Refrigerant Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Refrigerants Market is Segmented by Type (Fluorocarbons, Inorganics, Hydrocarbons, and Other Types), by Application (Refrigeration, Air Conditioning, and Other Applications), and by Geography (Asia-Pacific, North America, Europe, South America, and the Middle East & Africa). The Report Offers Market Size Forecasts for Refrigerants in Terms of Volume (Tons) for all the Above Segments.

Refrigerant Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Refrigerants Market Size

Refrigerants Market Summary
Study Period 2019 - 2029
Market Volume (2024) 2.02 Million tons
Market Volume (2029) 2.29 Million tons
CAGR (2024 - 2029) 2.50 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Refrigerants Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Refrigerants Market with other markets in Chemicals & Materials Industry

Plastics, Polymers, and Elastomers

Adhesives and Sealants

Commodity Chemicals

Water and Wastewater Treatment

Advanced Materials

Construction Chemicals and Materials

Refrigerants Market Analysis

The Refrigerants Market size is estimated at 2.02 Million tons in 2024, and is expected to reach 2.29 Million tons by 2029, growing at a CAGR of 2.5% during the forecast period (2024-2029).

COVID-19 had a detrimental effect on the market. All the major manufacturing activities were on a temporary halt owing to the pandemic scenario, which minimized the demand for refrigerants used for refrigeration, air conditioners, and other applications. However, the market retained its growth trajectory in 2022 due to the resumed production processes in all industries.

  • The major factors driving the market are the expansion of the global cold chain market and increasing demand for HVAC applications.
  • However, stringent environmental regulations against fluorocarbon refrigerants and the continuous amendments in the Montreal Protocol are likely to restrain the market.
  • The awareness and development of green and low GWP refrigerants are likely to act as an opportunity for market growth in the future.
  • Asia-Pacific dominated the market across the world, owing to the rapidly growing demand from the countries like India, China and ASEAN Countries.

Refrigerants Industry Overview

The refrigerants market is partially consolidated, with the top five players accounting for a decent share of the market. The major companies include (not in any particular order) Honeywell International Inc., The Chemours Company, Mexichem SAB de CV, Arkema Group, and Linde PLC, among others.

Refrigerants Market Leaders

  1. Honeywell International Inc.

  2. Arkema Group

  3. Mexichem

  4. The Chemours Company

  5. Linde plc

  6. *Disclaimer: Major Players sorted in no particular order
Refrigerants Market Concentration
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Refrigerants Market News

  • January 2023: The Chemours Company began selling its Opteon XL41 (R-454B) hydrofluoroolefin (HFO) refrigerant in the North American market. The product offers replacement in new air conditioning and heat pump applications, offering zero ozone depletion potential (ODP) and an approximate 78% reduction in global warming potential (GWP)
  • May 2022: Honeywell International Inc. launched Solstice 456A, a new hydrofluoroolefin (HFO)-based refrigerant for the European automotive aftermarket that has the potential to reduce the greenhouse gas (GHG) emissions footprint of air conditioning systems in existing vehicles by more than 50%.

Refrigerants Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Drivers
    • 4.1.1 Expansion of the Global Cold Chain Market
    • 4.1.2 Increasing Demand from Construction Sector for HVAC Systems
  • 4.2 Restraints
    • 4.2.1 Stringent Environmental Regulations against Fluorocarbon Refrigerants
    • 4.2.2 Continuous Amendments in the Montreal Protocol
  • 4.3 Industry Value-Chain Analysis
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Consumers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products and Services
    • 4.4.5 Degree of Competition

5. MARKET SEGMENTATION (Market Size in Volume)

  • 5.1 Type
    • 5.1.1 Fluorocarbons
    • 5.1.1.1 Hydrochlorofluorocarbons (HCFC)
    • 5.1.1.2 Hydrofluorocarbons (HFC)
    • 5.1.2 Inorganics
    • 5.1.2.1 Ammonia
    • 5.1.2.2 Carbon Dioxide
    • 5.1.2.3 Other Inorganics
    • 5.1.3 Hydrocarbons
    • 5.1.3.1 Isobutane
    • 5.1.3.2 Propane
    • 5.1.3.3 Other Hydrocarbons
    • 5.1.4 Other Types
  • 5.2 Application
    • 5.2.1 Refrigeration
    • 5.2.1.1 Domestic
    • 5.2.1.2 Commercial
    • 5.2.1.3 Transportation
    • 5.2.1.4 Industrial
    • 5.2.2 Air-conditioning
    • 5.2.2.1 Stationary
    • 5.2.2.2 Chiller
    • 5.2.2.3 Mobile
    • 5.2.3 Other Applications
  • 5.3 Geography
    • 5.3.1 Asia-Pacific
    • 5.3.1.1 India
    • 5.3.1.2 Japan
    • 5.3.1.3 South Korea
    • 5.3.1.4 ASEAN Countries
    • 5.3.1.5 Rest of Asia-Pacific
    • 5.3.2 North America
    • 5.3.2.1 United States
    • 5.3.2.2 Canada
    • 5.3.2.3 Mexico
    • 5.3.3 Europe
    • 5.3.3.1 Germany
    • 5.3.3.2 France
    • 5.3.3.3 United Kingdom
    • 5.3.3.4 Italy
    • 5.3.3.5 Rest of the Europe
    • 5.3.4 South America
    • 5.3.4.1 Brazil
    • 5.3.4.2 Argentina
    • 5.3.4.3 Rest of South America
    • 5.3.5 Middle East & Africa
    • 5.3.5.1 Saudi Arabia
    • 5.3.5.2 South Africa
    • 5.3.5.3 Rest of Middle East & Africa (MEA)

