Refrigerants Market By Type (HFC, HFO, Propane, Isobutane, Ammonia, Carbon Dioxide), By Application (Refrigeration System {Domestic Refrigeration, Commercial Refrigeration, Industrial Refrigeration}, Chillers, Air Conditioning System {Window AC, Split AC, VRF, Ducted, Packaged & Rooftop ACs}, Mobile Air Conditioning (MAC)), and by Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Refrigerants Market was valued at USD 6.3 billion in 2023 and will surpass USD 9.4 billion by 2030; growing at a CAGR of 5.9% during 2024 - 2030. This growth is largely driven by increasing urbanization, rising disposable incomes, and the expanding demand for refrigeration and air conditioning across various applications, including residential, commercial, and industrial sectors.

The refrigerants market is an integral component of the global HVAC (heating, ventilation, and air conditioning) and refrigeration sectors, encompassing substances used to absorb heat from a designated area and release it elsewhere, thereby facilitating cooling processes.

Technological advancements and regulatory frameworks aimed at reducing environmental impacts are also shaping the market landscape. The phase-out of high Global Warming Potential (GWP) refrigerants, in accordance with the Kigali Amendment to the Montreal Protocol, has led to a surge in demand for low-GWP alternatives. Consequently, manufacturers are investing heavily in R&D to develop eco-friendly refrigerants that comply with stringent environmental regulations while maintaining performance standards. The industry is witnessing a transformative shift towards sustainable practices, which is expected to influence market dynamics significantly in the coming years.

Refrigerants Market size 2030

HFC Segment is Largest Owing to Wide Adoption in HVAC Applications

The Hydrofluorocarbon (HFC) segment remains the largest in the refrigerants market, primarily due to its widespread adoption in HVAC systems and refrigeration applications. HFCs have been favored for their efficiency and effectiveness in cooling, which has led to their extensive use in commercial and residential air conditioning systems. The high thermal performance and stability of HFCs have made them the preferred choice for manufacturers and consumers alike.

However, increasing environmental concerns regarding the high GWP associated with many HFCs have prompted regulatory bodies to phase them out gradually. Despite these concerns, the short-term demand for HFCs remains strong as businesses and homeowners prioritize immediate cooling needs. Additionally, HFCs are often seen as a transitional solution as the industry pivots towards more sustainable refrigerants. As a result, this segment is expected to maintain its largest market share in the short term while the industry adapts to new alternatives.

Natural Refrigerants Segment is Fastest Growing Owing to Sustainability Trends

The natural refrigerants segment, encompassing substances like ammonia, carbon dioxide (CO2), and hydrocarbons, is recognized as the fastest-growing segment in the refrigerants market. The shift towards natural refrigerants is fueled by rising consumer awareness regarding environmental issues and the push for sustainability in refrigeration and HVAC applications. Natural refrigerants boast low or zero GWP, making them highly attractive as the industry seeks to comply with environmental regulations.

Moreover, advancements in technology have improved the efficiency and safety of natural refrigerants, further enhancing their adoption across various sectors. For instance, CO2 is increasingly used in supermarket refrigeration systems and heat pumps due to its efficiency and minimal environmental impact. The natural refrigerants segment's growth is expected to accelerate as more manufacturers adopt sustainable practices and invest in eco-friendly refrigerant options. This segment's prominence reflects a broader trend toward environmentally responsible solutions in the refrigeration market.

Commercial Refrigeration Segment is Largest Owing to Expanding Food Retail Sector

The commercial refrigeration segment is the largest sub-segment within the refrigerants market, driven by the rapid expansion of the food retail sector, including supermarkets and convenience stores. The need for effective refrigeration systems to preserve food quality and safety has resulted in a high demand for refrigerants in commercial applications. With the increasing global population and urbanization, the demand for refrigerated storage and transport is on the rise, making commercial refrigeration an essential service.

Furthermore, innovations in commercial refrigeration technologies, such as energy-efficient systems and advanced temperature control, are enhancing the overall effectiveness of refrigerants used in these applications. As businesses strive to maintain food safety standards and minimize waste, the commercial refrigeration segment is anticipated to sustain its leading position within the market, contributing significantly to overall market growth.

Residential Refrigeration Segment is Fastest Growing Owing to Rising Consumer Demand

The residential refrigeration segment is identified as the fastest-growing sub-segment in the refrigerants market, attributed to the increasing consumer demand for home appliances such as refrigerators and air conditioning units. As disposable incomes rise and urbanization continues, more households are investing in energy-efficient cooling solutions, which is driving up the need for effective refrigerants.

Additionally, consumer preferences are shifting towards smart appliances with integrated energy management systems that utilize advanced refrigerants. The demand for eco-friendly refrigerants in residential applications is also growing, as consumers become more aware of their environmental impact. This trend is expected to bolster the residential refrigeration segment, positioning it as a key driver of innovation and growth within the refrigerants market.

Asia-Pacific Region is Fastest Growing Owing to Urbanization and Economic Development

The Asia-Pacific region stands out as the fastest-growing market for refrigerants, driven by rapid urbanization, economic development, and a burgeoning middle class. Countries like China and India are experiencing significant infrastructure growth, leading to increased demand for HVAC and refrigeration systems in both residential and commercial sectors. The rising standard of living and consumer spending in these countries are further propelling the need for effective cooling solutions.

Moreover, regulatory changes in the region are fostering a shift towards low-GWP refrigerants, aligning with global sustainability trends. Governments are implementing policies to phase out high-GWP refrigerants and promote the adoption of eco-friendly alternatives. This combination of economic growth and regulatory support positions the Asia-Pacific region as a critical driver of growth within the global refrigerants market, with expectations of continued expansion in the coming years.

