| Study Period | 2019 - 2030 |
| Market Volume (2025) | 2.09 Million tons |
| Market Volume (2030) | 2.51 Million tons |
| CAGR | 3.72 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Refrigerants Market Analysis
The Refrigerants Market size is estimated at 2.09 Million tons in 2025, and is expected to reach 2.51 Million tons by 2030, at a CAGR of 3.72% during the forecast period (2025-2030).
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 high demand for air conditioners and the growth in the cold storage sector of Asia-Pacific.
- However, regulatory compliance and environmental concerns, and other restraints, such as technological transition challenges for the developing countries, are likely to restrain the market.
- The emergence of environmentally friendly refrigerants is likely to act as an opportunity for market growth in the future.
- Asia-Pacific dominates the market across the world, owing to the rapidly growing demand from countries like India, China, and ASEAN Countries.
Refrigerants Market Trends
Air-conditioning Segment to Dominate the Market
- Stationary air conditioning (SAC) systems include residential, commercial, and industrial cooling units that provide temperature control, humidity regulation, and air purification in enclosed spaces. These systems typically use vapor compression technology and require refrigerants that offer high cooling efficiency, safety, and compliance with environmental regulations.
- The shift toward inverter-based AC systems requires refrigerants that perform efficiently under variable-speed operations, leading to increased adoption of R-32 and HFO blends.
- Chillers are large-scale cooling systems used in commercial buildings, data centers, industrial plants, and district cooling networks. These systems rely on centrifugal, screw, or absorption cooling technologies and require refrigerants that ensure high efficiency, reliability, and long-term sustainability. The phase-down of high-GWP HFCs is accelerating the transition to HFO-based and natural refrigerants in commercial chillers.
- Data centers are driving demand for advanced chiller technologies that use low-GWP refrigerants while integrating free cooling and liquid immersion cooling systems.
- Mobile air conditioning encompasses passenger vehicles, trucks, buses, railways, and aviation systems. These applications require refrigerants that deliver rapid cooling and energy efficiency while maintaining environmental sustainability and resilience to vibration and varying external conditions.
- Government regulations are accelerating the transition to ultra-low GWP refrigerants in the automotive and public transport sectors.
- Electric and hybrid vehicle manufacturers are investing in advanced refrigerant-based thermal management systems, optimizing both cabin comfort and battery performance.
- Therefore, the aforementioned factors are expected to have a significant impact on refrigerants in the coming years.
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Asia-Pacific to Dominate the Market
- The Asia-Pacific region accounted for the highest market share and is likely to dominate the market during the forecast period.
- China is one of the fastest-growing economies worldwide, and almost all the end-user industries have been experiencing significant growth owing to the rising population, living standards, and per capita income.
- As urbanization surges and incomes rise, the demand for air conditioners, refrigerators, and cold storage solutions is on the upswing. This growing appetite is further amplified by the expansion of commercial and industrial sectors, including supermarkets, food processing, and logistics, all of which are driving up refrigerant consumption.
- In recent years, urbanization in China has surged, with the National Bureau of Statistics reporting an urbanization rate of 66.16 % in 2023. By 2023, urban residents numbered 922 million, marking a 0.94 % increase from the previous year. The rapid urbanization has led to massive infrastructure development, including residential complexes, commercial buildings, and industrial parks. The increasing need for modern air conditioning and HVAC systems in these urban centers is a significant driver for refrigerants, which are crucial for air conditioning systems.
- In July 2024, China unveiled a draft version of its National Plan (2024-2030) to implement the Montreal Protocol, which aims to combat substances depleting the ozone layer. This draft outlines China's strategy to phase out hydrochlorofluorocarbons (HCFCs) and reduce hydrofluorocarbons (HFCs), in line with its commitments under the Montreal Protocol and the Kigali Amendment.
- India also has been advancing in the refrigerants market in line with the increasing demand. In September 2024, coinciding with World Ozone Day, India unveiled its cooling action plan aimed at phasing out chlorofluorocarbons (CFCs). These refrigerants, prevalent in cooling devices such as air conditioners and refrigerators, are significant contributors to ozone layer depletion and climate warming.
