According to the report titled ‘Middle East Refrigerants Market Size By Refrigerants (Ammonia, Carbon Dioxide, Hydro-Chlorofluorocarbons), By Application (Food & Beverages, Oil & Gas, Chemicals & Petrochemicals), Industry Analysis Report, Country Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021-2027,’ available with MarketStudyReport, Middle East refrigerants market is expected to show impressive growth during the period 2021-2027.
 

Rising demand for refrigerants with lower global warming potential (GWP), surging usage of product across various sectors like pharmaceuticals, oil & gas, and food & beverages among others, and concerns regarding climate change & temperature rise are determinants influencing the growth of Middle East refrigerants market. 

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For the unversed, refrigerants are coolant gases like ammonia, propane, etc. that are used to maintain the temperature in the process of refrigeration and air conditioning. They are often found in liquid or gaseous state. 

Moreover, the introduction of green refrigerants that are less likely to deplete the ozone layer or induce global warming, in consort with recycling of traditional refrigerants are creating lucrative prospects for enterprises in this domain.  

Despite the positive outlook, the illegal trade of refrigerants, coupled with strict regulations against fluorocarbon products are estimated to hamper the industry development in the forthcoming years. 

Based on refrigerant type, the others segment, including R134a, is anticipated to expand at 10.5% CAGR during the review period. This refrigerant possesses features like non-combustibility, non-corrosive nature, thermal stability, and minimal toxicity, hence is widely employed air-conditioned cars and commercial refrigeration systems.

In terms of application spectrum, the others segment of Middle East refrigerants industry is predicted to grow at 5.5% CAGR through 2027. Extensive usage of refrigerants in pharmaceutical vertical during drug development to maintain specific temperature is aiding the segmental growth.

From a regional standpoint, Bahrain market is poised to expand at a yearly rate of 7.5% during the assessment timeframe. Whereas, Turkey industry is predicted to avail a CAGR of 6.85% through 2027, owing to the improved standards of living and growth in population, resulting in a higher demand for (heating, ventilation, and air conditioning) HVAC solutions in the region. 

The competitive landscape of Middle East refrigerants market is defined by companies such as GASPECS Industrial Gas & LNG Trading LLC, Honeywell International Inc., Air Liquide S.A., Arkema S.A., Al Waleed Chemical Industry LLC, Harp Middle East LLC, Daikin Industries Ltd., Buzwair Industrial Gases Factories, Gulf Cryo, Linde Group, Abdullah Hashim Industrial Gases & Equipment Co. Ltd., and Brothers Gas Bottling & Distribution Co. LLC among others.