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. Read More

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). Read More

Which region has the biggest share in Refrigerants Market?

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

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. Read More

Refrigerants Market Size

Market Size of Refrigerants Industry

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 *Disclaimer: Major Players sorted in no particular order

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 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)

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
	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 Size Summary

The refrigerants market is poised for steady growth over the forecast period, driven by the expansion of the global cold chain market and increasing demand for HVAC applications. Despite the initial setbacks caused by the COVID-19 pandemic, which temporarily halted manufacturing activities and reduced demand, the market has rebounded as production processes resumed. The market's growth is further supported by the burgeoning construction industry, which propels the commercial air conditioning market, thereby increasing the demand for refrigerants. However, the market faces challenges from stringent environmental regulations targeting fluorocarbon refrigerants and ongoing amendments to the Montreal Protocol. Nevertheless, the development and awareness of green and low global warming potential refrigerants present significant opportunities for future market expansion.

The Asia-Pacific region dominates the refrigerants market, with countries like China and India experiencing rapid economic growth and rising living standards, which boost the demand for refrigeration appliances and HVAC systems. The increasing consumption of frozen and processed foods, coupled with the expansion of data centers requiring efficient cooling solutions, further drives market growth. In China, the cold chain industry is expected to see substantial growth, while in India, rising construction activities and a surge in air conditioner sales contribute to the market's expansion. The market is partially consolidated, with major players like Honeywell International Inc., The Chemours Company, and Linde PLC leading the way in innovation and sustainability efforts, such as the development of refrigerants with reduced environmental impact.

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Refrigerants Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Drivers
  1. 1.1.1 Expansion of the Global Cold Chain Market
  2. 1.1.2 Increasing Demand from Construction Sector for HVAC Systems
2. 1.2 Restraints
  1. 1.2.1 Stringent Environmental Regulations against Fluorocarbon Refrigerants
  2. 1.2.2 Continuous Amendments in the Montreal Protocol
3. 1.3 Industry Value-Chain Analysis
4. 1.4 Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Consumers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat of Substitute Products and Services
  5. 1.4.5 Degree of Competition
2. MARKET SEGMENTATION (Market Size in Volume)
1. 2.1 Type
  1. 2.1.1 Fluorocarbons
    1. 2.1.1.1 Hydrochlorofluorocarbons (HCFC)
    2. 2.1.1.2 Hydrofluorocarbons (HFC)
  2. 2.1.2 Inorganics
    1. 2.1.2.1 Ammonia
    2. 2.1.2.2 Carbon Dioxide
    3. 2.1.2.3 Other Inorganics
  3. 2.1.3 Hydrocarbons
    1. 2.1.3.1 Isobutane
    2. 2.1.3.2 Propane
    3. 2.1.3.3 Other Hydrocarbons
  4. 2.1.4 Other Types
2. 2.2 Application
  1. 2.2.1 Refrigeration
    1. 2.2.1.1 Domestic
    2. 2.2.1.2 Commercial
    3. 2.2.1.3 Transportation
    4. 2.2.1.4 Industrial
  2. 2.2.2 Air-conditioning
    1. 2.2.2.1 Stationary
    2. 2.2.2.2 Chiller
    3. 2.2.2.3 Mobile
  3. 2.2.3 Other Applications
3. 2.3 Geography
  1. 2.3.1 Asia-Pacific
    1. 2.3.1.1 India
    2. 2.3.1.2 Japan
    3. 2.3.1.3 South Korea
    4. 2.3.1.4 ASEAN Countries
    5. 2.3.1.5 Rest of Asia-Pacific
  2. 2.3.2 North America
    1. 2.3.2.1 United States
    2. 2.3.2.2 Canada
    3. 2.3.2.3 Mexico
  3. 2.3.3 Europe
    1. 2.3.3.1 Germany
    2. 2.3.3.2 France
    3. 2.3.3.3 United Kingdom
    4. 2.3.3.4 Italy
    5. 2.3.3.5 Rest of the Europe
  4. 2.3.4 South America
    1. 2.3.4.1 Brazil
    2. 2.3.4.2 Argentina
    3. 2.3.4.3 Rest of South America
  5. 2.3.5 Middle East & Africa
    1. 2.3.5.1 Saudi Arabia
    2. 2.3.5.2 South Africa
    3. 2.3.5.3 Rest of Middle East & Africa (MEA)