Middle East Refrigerants Market Size & Share 2021 to 2027
Market Size by Refrigerants (Ammonia, Carbon Dioxide, Hydro-Chlorofluorocarbons), by Application (Food & Beverages, Oil & Gas, Chemicals & Petrochemicals) & Forecast.
Report ID: GMI5054
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Published Date: May 2021
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Report Format: PDF
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Authors:
Kiran Pulidindi, Kunal Ahuja
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.
Middle East Refrigerants Market Analysis
Ammonia refrigerant surpassed USD 10,670 thousand in 2020 and is anticipated to witness significant gains in the predicted period. Ammonia is used as main refrigerant in industrial refrigeration systems owing to its superior thermodynamic properties and low operating cost. Regulatory oversight on refrigerants has led to increased use of ammonia as a refrigerant as it does not contribute to global warming and ozone depletion. Industrial and commercial applications of ammonia include thermal storage systems,
HVAC chillers, process cooling and air conditioning. Increasing use of ammonia as a refrigerant for food preservation in food and beverage facilities will strengthen the Middle East refrigerants market growth.
Ammonia offers a characteristic odour owing to its use in detection of ammonia leakage in various industrial and commercial refrigeration systems which enhances safety and is likely to boost the Middle East refrigerants market growth. This property of ammonia enhances its application in oil & gas industry as it is detectable which can avoid workplace injury and accidents associated with gas leakage.
Massive industries including chemical and petrochemical industry highly rely on large scale eco-friendly refrigeration systems owing to high amount of heat removal during day to day operations which is anticipated to boost demand for ammonia refrigerants. Furthermore, ammonia offers better heat transfer properties as compared to other chemical refrigerants and benefits the thermodynamic efficiency and low electricity consumption.
Food & beverage application should surpass USD 116,215 thousand by 2027. Refrigeration demand for cold storage, distribution of food, and from food processing industry such as soft drink & brewing and dairy is expected to boost refrigerant consumption in turn stimulating market growth. Refrigeration systems extend shelf life of products and are used for transportation of food products including frozen foods and ice-creams. Rising consumer inclination towards frozen and processed fruits is anticipated to boost the middle east refrigerants market growth.
Importance of cold chain has increased owing to its use in food processing for air temperature control to ensure food product life. Products such as fish, dairy, meat, poultry require refrigeration systems for storing products at low temperatures and extended consumption periods. Furthermore, fruits and vegetable require refrigeration for shelf life and to reduce the rate of premature ripening which should boost the Middle East refrigerants market demand for refrigeration systems from food and beverage industry.
Saudi Arabia refrigerants market should register over USD 72,550 thousand by the end of 2027. Growing application of refrigerants in the food & beverage industry will boost the market growth during the projected timespan. Refrigerants are used in cooling systems, cold storage and pumping systems for food preservation and safety. Furthermore, the region is involved in natural gas production, consumption and export which is anticipated to boost product demand from regional oil & gas industry. Refrigerants have wide application in oil and gas industry during production process for cooling purposes. The region focuses on safety and environmental issues, which will boost the demand for environmental-friendly refrigerants.
Middle East Refrigerants Market Share
Middle East refrigerants industry is competitive and includes various market players including
Companies are primarily engaged in strategic acquisitions to expand distribution networks and production capacity.
In April 2021, whole foods Market, a global natural & organic foods retailer, adopted Honeywell’s lower Global Warming Potential (GWP) refrigerant Solstice N40 (R-448A) in its stores across the U.S. This is expected to enhance the company’s customer base and brand value.
In April 2021, Lotte Mart adopted Honeywell’s Solstice N40 (R-448A) in its stores all across Vietnam. This is expected to enhance the company’s customer base and brand value.
Middle East Refrigerants market report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Tons) and revenue in USD (Thousand) from 2016 to 2027 for the following segments:
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By Refrigerant
By Application
The above information has been provided for the following regions:
By Country
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
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3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Verified data sources
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GMI archive
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Trade data
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