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Middle East Refrigerants Market Size
Middle East refrigerants market size exceeded USD 145.97 Million in 2020 and is estimated to grow at a CAGR of 6.85% between 2021 and 2027. Massive industries rely on refrigerant systems for their operations of heat removal which is expected to drive middle east refrigerants business growth.
Refrigerants are compounds found in gaseous and fluid form and they perform primary function of absorbing heat from the environment. The refrigerants in a heat cycle transfer heat from one area to the other and provide air conditioning and refrigeration when combined with other components including compressors and evaporators. Refrigerants are used in air conditioning, fridge, freezers, and vehicle air conditioners.
Refrigerants have applications in various industries including pharmaceutical, oil & gas, chemical and petrochemical, metallurgy and food & beverage owing to its increased demand for production of industrial refrigeration systems for cooling applications. Gases including propane, carbon dioxide, ammonia and hydro chloro-fluorocarbon are used as refrigerants in various refrigeration systems. Moreover, rising use of refrigerants in various industrial operations including on shore, offshore, freezing, preservation is anticipated to stimulate the Middle East refrigerants market share.
What factors will augment the contribution of ammonia to the Middle East refrigerants market value?
Ammonia exceeded USD 10,670 thousand in 2020 and will record substantial growth due to low operating cost and superior thermodynamic properties of the refrigerant.
How will the Middle East refrigerants industry fare through 2027?
The Middle East refrigerants market size surpassed USD 145,970 thousand in 2020 and will expand at a CAGR of 6.85% from 2021 to 2027.
How do you classify refrigerants?
On the basis of product, refrigerants are categorized into carbon dioxide, ammonia, hydro chloro-fluorocarbon, and others.
Why will food & beverage applications account for a lucrative share of the Middle East refrigerants industry revenue?
Food & beverage applications will record 116,215 thousand through 2027 owing to the surging refrigeration demand for cold storage, distribution of food, and from the food processing industry.