Refrigerants Market Size (2024 - 2029)

The refrigerant market is projected to experience growth over the forecast period, driven by the expansion of the global cold chain market and increasing demand for HVAC applications. Despite challenges posed by stringent environmental regulations and amendments to the Montreal Protocol, the market is expected to maintain its growth trajectory, particularly with opportunities arising from the development of green and low GWP refrigerants. The Asia-Pacific region leads in market share due to rising demand in countries such as India, China, and ASEAN nations.

Market Size of Refrigerants Industry

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
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

Major Players

Refrigerants Market Major Players

*Disclaimer: Major Players sorted in no particular order

setting-icon

Need a report that reflects how COVID-19 has impacted this market and its growth?

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:

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)
Need A Different Region Or Segment?
Customize Now

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.

Explore More

Refrigerants Market Size - Table of Contents

  1. 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. 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)

Refrigerants Market Size FAQs

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.

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

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