Selbyville, Delaware, May 18, 2021 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., report, the Middle East Refrigerants Market was estimated at $145,970 thousand in 2020 and is slated to exceed $232,035 thousand by 2027, registering a CAGR of 6.85% from 2021 to 2027 primarily owing to increasing demand for lower GWP refrigerants. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.
A refrigerant is a working fluid used in heat pumps and refrigeration systems for cooling applications. These refrigerants undergo the repeated transition from the liquid phase to the gas phase. Refrigerants are used on basis of its toxicity, flammability and contribution to ozone depletion and climate change. Gases including ammonia, carbon dioxide and hydrochlorofluorocarbon are used for various industrial applications including manufacturing metallurgy, pharmaceutical and oil & gas industry.
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Food & Beverage applications is likely to surpass USD 116210 thousand by 2027 owing to its use in storage of processed food products for enhanced shelf life and transportation of frozen food products. Moreover, chemical and petrochemical applications surpassed USD 19810 thousand in 2020 pertaining to increased usage in various operations in production process.
Hydro-chlorofluorocarbon refrigerant should surpass 11785 USD thousand by 2027. HCFC contains chlorine, fluorine, carbon and hydrogen atom that decreases its stability and gives them shorter lifespan in the atmosphere and causes low damage to the ozone. Increased use of HCFC as a refrigerant in replacement to CFC in applications such as air conditioning and refrigeration represents ample growth opportunities for market growth. Moreover, ammonia refrigerant should grow at a CAGR over 10% owing to its benefits of low operating cost and les electricity consumption.
chemical & petrochemical application surpassed USD 19810 thousand in 2020 owing to its use for heat removal during the various processes of cooling. Operations including crystallization and condensation in chemical and petrochemical industries require heat removal process to obtain their products therefore largescale cooling plants are used in these processes. Increasing investments in middle east region for acquiring new technologies along with higher rate of chemical exports should boost the growth of the chemical and petrochemical industry in turn accelerating business growth.
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UAE refrigerant market should register over 7.5% gains by 2027 on account of a growing oil and gas industry in the region and is anticipated to stimulate business growth in the region. Refrigerants are used in oil and gas industry for various onshore and offshore applications for the cooling process. UAE region offers benefits of low production cost and high quality of refrigeration and air-conditioning systems.
The Middle East refrigerants industry share is competitive and includes manufacturers such as Arkema, Honeywell International, Gulf Cryo, Linde, Harp Middle East LLC, Daikin Industries, Brothers Gas Bottling, Air Liquide, Buzwair Industrial Gases Factories, Abdullah Hashim Industrial Gases & Equipment, GASPECS, AL Waleed Chemical Industry LLC and distribution Co. LLC.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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