Refrigerants Market Size, Share, Analysis & Forecast | 2032
Refrigerants Market Size, Share, Analysis & Forecast | 2032
Segments - Refrigerants Market by Product (Fluorocarbon, Hydrocarbon, Inorganic), Application (Stationary Air Conditioning, Chillers, & Heat Pumps, Mobile Air Conditioning, Commercial), End-user (HVAC, Automotive, Food and Beverages, Pharmaceuticals, Electronics and Manufacturing) and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2024 – 2032
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| Report ID :CG-6581
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Report Description
The global refrigerants market size was USD 27.5 Billion in 2023 and is likely to reach USD 54.1 Billion by 2032, expanding at a CAGR of 7.8% during 2024–2032. The market growth is attributed to the growing demand for the air conditioning and refrigeration.
Refrigerants are chemicals that absorb heat and are used in cooling products such as air conditioners, refrigerators, and freezers. Hydrofluorocarbons (HFCs) are the most commonly used refrigerants due to their non-ozone-depleting properties. The growth of the consumer electronics and cold storage has also driven demand for refrigerants globally. The refrigerant industry is impacted by factors such as climate change, economic growth in emerging economies, and increased purchasing power.
Inorganic refrigerants are popular alternatives due to their eco-friendly nature, zero ODP and GWP, non-toxicity, and affordability. They're used in various applications, including industrial, commercial, and domestic settings. The growing number of data centers globally, driven by increasing internet usage in emerging countries, is expected to boost demand for refrigerants. Data centers require temperature control, consuming over 100 kg of refrigerant per year, making them a significant driver of market demand.
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In May 2023, The Chemours Company has announced a significant capacity investment in its low global warming potential (GWP) Opteon 1100 foam blowing agent and Opteon SF33 specialty fluid. This expansion is expected to triple the capacity of the ultra-low GWP, hydrofluoroolefin (HFO) solution, allowing customers and value chain partners to meet the growing demand for sustainable and efficient HFO-1336mzzZ-based fluids.
Impact of Artificial Intelligence (AI) in Refrigerants Market
Artificial Intelligence helps in the optimization of the use of the refrigerants by identifying the most efficient systems and optimizing their performance. This drives the overall market with great efficiency. Enhanced monitoring of the performance of the refrigeration system in real-time, that allows for early detection of potential issues. Moreover, the optimization of the refrigerants by identifying the most efficient systems and its performance with an increased efficiency due to the artificial intelligence.
Refrigerants Market Dynamics
Major Drivers
Growing demand for the air conditioning and refrigeration is propelling the global market. Moreover, the rise of HVAC industry is expected to drive the global market during the forecast period. The growing demand for heating, ventilation, and air conditioning (HVAC) systems is driving the demand for refrigerants.
Existing Restraints
Stringent regulations and regulations imposed by governments and international organizations is expected to restrain the global market. Regulations such as the Montreal Protocol is limiting the use of certain restaurants and driving the demand for more environmentally friendly alternatives. Environmental concerns, such as the impact of refrigerants on the ozone layer and global warming, is hampering the market.
Emerging Opportunities
Environmentally friendly refrigerants are expected to help in the elimination of the harsh impact of refrigerants on the ozone layers, causing global warming. Growing demand for natural refrigerants, such as carbon dioxide and hydrocarbons, is expected to drive the growth of the refrigerants market. Increasing use of refrigerants in industrial applications, such as food processing and pharmaceuticals, is expected to drive the growth of the market.
Scope of the Refrigerants Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Refrigerants Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2023 |
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Historic Data |
2017–2022 |
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Forecast Period |
2024–2032 |
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Segmentation |
Product (Fluorocarbon, Hydrocarbon, and Inorganic), Application (Stationary Air Conditioning, Chillers, & Heat Pumps, Mobile Air Conditioning, and Commercial), End-user (HVAC, Automotive, Food & Beverages, Pharmaceuticals, and Electronics & Manufacturing) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Air Liquide, Arkema S A; Asahi Glass Co, Ltd (AGC); Daikin Industries Ltd.; Dongyue Group; Gujarat Fluorochemicals Limited; Honeywell International Inc.; Linde Group; Mexichem SAB de CV; Sinochem Group; SRF Limited; and The Chemours Company. |
Market Segment Insights
Regional Analysis
In terms of region, the global refrigerants market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominates the global market in 2023 owing to the growing demand for the air conditioning and refrigeration systems. The Asia Pacific is home to a large and growing industrial sector, which is driving the demand for refrigerants in industrial applications. Furthermore, the increasing focus on energy efficiency is expected to boos the regional market during the forecast period.