- The increasing food processing, pharmaceutical, and medical sectors are heavily dependent on cold chain infrastructure, which requires reliable refrigeration systems powered by refrigerators. For instance, in August 2024, Dabur India announced its plans to establish a food processing facility, investing INR 400 crore (~USD 47.8 million) , at the SIPCOT food park located in Tindivanam, Villupuram district, Tamil Nadu.
- Therefore, the aforementioned factors are expected to boost the demand for refrigerants in the Asia-Pacific region in the coming years.
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Refrigerants Industry Overview
The refrigerants market is consolidated in nature, with the top five players accounting for a prominet share of the market. The major companies include (not in any particular order) Honeywell International Inc., The Chemours Company, DONGYUE GROUP, Orbia (Koura), and Arkema, among others.
Refrigerants Market Leaders
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Honeywell International Inc.
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Arkema Group
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The Chemours Company
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DONGYUE GROUP
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Orbia (Koura)
- *Disclaimer: Major Players sorted in no particular order
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Refrigerants Market News
- July 2024: Honeywell has announced that Actrol, a wholesaler of parts to the refrigeration, air conditioning and allied industries, will be using Honeywell’s Solstice L40X (R-455A) for its condensing units used in the supermarkets, convenience stores, restaurants, and standalone equipment.
- April 2024: Honeywell has announced that the company has collaborated with Bosch for low global warming heating and cooling solutions. As part of this agreement, Bosch will utilize Honeywell’s energy-efficient Solstice low-global warming potential (GWP) refrigerant in its newest line of heat pumps.
Refrigerants Industry Segmentation
Refrigerants are chemicals that absorb heat from their surroundings and are used in cooling products because of this characteristic. Refrigerant is a fundamental part of contemporary cooling systems, such as air conditioners, refrigerators, freezers, chillers, and other applications.
The refrigerant market is segmented by type, application, and geography. By type, the market is segmented into fluorocarbons (Hydrochlorofluorocarbons (HCFC), Hydrofluorocarbons (HFC)), inorganics (ammonia, carbon dioxide, other inorganics), hydrocarbons (isobutane, propane, other hydrocarbons), and other types (Hydrofluoroolefins (HFOs)). By application, the market is segmented into refrigeration (domestic, commercial, transportation, industrial), air-conditioning (stationary, chiller, mobile), and other applications (storing vaccines, blood plasma, pharmaceuticals, and biological samples). The report also covers the market size and forecasts for the refrigerant market in 15 countries across the 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) | |||
| Inorganics | Ammonia | ||
| Carbon Dioxide | |||
| Other Inorganics | |||
| Hydrocarbons | Isobutane | ||
| Propane | |||
| Other Hydrocarbons | |||
| Other Types | |||
| Application | Refrigeration | Domestic | |
| Commercial | |||
| Transportation | |||
| Industrial | |||
| Air-conditioning | Stationary | ||
| Chiller | |||
| Mobile | |||
| Other Applications | |||
| Geography | Asia-Pacific | China | |
| India | |||
| Japan | |||
| South Korea | |||
| ASEAN Countries | |||
| Rest of Asia-Pacific | |||
| North America | United States | ||
| Canada | |||
| Mexico | |||
| Europe | Germany | ||
| France | |||
| United Kingdom | |||
| Italy | |||
| Rest of the Europe | |||
| South America | Brazil | ||
| Argentina | |||
| Rest of South America | |||
| 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 2.09 million tons in 2025 and grow at a CAGR of 3.72% to reach 2.51 million tons by 2030.
What is the current Refrigerants Market size?
In 2025, the Refrigerants Market size is expected to reach 2.09 million tons.
Who are the key players in Refrigerants Market?
Honeywell International Inc., Arkema Group, The Chemours Company, DONGYUE GROUP and Orbia (Koura) 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 (2025-2030).
Which region has the biggest share in Refrigerants Market?
In 2025, 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 2024?
In 2024, the Refrigerants Market size was estimated at 2.01 million tons. The report covers the Refrigerants Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Refrigerants Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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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.
