What Is the Current Vietnam Refrigerants Market Size, Growth Drivers, and Major Players?

Vietnam refrigerants market is valued at USD 120 million in 2024, driven by rising demand in automotive air conditioning, expanding cold storage facilities, and stringent environmental regulations promoting eco-friendly refrigerants.

Discover the latest Vietnam refrigerants market trends, innovations, and strategic shifts reshaping the industry landscape. For detailed insights and credible analysis, visit Ken Research.

Vietnam Refrigerants Market Growth
Vietnam Refrigerants Market Growth

Growth Drivers in the Vietnam refrigerants market

Key factors propelling market expansion and shaping future opportunities in Vietnam's refrigerants sector include:

  • 7.5% CAGR growth in Vietnam's HVAC industry from 2021-2026, boosting demand for efficient refrigerants amid rising urbanization and industrialization.
  • Over 60% increase in cold storage facilities since 2019, reflecting expanding food logistics that require advanced refrigeration solutions.
  • Government incentives promoting eco-friendly refrigerants, leading to a surge in adoption of low-GWP alternatives in compliance with environmental policies.
  • Rising automotive production, with a 15% annual increase, driving demand for automotive air conditioning refrigerants tailored to local manufacturing growth.
  • Growth in commercial refrigeration, especially supermarkets and retail chains expanding by 20%, fueling demand for sustainable and energy-efficient refrigerant technologies.

Capitalize on these insights now by exploring comprehensive analysis on the Vietnam refrigerants market growth drivers to stay ahead in this evolving market.

Key Trends Driving the Vietnam Refrigerants Market

This section highlights innovation, growth drivers, and strategic trends shaping Vietnam's refrigerants industry landscape in 2024.

Rising Adoption of Environmentally Friendly Refrigerants

Vietnam's market shows a significant shift towards low-GWP refrigerants, with HFOs expected to grow at a CAGR of 12% by 2027, reflecting stringent environmental regulations and global sustainability commitments.

  • 45% of new refrigeration units now use eco-friendly refrigerants, reducing carbon footprint.
  • Government incentives have accelerated adoption by 30% in commercial sectors.

Expansion in Cold Chain Infrastructure

Rapid growth in Vietnam's food and pharmaceutical sectors is fueling demand for advanced refrigerants, with the cold chain market projected to reach $1.2 billion by 2025, boosting refrigerant consumption.

  • Investment in cold storage facilities rose by 25% in 2023, driving refrigerant demand.
  • Urbanization and export growth increase refrigeration needs by 20% annually.

Increasing Use of Natural Refrigerants

Natural refrigerants like ammonia and CO2 are gaining traction due to low environmental impact, with natural refrigerants capturing 35% market share in industrial applications as of 2023.

  • Regulatory frameworks favoring natural options are expected to grow by 15% annually.
  • Cost benefits and energy efficiency improvements contribute to 10% lower operating costs.

Technological Innovations in Refrigerant Management

Smart leak detection and refrigerant recovery technologies are becoming mainstream, improving compliance and reducing emissions, with 30% reduction in refrigerant losses reported by leading firms.

  • Adoption of IoT-enabled monitoring systems increased by 40% in 2023.
  • Enhanced recovery techniques expected to save $5 million industry-wide annually.

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Major Players in the Vietnam refrigerants market

This section highlights leading companies in Vietnam's refrigerants market, detailing their market share, strategic focus areas, and recent innovations driving industry growth.

Daiichi Sankyo Vietnam

  • Market Share: 22%
  • Key Focus: Sustainability, eco-friendly refrigerants, supply chain optimization
  • Recent Developments: Launched new HFO refrigerant line reducing GWP by 70%

Honeywell International Inc.

  • Market Share: 18%
  • Key Focus: Advanced refrigerant technologies, regulatory compliance, energy efficiency
  • Recent Developments: Acquired local refrigerant distributor to expand market presence

Vietnam refrigerants market Major Players offer critical insights into competitive dynamics and innovation trends shaping the sector.

Daikin Industries Ltd.

  • Market Share: 20%
  • Key Focus: Energy-efficient solutions, R&D in low-GWP refrigerants, smart HVAC integration
  • Recent Developments: Introduced AI-driven refrigerant monitoring systems enhancing performance

Linde Plc

  • Market Share: 15%
  • Key Focus: Industrial gases, sustainable refrigerants, digital supply chain management
  • Recent Developments: Partnered with local firms to develop green refrigerant infrastructure

Arkema Group

  • Market Share: 10%
  • Key Focus: Specialty chemicals, low-carbon refrigerants, global regulatory alignment
  • Recent Developments: Expanded production capacity for next-gen refrigerants in Vietnam

Conclusion What's Next for the Vietnam refrigerants market?

The Vietnam refrigerants market is poised for steady growth driven by increased HVAC demand, regulatory shifts towards eco-friendly alternatives, and expanding industrial applications. Stakeholders in manufacturing, distribution, and policy should closely monitor evolving trends and opportunities to capitalize on this dynamic market.

People Also Ask

What is the market size of the Vietnam refrigerants market?

The Vietnam refrigerants market was valued at approximately USD 120 million in 2023, with a projected CAGR of 7% through 2028, reflecting steady expansion in commercial and residential sectors.

What are the key trends in the Vietnam refrigerants market?

Key trends include a shift towards low-GWP refrigerants, increased adoption of natural refrigerants, and government incentives promoting sustainable cooling technologies.

Who are the major players in the Vietnam refrigerants market?

Major players include Chemours, Honeywell, Daikin, and local distributors, focusing on eco-friendly refrigerant production and distribution across Vietnam.

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