The market in North America is projected to grow at a significant pace in the years to come owing to growing focus on energy efficiency and sustainability. Increasing awareness on the global warming and ozone layer depletion is expected to shape the regional market during the forecast period. For instance,
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In February 2023, Linde, a global leader in the chemical industry, has announced a significant investment of USD 1.8 billion and signed a contract to supply clean hydrogen and other industrial gases to OCI's new world-scale blue ammonia facility in Beaumont, Texas. The Beaumont plant is a key component of OCI's ambitious plan to establish a global platform for clean fuels and blue ammonia, solidifying its position as a leader in the clean energy sector.
Segment Analysis
Product Segment Analysis
Based on product, the refrigerants market is divided into fluorocarbon, hydrocarbon, and inorganic. The fluorocarbon segment held the largest share in the global market in 2023 owing to its wide applicability. Fluorocarbon refrigerants are widely used in various applications, including air conditioning, refrigeration, and industrial processes, driving the segment. Additionally, the demand for fluorocarbon refrigerants is driven by their high efficiency, low cost, and wide availability.
The hydrocarbon segment is anticipated to grow at a substantial CAGR during the forecast period due to the environmental benefits due to its lower global warming potential as compared to the fluorocarbons. Hydrocarbon refrigerants are used in various applications, including air conditioning, refrigeration, and industrial processes, which is fueling the segment significantly. Additionally, hydrocarbon refrigerants are becoming increasingly popular in emerging markets, contributing to the segment growth.
Application Segment Analysis
On the basis of application, the global market is segregated into stationary air conditioning, chillers & heat pumps, mobile air conditioning, and commercial. The stationary air conditioning segment is anticipated to register a considerable CAGR in over the predicted period owing to the increasing disposable incomes among population. The rising demand for the cooling equipment and rise in the spending power of middle class on appliances such as the refrigeration system is propelling the segment.
The commercial segment is projected to register a robust growth rate during the assessment years due to the increasing consumption of the packaged and frozen food items. Increasing hypermarket, supermarket, and food retail chains is another factor fueling the segment.
End-user Segment Analysis
On the basis of end-user, the refrigerants market is segmented into HVAC, automotive, food & beverages, pharmaceuticals, and electronics & manufacturing. The HVAC segment register a robust growth rate in 2023 due to the widespread use of air conditioning systems in residential, commercial, and industrial settings. Furthermore, the increasing demand for cooling systems in buildings, vehicles, and industrial processes drives the HVAC segment.
The automotive segment is expected to expand at a significant growth rate over the projection period due to the growing demand for air conditioning systems in vehicles. The increasing popularity of air conditioning systems in cars, buses, and trucks drives the segment. Furthermore, the increasing temperatures, growing demand for comfort and convenience, and the need for efficient cooling systems in various industries is fueling the segment.
Segments
The refrigerants market has been segmented on the basis of
Product
- Fluorocarbon
- Hydrocarbon
- Inorganic
Application
- Stationary Air Conditioning
- Chillers
- & Heat Pumps
- Mobile Air Conditioning
- Commercial
End-user
- HVAC
- Automotive
- Food & Beverages
- Pharmaceuticals
- Electronics & Manufacturing
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Air Liquide
- Arkema S A
- Asahi Glass Co, Ltd (AGC)
- Daikin Industries Ltd.
- Dongyue Group
- Gujarat Fluorochemicals Limited
- Honeywell International Inc.
- Linde Group
- Mexichem SAB de CV
- Sinochem Group
- SRF Limited
- The Chemours Company
Competitive Landscape
Key players competing in the global refrigerants market are Air Liquide, Arkema S A; Asahi Glass Co, Ltd (AGC); Daikin Industries Ltd.; Dongyue Group; Gujarat Fluorochemicals Limited; Honeywell International Inc.; Linde Group; Mexichem SAB de CV; Sinochem Group; SRF Limited; and The Chemours Company.
These players utilize several development strategies, such as product launches and acquisitions, to boost their global presence. For instance,
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In June 2023, Honeywell has launched its first low-carbon district heating network in Tallaght, Dublin, which utilizes a high-efficiency heating pump and the ultra-low-GWP refrigerant Solstice ze (R-1234ze) to reduce environmental impact. The operational network aligns with Ireland's 2030 and 2050 renewable energy targets, as well as the European Union's decarbonization efforts, including REPowerEU.
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July 2020- Linde Group has constructed a new Air Separation Unit (ASU) and installed the first of three nitrogen generators as part of a 15-year agreement to supply ultra-high purity industrial gases to a major electronics consumer in Taiwan.
