The automotive refrigerant market is witnessing significant growth in recent years, thanks to the increasing demand for air conditioning systems in automobiles. Refrigerants are used in automotive air conditioning systems to absorb and release heat, providing a comfortable environment for passengers in the vehicle. The global automotive refrigerant market is expected to grow at a CAGR of 7% during the forecast period 2021-2021, according to a report by Straits Research.
The growth of the market can be attributed to various factors, including the increasing demand for eco-friendly refrigerants, the growing trend of electric vehicles, and the rise in the number of vehicle production and sales worldwide.
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One of the major factors driving the growth of the automotive refrigerant market is the increasing demand for eco-friendly refrigerants. The automotive industry is moving towards more sustainable and environment-friendly solutions, and refrigerants are no exception. The use of eco-friendly refrigerants not only reduces the harmful impact on the environment but also enhances the energy efficiency of the air conditioning system.
Another significant trend in the automotive industry is the growing trend of electric vehicles. The use of refrigerants in electric vehicles is essential to maintain the battery temperature, as high temperatures can degrade the performance and life of the battery. As the demand for electric vehicles is expected to increase in the coming years, the demand for automotive refrigerants is also expected to grow.
Furthermore, the increasing vehicle production and sales worldwide is also driving the growth of the automotive refrigerant market. The Asia-Pacific region is witnessing significant growth in vehicle production and sales, primarily due to the increasing population, rising disposable income, and the growing demand for automobiles. This region is expected to witness the highest growth in the automotive refrigerant market during the forecast period.
In conclusion, the global automotive refrigerant market is witnessing significant growth and is expected to continue this trend in the coming years. The increasing demand for eco-friendly refrigerants, the growing trend of electric vehicles, and the rise in vehicle production and sales worldwide are the major factors driving the growth of the market. Manufacturers in the market are focusing on developing new and innovative refrigerants that are more energy-efficient and eco-friendly, which is likely to create lucrative opportunities for the market players in the future.