings Ltd, Linde Plc, MAHLE GmbH, National Refrigerants Inc., Sinochem Group Co. Ltd., The Chemours Co., Toyota Industries Corp., and Valeo SA
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of Contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.3 Market size 2022

4 Historic Market Size

5 Five Forces Analysis

5.1 Five forces summary

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Vehicle Type

6.1 Market segments

7 Market Segmentation by Type

7.1 Market segments

7.2 Comparison by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.3 AGC Inc.

12.4 Arkema Group

12.7 DENSO Corp.

12.8 Dongyue Group Ltd.

12.10 Hanon Systems

12.12 Hitachi Ltd.

12.14 Linde Plc

12.15 MAHLE GmbH

13 Appendix

13.1 Scope of the report

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