The Middle East refrigerants market is slated to witness exponential growth on account of the rising need for lower GWP components and growing concerns over ozone depletion and climate changes. Refrigerants are mainly working fluids that have widespread applications for cooling in refrigeration systems and heat pumps.
Driven by these trends, a recent research report has revealed that the Middle East refrigerants market size will cross USD 232,035 thousand in annual estimation by 2027.
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These refrigerant systems, which are incorporated based on their toxicity and flammability, undergo a repetitive transition from the liquid phase to the gas phase. Furthermore, gases such as carbon dioxide ammonia, and hydrochlorofluorocarbon are increasingly employed in manufacturing metallurgy, oil & gas, and pharmaceutical, among various other industrial applications in the region.
The demand for hydro-chlorofluorocarbon (HCFC) refrigerants in Middle East is anticipated to record around 11785 USD thousand in the predicted timeframe. This is mainly ascribing to the presence of fluorine, chlorine, carbon, and hydrogen atoms in HCFC which reduces its stability while giving a shorter lifespan in the atmosphere and bringing fewer damages to the ozone. Furthermore, there is rising penetration of the compound as a refrigerant compared to CFC in air conditioning and refrigeration applications.
The regional adoption of ammonia refrigerants is likely to witness a CAGR of more than 10% through 2027 on account of their depleting operating costs and lower electricity consumption.
Middle East refrigerants industry share from food & beverage applications will cross USD 116210 thousand through 2027. This can be attributed to the utilization of refrigerants in the storage of different processed food products in order to extend their shelf life as well as in the commutation of frozen food products.
Chemical & petrochemical applications of refrigerants in the Middle East accounted for close to USD 19810 thousand in 2020 driven by growing adoption for heat removal across various cooling processes. This is owing to the surge in operations, such as crystallization and condensation in the chemical and petrochemical sectors that need heat removal functions to derive their products from largescale cooling plants. In addition, the jump in the number of investments for acquiring novel technologies has led to the increase in chemical exports, further adding a positive edge to the chemical and petrochemical vertical expansion in the region.
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The value of the refrigerant market in the UAE is expected to experience gains at over 7.5% through the analysis timeframe. This is due to the increasing penetration of the product in several onshore and offshore applications for cooling purposes and the presence of a robust oil & gas sector in the country. The low manufacturing costs and higher quality of refrigeration, as well as air-conditioning systems, are other factors contributing to the regional industry growth.
Suppliers of various types of refrigerants in the Middle East are turning to various marketing strategies like novel product launches, acquisitions, partnerships, and investments, and numerous other supportive growth initiatives to expand their customer base and portfolio. For instance, Honeywell, in October 2019, introduced its first-ever application, New Generation® App, in order to tackle fake refrigerants in the Middle East region.
The COVID-19 pandemic substantially slowed down the economy in the Middle East region and laid significant effects on millions of businesses. Owing to the severity and escalation of the infection rate, several governments imposed nationwide lockdowns and social distancing policies, which gave rise to disrupted industrial operations. It also significantly impacted the manufacturing industry in the region and stalled the production as well as supply of refrigerants. However, with the business operations now gradually picking up steam in the Middle East, the industry forecast is likely to soar.
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