The Refrigerants Market size was USD 6.99 billion in 2024 and is projected to reach USD 9.56 billion by 2029, at a CAGR of 6.5%, between 2024 and 2029. The market research report explores refrigerants market size, revenue, production, consumption, and CAGR, using reliable research methods for accuracy. The report also covers technological advancements, pricing trends, consumer behavior, and investment opportunities, helping businesses make smart decisions and stay competitive.
Refrigerants are used to generate a cooling effect in the air conditioning and refrigeration systems industry. They are used in equipment such as freezers, refrigerators, air conditioners, and heating units. Based on their chemical composition, the commonly used refrigerants are HCFCs, HFCs, HFOs, HCs, ammonia, carbon dioxide, and water. In general, refrigerants find application in domestic, commercial, and industrial refrigeration; chillers; window, split, variable refrigerant flow, and other types of air conditioning systems; and mobile air conditioning.
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HFC & Blends segment to account for fastest growing segment, in terms of value, of the global refrigerants market during the forecast period.
The rising demand from the increasing population, accompanied by the development of new technologies and products, is projected to make this region an ideal destination for the HFC & blends segment. Improved lifestyles, increasing cost of living, and the multiplying population will help industries such as refrigeration and air conditioning flourish in developing regions, thereby supporting the demand for HFC & blends. The growing HVAC and automotive sectors, particularly in emerging economies like India and China, are driving the demand for air conditioning and refrigeration, where HFCs remain widely used. Despite ongoing global efforts to phase out high-GWP refrigerants, HFCs continue to be essential due to their energy efficiency, safety, and compatibility with current refrigeration systems.
Refrigeration System segment to account for fastest growing segment, in terms of value, of the global refrigerants market during the forecast period.
The rapid urbanization rate and emerging industries in the emerging economic region are increasing the demand for refrigeration systems. China being a global manufacturing base, generates high demand for refrigerants in commercial refrigeration systems. Similarly, other major economies in the Asia Pacific region, such as India, Japan, and South Korea, are also driving refrigerant demand in this application. This application is further divided into three major categories domestic refrigeration, industrial refrigeration, and commercial refrigeration. The growth of e-commerce and online grocery delivery services has further fueled the demand for efficient refrigeration units, especially in developing markets where cold chain infrastructure is expanding.
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“Asia Pacific is expected to be the fastest-growing region, in the overall refrigerants market, during the forecast period”
The increasing demand for consumer appliances in the growing economies of Asia Pacific, such as China, India, and Thailand, along with the growing cold chain network in well-established markets of North America and Europe, is driving the refrigerants market. As this market is highly regulated, fluorocarbon refrigerants are expected to decline in their market share. This is likely to act as an opportunity for manufacturers of natural refrigerants.
Refrigerants Companies
The key players profiled in the report include Arkema (France), Dongyue Group Limited (China), Honeywell International Inc. (US), The Chemours Company (US), Linde plc (Ireland), The Sinochem Hong Kong (Group) Company Limited (China), Daikin Industries, Ltd. (Japan), Orbia Advance Corporation, S.A.B. de C.V. (US), AGC Inc. (Japan), and A-Gas International Limited (UK), and others. The Refrigerants market has witnessed insignificant growth in the past few years; increasing demand for HVAC systems in emerging economies and increasing demand for natural refrigerants drive the growth of this market. Market players are introducing new technologies, acquisitions, collaborations and features to acquire larger market shares.
Arkema is a global leader in specialty chemicals and advanced materials, with a significant position in the refrigerants market through its Forane brand. The company develops and supplies a wide range of refrigerants, including hydrofluorocarbons (HFCs), hydrofluoroolefins (HFOs), and low-GWP alternatives, catering to HVAC, automotive, and industrial refrigeration applications. For instance, Arkema announced an innovative and long-term partnership with Nutrien Ltd, the largest agricultural company in the world for the supply of anhydrous hydrogen fluoride. Of the total, half will be used to produce high value-added polymers and fluoro-derivatives, and the remaining half to produce low-GWP (global warming potential) fluorogases. The company focuses on sustainability, innovation, and efficiency, aiming to develop low-emission and energy-efficient cooling solutions.
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Honeywell International Inc. is a leading company in the refrigerants industry, including its brands such as Solstice and Genetron. The company has approximately 715 locations, including 194 manufacturing sites worldwide, with a significant presence across North America, Europe, and emerging markets. It manufactures and markets refrigerants under the performance materials and technologies segment. The company has a strong sales network in the US and Europe. The Company is focused on collaboration, acquisition, partnership and product launch as a part of growth strategies. For instance, in January 2022, Honeywell International Inc. launched a new non-flammable energy-efficient Solstice N71 (R-471A) refrigerant to meet the stringent regulations regarding reducing greenhouse gas emissions.
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