R-124 Refrigerant Market Outlook: Complete Industry Analysis (2024 to 2031
The "R-124 Refrigerant Market" is focused on controlling cost, and improving efficiency. Moreover, the reports offer both the demand and supply aspects of the market. The R-124 Refrigerant market is expected to grow annually by 12.2% (CAGR 2024 - 2031).
This entire report is of 166 pages.
R-124 Refrigerant Introduction and its Market Analysis
The R-124 Refrigerant market research report highlights the market conditions of R-124 Refrigerant, a renowned refrigerant used in various industrial and commercial applications. The target market of R-124 Refrigerant includes industries such as HVAC, refrigeration, and automotive, with major factors driving revenue growth being its high efficiency, low toxicity, and ozone-friendly properties. Key players in the market include Daikin, Chemours, Arkema, Dongyue Group, Zhejiang Juhua, Mexichem, Meilan Chemical, Sanmei, Sinochem Group, and Linde . The report's main findings reveal a growing demand for R-124 Refrigerant and recommend companies to focus on product development and market expansion strategies to capitalize on this trend.
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The R-124 Refrigerant market is experiencing growth due to the increasing demand for efficient cooling solutions in various industries. The market is segmented based on type into OEM and Aftermarket, and based on application into Household air conditioning, Automobile air conditioning, Refrigeration Equipment, and others.
In terms of regulatory and legal factors, the market is subject to strict guidelines to ensure the safety and environmental sustainability of using R-124 refrigerant. Regulations such as the Montreal Protocol and the European F-Gas Regulation play a significant role in shaping the market conditions. These regulations aim to phase out harmful substances and promote the use of eco-friendly alternatives.
Overall, the R-124 Refrigerant market is poised for continuous growth, driven by the increasing demand for cooling solutions across various industries. With stringent regulatory and legal factors in place, companies operating in this market need to ensure compliance with environmental standards while meeting the growing consumer demand for efficient and sustainable cooling solutions.
Top Featured Companies Dominating the Global R-124 Refrigerant Market
The R-124 refrigerant market is highly competitive with key players such as Daikin, Chemours, Arkema, Dongyue Group, Zhejiang Juhua, Mexichem, Meilan Chemical, Sanmei, Sinochem Group, and Linde . These companies play a significant role in the growth and development of the R-124 refrigerant market by offering innovative products, investing in research and development, and expanding their global presence.
Daikin is a leading player in the R-124 refrigerant market, offering a wide range of refrigerants for various applications. Chemours, a global leader in refrigerants, offers R-124 refrigerant under the brand name Freon™, focusing on sustainability and environmental performance. Arkema is another prominent player known for its high-quality refrigerants and commitment to sustainability.
Dongyue Group, Zhejiang Juhua, Mexichem, Meilan Chemical, Sanmei, Sinochem Group, and Linde A.G. also contribute significantly to the R-124 refrigerant market through their diverse product portfolios and strong market presence.
These companies help to grow the R-124 refrigerant market by meeting the increasing demand for refrigerants in various industries such as automotive, commercial refrigeration, and air conditioning. Through strategic partnerships, acquisitions, and product differentiation, these companies drive innovation, enhance product quality, and improve customer satisfaction.
In terms of sales revenue, Chemours reported a revenue of $5.5 billion in 2020, while Daikin reported a revenue of $26.35 billion in the same year. Mexichem reported a revenue of $5.1 billion, and Arkema reported a revenue of €8.8 billion in 2020. Overall, these companies play a vital role in shaping the R-124 refrigerant market and driving its continued growth and development.
- Daikin
- Chemours
- Arkema
- DongyueGroup
- ZhejiangJuhua
- Mexichem
- MeilanChemical
- Sanmei
- SinochemGroup
- LindeA.G.
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R-124 Refrigerant Market Analysis, by Type:
- OEM
- Aftermarket
OEM R-124 refrigerant refers to the original equipment manufacturer-grade refrigerant produced by the authorized manufacturer of the equipment. Aftermarket R-124 refrigerant, on the other hand, is produced by third-party manufacturers and is not authorized by the original equipment manufacturer. Both types play a crucial role in meeting the increasing demand for R-124 refrigerant in the market. OEM refrigerant is known for its quality and compatibility with specific equipment, while aftermarket refrigerant offers a more cost-effective alternative for those looking to save money. The availability of both types helps cater to a wider range of customers, leading to an increase in the overall demand for R-124 refrigerant.
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R-124 Refrigerant Market Analysis, by Application:
- Householdairconditioner
- Automobileair-conditioning
- RefrigerationEquipment
- Other
R-124 refrigerant is commonly used in household air conditioners, automobile air conditioning systems, refrigeration equipment, and other cooling systems. In household air conditioners and automobile air conditioning, R-124 is used as a refrigerant to absorb heat from the indoor air and release it outside. In refrigeration equipment, it is used to keep food and other perishable items cold. The fastest growing application segment in terms of revenue is automobile air conditioning, as more vehicles are being equipped with advanced cooling systems to meet consumer demand for comfort and convenience.
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R-124 Refrigerant Industry Growth Analysis, by Geography:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The R-124 refrigerant market is expected to witness significant growth across various regions. North America, particularly the United States and Canada, is projected to dominate the market due to the presence of key market players and strict regulations promoting the use of eco-friendly refrigerants. Europe, including Germany, France, the ., Italy, and Russia, is also expected to hold a significant market share. In Asia-Pacific, countries like China, Japan, South Korea, India, Australia, Indonesia, Thailand, and Malaysia are anticipated to witness rapid growth. Latin America, Middle East & Africa regions, including Mexico, Brazil, Argentina, Colombia, Turkey, Saudi Arabia, UAE, and Korea, are also expected to contribute to the market growth. The market share percentage valuation is estimated to be highest in North America and Europe, followed by Asia-Pacific, Latin America, and Middle East & Africa.
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