11th October 2021, United Arab Emirates—After increasing at a CAGR of 5.48 percent from 2020 to 2025, the R22 refrigerant gas market is expected to reach $4.87 billion by 2025. Refrigeration and air-conditioning applications across a wide temperature range drive the R22 refrigerant industry.
The R22 refrigerant market is a colorless gas known as Chlorodifluoromethane, which has been employed as a replacement for chlorofluorocarbon (CFC) after its phase-out, boosting demand for R22 refrigerant across multiple segments.
Due to strong air conditioner demand in UAE, MENA, and other countries, Central Asia dominates the R22 refrigerant market.
The refrigerant business is concentrating on finding a replacement for ozone-depleting refrigerants. As the industry prepares to phase out Ozone Depleting Substances.
Even if the phaseout is ten years away, the knowledge of an impending phaseout can cause a lot of unusual things to happen to a product's price. There wasn't much of an influence on the price in the first few years after the gradual phase-out began in 2010, but as the years passed, the price of R22 refrigerant gas rose. This was partly owing to the approaching phaseout, but mostly due to speculators.”
As per the managing director of Westron—a leading refrigerant manufacturer and supplier in the UAE, “Speculators or investors are people who work in the sector or come from outside of it. Whatever their experience, they saw the R-22 phaseout as an opportunity. R-22 was widely used in a number of applications during the early phases of the phaseout”.
He added, “They were found in workplaces, houses, factories, and even ice-skating rinks. It was formerly one of the most widely used refrigerants on the planet. So, since this ever-popular refrigerant is set to be phased out in a few years, why not try to get a piece of the pie while you can?”
After all, if you can get in while the price is still cheap and hold on to your inventory, you should be able to profit hands