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June 2020- AGC, a global leader in the production of chemicals, glass, and high-tech materials, was honored with the Environment Award at the 19th Green and Sustainable Chemistry Awards ceremony. The award was presented in recognition of AGC's innovative environmental technology, AMOLEA, which showcases the low environmental impact of HFO products.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Refrigerants Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Refrigerants Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Refrigerants Market - Supply Chain
4.5. Global Refrigerants Market Forecast
4.5.1. Refrigerants Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Refrigerants Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Refrigerants Market Absolute $ Opportunity
5. Global Refrigerants Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Refrigerants Market Size and Volume Forecast by Applications
5.3.1. Stationary Air Conditioning
5.3.2. Chillers
5.3.3. & Heat Pumps
5.3.4. Mobile Air Conditioning
5.3.5. Commercial
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Refrigerants Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Refrigerants Market Size and Volume Forecast by End Users
6.3.1. HVAC
6.3.2. Automotive
6.3.3. Food & Beverages
6.3.4. Pharmaceuticals
6.3.5. Electronics & Manufacturing
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Refrigerants Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Refrigerants Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Refrigerants Demand Share Forecast, 2019-2026
8. North America Refrigerants Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Refrigerants Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Refrigerants Market Size and Volume Forecast by Applications
8.4.1. Stationary Air Conditioning
8.4.2. Chillers
8.4.3. & Heat Pumps
8.4.4. Mobile Air Conditioning
8.4.5. Commercial
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Refrigerants Market Size and Volume Forecast by End Users
8.7.1. HVAC
8.7.2. Automotive
8.7.3. Food & Beverages
8.7.4. Pharmaceuticals
8.7.5. Electronics & Manufacturing
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Refrigerants Demand Share Forecast, 2019-2026
9. Latin America Refrigerants Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Refrigerants Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Refrigerants Market Size and Volume Forecast by Applications
9.4.1. Stationary Air Conditioning
9.4.2. Chillers
9.4.3. & Heat Pumps
9.4.4. Mobile Air Conditioning
9.4.5. Commercial
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Refrigerants Market Size and Volume Forecast by End Users
9.7.1. HVAC
9.7.2. Automotive
9.7.3. Food & Beverages
9.7.4. Pharmaceuticals
9.7.5. Electronics & Manufacturing
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Refrigerants Demand Share Forecast, 2019-2026
10. Europe Refrigerants Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Refrigerants Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Refrigerants Market Size and Volume Forecast by Applications
10.4.1. Stationary Air Conditioning
10.4.2. Chillers
10.4.3. & Heat Pumps
10.4.4. Mobile Air Conditioning
10.4.5. Commercial
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Refrigerants Market Size and Volume Forecast by End Users
10.7.1. HVAC
10.7.2. Automotive
10.7.3. Food & Beverages
10.7.4. Pharmaceuticals
10.7.5. Electronics & Manufacturing
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Refrigerants Demand Share Forecast, 2019-2026
11. Asia Pacific Refrigerants Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Refrigerants Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Refrigerants Market Size and Volume Forecast by Applications
11.4.1. Stationary Air Conditioning
11.4.2. Chillers
11.4.3. & Heat Pumps
11.4.4. Mobile Air Conditioning
11.4.5. Commercial
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Refrigerants Market Size and Volume Forecast by End Users
11.7.1. HVAC
11.7.2. Automotive
11.7.3. Food & Beverages
11.7.4. Pharmaceuticals
11.7.5. Electronics & Manufacturing
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Refrigerants Demand Share Forecast, 2019-2026
12. Middle East & Africa Refrigerants Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Refrigerants Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Refrigerants Market Size and Volume Forecast by Applications
12.4.1. Stationary Air Conditioning
12.4.2. Chillers
12.4.3. & Heat Pumps
12.4.4. Mobile Air Conditioning
12.4.5. Commercial
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Refrigerants Market Size and Volume Forecast by End Users
12.7.1. HVAC
12.7.2. Automotive
12.7.3. Food & Beverages
12.7.4. Pharmaceuticals
12.7.5. Electronics & Manufacturing
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Refrigerants Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Refrigerants Market: Market Share Analysis
13.2. Refrigerants Distributors and Customers
13.3. Refrigerants Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Air Liquide
13.4.2. Arkema S A
13.4.3. Asahi Glass Co, Ltd (AGC)
13.4.4. Daikin Industries Ltd.
13.4.5. Dongyue Group
13.4.6. Gujarat Fluorochemicals Limited
13.4.7. Honeywell International Inc.
13.4.8. Linde Group
13.4.9. Mexichem SAB de CV
13.4.10. Sinochem Group
13.4.11. SRF Limited
13.4.12. The Chemours Company
Methodology
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