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Market Share (%)**/Ranking Analysis
  • 6.3 Strategies Adopted by Leading Players
  • 6.4 Company Profiles
    • 6.4.1 A-Gas
    • 6.4.2 Arkema Group (Bostik SA)
    • 6.4.3 DAIKIN INDUSTRIES Ltd
    • 6.4.4 Dongyue Group
    • 6.4.5 Harp International Ltd
    • 6.4.6 Honeywell International Inc.
    • 6.4.7 Hudson Technologies
    • 6.4.8 Mexichem SAB de CV
    • 6.4.9 Navin Fluorine International Limited
    • 6.4.10 Sinochem Group
    • 6.4.11 SRF Limited
    • 6.4.12 The Chemours Company
    • 6.4.13 LINDE PLC
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Awareness and Development of Green and Low GWP Refrigerants
  • 7.2 Other Opportunities
**Subject to Availability
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Refrigerants Industry Segmentation

A refrigerant is a working fluid used in the refrigeration cycle of air conditioning systems and heat pumps where, in most cases, they undergo a repeated phase transition from a liquid to a gas and back again. The refrigerant market is segmented by type, application, and geography. By type, the market is segmented into fluorocarbons, inorganics, hydrocarbons, and other types. By application, the market is segmented into refrigeration, air-conditioning, and other applications. The report also covers the market size and forecasts for the refrigerant market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (tons).

Type Fluorocarbons Hydrochlorofluorocarbons (HCFC)
Hydrofluorocarbons (HFC)
Type Inorganics Ammonia
Carbon Dioxide
Other Inorganics
Type Hydrocarbons Isobutane
Propane
Other Hydrocarbons
Type Other Types
Application Refrigeration Domestic
Commercial
Transportation
Industrial
Application Air-conditioning Stationary
Chiller
Mobile
Application Other Applications
Geography Asia-Pacific India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
Geography North America United States
Canada
Mexico
Geography Europe Germany
France
United Kingdom
Italy
Rest of the Europe
Geography South America Brazil
Argentina
Rest of South America
Geography Middle East & Africa Saudi Arabia
South Africa
Rest of Middle East & Africa (MEA)
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Refrigerants Market Research Faqs

How big is the Refrigerants Market?

The Refrigerants Market size is expected to reach 2.02 million tons in 2024 and grow at a CAGR of 2.5% to reach 2.29 million tons by 2029.

What is the current Refrigerants Market size?

In 2024, the Refrigerants Market size is expected to reach 2.02 million tons.

Who are the key players in Refrigerants Market?

Honeywell International Inc., Arkema Group, Mexichem, The Chemours Company and Linde plc are the major companies operating in the Refrigerants Market.

Which is the fastest growing region in Refrigerants Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

Which region has the biggest share in Refrigerants Market?

In 2024, the Asia Pacific accounts for the largest market share in Refrigerants Market.

What years does this Refrigerants Market cover, and what was the market size in 2023?

In 2023, the Refrigerants Market size was estimated at 1.97 million tons. The report covers the Refrigerants Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Refrigerants Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Refrigerants Industry Report

The refrigerants market is experiencing significant growth, driven by various factors and segmented by type, application, and geography. The market share and market size for refrigerants are critical metrics that highlight the industry's expansion. The market trends indicate a shift towards sustainable and environmentally friendly refrigerants, which is a key focus in the industry analysis. The global market for refrigerants is diverse, with significant contributions from regions such as Asia-Pacific, North America, Europe, South America, and the Middle East & Africa.

The market report provides a comprehensive market forecast, offering insights into future market growth. The market report is available as a report PDF, which includes detailed market data and market analysis. The industry reports cover various aspects of the market, including industry information, industry outlook, and industry research.

The market segmentation by type includes fluorocarbons, inorganics, hydrocarbons, and other types, while the application segmentation includes refrigeration, air conditioning, and other applications. The market review and market overview sections of the report provide a detailed analysis of the current market scenario and future market predictions. The industry statistics and industry trends are crucial for understanding the market dynamics and growth rate.

The report also highlights the market leaders and their contributions to the industry. The market outlook and market value sections provide valuable insights into the future prospects of the refrigerants market. The report example and research companies sections offer additional resources for further industry research. The market predictions and market forecast sections are essential for strategic planning and decision-making.

Overall, the refrigerants market is poised for substantial growth, with increasing demand for efficient and eco-friendly refrigerants. The industry sales and industry size are expected to rise, driven by technological advancements and regulatory support. The comprehensive industry analysis and market data provided in the report are invaluable for stakeholders looking to navigate the evolving refrigerants market.