The hydrocarbon market in the Asia Pacific will reach $128.5 million in 2018, according to a new report by MicroMarket Monitor.
Hydrocarbon (HC) refrigerants are used in refrigerators and air conditioners with gases such as R170, 290, and 600A being successfully used for cooling in industrial, commercial, and domestic applications.
Although hydrocarbons are flammable, regulatory changes are leading to it being used more widely in new markets, the report said. The Asia-Pacific is the largest consumer of hydrocarbon refrigerants in the world.
"In the Asia-Pacific region, there is huge consumption potential, growing production capacities, competitive manufacturing costs, and high economic growth rate, which are favorable forces for future growth of the refrigerants market," the report said.
"The key countries of the Asia-Pacific hydrocarbon refrigerants market include China, Japan, and India, together they account for 80 per cent of the total hydrocarbon refrigerants market in the region, in 2012.
"China is the leading market for hydrocarbon refrigerants in this region, having acquired a share of 61.7 per cent of total Asia-Pacific market in 2012. The highly populated countries in the region are leading to the rise in demand as the consumption is increasing significantly every year."
In the Asia-Pacific market, the major applications of hydrocarbon refrigerants include refrigeration (domestic refrigeration, commercial refrigeration, transportation refrigeration, and industrial refrigeration) and air conditioning (stationary air conditioners, chiller & hydronic heat pumps, and mobile air conditioners).
A separate report has also been completed for the European market which states the market was valued at $46.03 million in 2013 and is estimated to reach $62.43 million by 2019, growing at a CAGR of 5.9 per cent from 2014 to 2019.
Hydrocarbon refrigerants are gaining popularity due to their low global warming potential. Thus, they will have great potential in the future, the report said.
The report, 'Europe Hydrocarbon Refrigerants Market,' analyzes the hydrocarbon refrigerants market by application with respect to four major applications: domestic refrigerants, stationery AC, mobile AC, and others.
All these applications experienced positive growth till 2012 and the trend is expected to continue in coming years.
With a market value of $53.65 million, mobile AC has been contributing the maximum share towards the hydrocarbon refrigerants market in Europe.
The domestic refrigeration market is expected to witness high growth and grow at a CAGR of 11.1 per cent between 2013 and 2018.