The global R-125 refrigerant market is anticipated to grow at a substantial CAGR of 1.8% during the forecast period.R-125 refrigerant is one of the most prominent refrigerants used across various industries. R-125 refrigerant is not only used in industries but, is also used as a key ingredient in a large number of refrigerant blends. In fact, R-125 refrigerant is used in as many as 20 different types of blended refrigerant. R-125 is not flammable at ambient temperatures and atmospheric pressure, thus used in the fire extinguisher. Synthetic refrigerants such as R-125 refrigerants play an important role in the refrigeration and air conditioning technology industry. 

R-125 refrigerant is in demand for ventilation, air conditioners, and refrigeration technologies sector. They are also used for other industrial processes such as those carried out for aerosols, foams, and insulation. With the increasing use of R-125 refrigerants across various industries, the market is expected to register noticeable growth over the forecast period. On the other hand, there has been an increased focus on greenhouse gases and the overall global warming potential of those gases released by refrigerants such as R-125 refrigerants. R-125 refrigerant has a relatively higher global warming potential than any modern refrigerant. This facet of R-125 refrigerant could very well obstruct market growth.

Impact of COVID-19 Pandemic on Global R-125 Refrigerant Market

In the surge of COVID-19 pandemic, most of the markets struggle at the beginning of 2020. R-125 refrigerant also faced a decline as the lockdown was implemented across the globe. However, market players made a lot of changes to their business with innovative ideas, which constrained their anticipated loss. As per the annual report of Honeywell International, Inc. 2020, the company’s sales dropped by 11%.However, as the market got normalized, the market showed growth in sales. The company showed 5% of its sales as the situation got normal. 

Segmental Outlook 

The global R-125 refrigerant market is segmented based on the type and applications. Based on type, the market is classified into HCFC-123 and HCFC-124. Based on applications, the market is segmented into extinguishant, air conditioner, and industrial refrigeration. The above-mentioned segments can be customized as per the requirements. Based on type, HCFC-124 is projected to hold a larger share in the market during the forecast period. Based on application, the air conditioner is anticipated to grow significantly in the upcoming years. 

Global R-125 Refrigerant Market Share by Type, 2021 (%)

The HCFC-124 Segment is Projected to Dominate the Global R-125 Refrigerant Market

By the R-125 refrigerants type, the HCFC-124 refrigerants are expected to dominate the market share in terms of value during the forecast period. The HCFC-124 refrigerants are low in toxicity, nonflammable, noncorrosive, and compatible with other materials. In addition, they offer the thermodynamic and physical properties that make them ideal for a variety of uses. Their ozone depletion potential is quite low, which is the primary factor for its growth.

Regional Outlooks

The global R-125 Refrigerant market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).  The market can be analyzed for a particular region or country level as per the requirement. Asia Pacific is projected to dominate the market while Europe is expected to register a low CAGR during the forecast period.

Global R-125 Refrigerant  MarketGrowth, by Region 2022-2028

The Asia-Pacific RegionAnticipating to Hold the Prominent Share in the Global R-125 Refrigerant Market

Asia-Pacific is expected to be at the forefront of the market owing to its growing economy and increasing population. Inthe presence of emerging countries such as China, India, Korea, Japan, and others, the region is the most populous, and growing across the globe which projected a good future potential forextinguishant, air conditioners, and industrial refrigeration which uses R-125 refrigerant. This has increased the demand for refrigerants in the market in the past few years in the region and is anticipated for future growth. Moreover, with increasing industrialization and employment, disposable income will increase, and multiple companies are investing heavily in R&D to develop environment-friendly R-125 refrigerants for utilization in air conditioners and refrigeration. 

Market Players Outlook

The major companies serving the global R-125 Refrigerant market include Daikin Industries, Ltd., Honeywell International, Inc., Linde GmbH, Mexichem S.A.B. de C.V. (Orbia), The Chemours Company LLC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2020, Honeywell launched an innovative platform of liquid heat-transfer agents that can cool high-performance electronics more effectively and efficiently than traditional methods that use water and air. These new heat transfer agents lowered operational costs for applications such as data centers that use high-performance servers. Solstice E-Cooling, the newest accumulation to Honeywell's line of next-generation small-global-warming potential refrigerant technologies, uses a 2-phase liquid cooling process for removing heat from electronic applications while tumbling environmental impact. The new technology is available and being previewed at the Air Conditioning, Heating, and Refrigeration Expo (AHR) in Orlando, Fla.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global R-125 refrigerantmarket. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.