Top 10 Companies and Competitive Landscape

The refrigerants market is characterized by a competitive landscape featuring several prominent players striving to enhance their market position through innovation, strategic partnerships, and mergers and acquisitions. The top companies in the refrigerants market include:

  1. Honeywell International Inc.
  2. Daikin Industries, Ltd.
  3. The Chemours Company
  4. Refrigerant Solutions, LLC
  5. Arkema S.A.
  6. Linde plc
  7. BASF SE
  8. Air Products and Chemicals, Inc.
  9. Harp International Ltd.
  10. Güntner GmbH & Co. KG

These companies are heavily investing in research and development to create sustainable refrigerant options that comply with evolving regulatory standards. The competitive landscape is evolving, with a strong emphasis on eco-friendly practices and innovative technologies. As the market shifts towards natural and low-GWP refrigerants, these leading companies are likely to adopt proactive strategies to stay ahead of the competition, fostering a dynamic and rapidly changing market environment. The emphasis on sustainability, combined with technological advancements, is expected to shape the future of the refrigerants market significantly.

Report Objectives:

The report will help you answer some of the most critical questions in the Refrigerants Market. A few of them are as follows:

  1. What are the key drivers, restraints, opportunities, and challenges influencing the market growth?
  2. What are the prevailing technology trends in the refrigerants market?
  3. What is the size of the refrigerants market based on segments, sub-segments, and regions?
  4. What is the size of different market segments across key regions: North America, Europe, Asia Pacific, Latin America, Middle East & Africa?
  5. What are the market opportunities for stakeholders after analyzing key market trends?
  6. Who are the leading market players and what are their market share and core competencies?
  7. What is the degree of competition in the market and what are the key growth strategies adopted by leading players?
  8. What is the competitive landscape of the market, including market share analysis, revenue analysis, and a ranking of key players?

Report Scope:

Report Features

Description

Market Size (2023)

USD 6.3 billion

Forecasted Value (2030)

USD 9.4 billion

CAGR (2024 – 2030)

5.9%

Base Year for Estimation

2023

Historic Year

2022

Forecast Period

2024 – 2030

Report Coverage

Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments

Segments Covered

Refrigerants Market By Type (HFC, HFO, Propane, Isobutane, Ammonia, Carbon Dioxide), By Application (Refrigeration System {Domestic Refrigeration, Commercial Refrigeration, Industrial Refrigeration}, Chillers, Air Conditioning System {Window AC, Split AC, VRF, Ducted, Packaged & Rooftop ACs}, Mobile Air Conditioning (MAC))

Regional Analysis

North America (US, Canada, Mexico), Europe (Germany, France, UK, Spain, Italy & Rest of Europe), Asia Pacific (China, Japan, South Korea, India, and Rest of Asia Pacific), Latin America (Brazil, Argentina, & Rest of Latin America), Middle East & Africa (Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA)

Customization Scope

Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements

1.Introduction

1.1.Market Definition

1.2.Scope of the Study

1.3.Research Assumptions

1.4.Study Limitations

2.Research Methodology

2.1.Research Approach

2.1.1.Top-Down Method

2.1.2.Bottom-Up Method

2.1.3.Factor Impact Analysis

2.2.Insights & Data Collection Process

2.2.1.Secondary Research

2.2.2.Primary Research

2.3.Data Mining Process

2.3.1.Data Analysis

2.3.2.Data Validation and Revalidation

2.3.3.Data Triangulation

3.Executive Summary

3.1.Major Markets & Segments

3.2.Highest Growing Regions and Respective Countries

3.3.Impact of Growth Drivers & Inhibitors

3.4.Regulatory Overview by Country 

4.Refrigerants Market, by Type (Market Size & Forecast: USD Million, 2022 – 2030)

4.1.HFC & Blends

4.2.HFO

4.3.Propane

4.4.Isobutane

4.5.Ammonia

4.6.Carbon Dioxide

4.7.Others

5.Refrigerants Market, by Application (Market Size & Forecast: USD Million, 2022 – 2030)

5.1.Refrigeration System

5.1.1.Domestic Refrigeration

5.1.2.Commercial Refrigeration

5.1.3.Industrial Refrigeration

5.2.Chillers

5.3.Air Conditioning Systems

5.3.1.Window AC

5.3.2.Split AC

5.3.3.Variable Refrigerant Flow (VRF)

5.3.4.Ducted, Packaged & Rooftop ACs

5.4.Mobile Air Conditioning (MAC)

6.Regional Analysis (Market Size & Forecast: USD Million, 2022 – 2030)

6.1.Regional Overview

6.2.North America

6.2.1.Regional Trends & Growth Drivers

6.2.2.Barriers & Challenges

6.2.3.Opportunities

6.2.4.Factor Impact Analysis

6.2.5.Technology Trends

6.2.6.North America Refrigerants Market, by Type

6.2.7.North America Refrigerants Market, by Application

               *Similar segmentation will be provided at each regional level

6.3.By Country

6.3.1.US

6.3.1.1.US Refrigerants Market, by Type

6.3.1.2.US Refrigerants Market, by Application

6.3.2.Canada

6.3.3.Mexico

                        *Similar segmentation will be provided at each country level

6.4.Europe

6.5.APAC

6.6.Latin America

6.7.Middle East & Africa

7.Competitive Landscape

7.1.Overview of the Key Players

7.2.Competitive Ecosystem

7.2.1.Level of Fragmentation

7.2.2.Market Consolidation

7.2.3.Product Innovation

7.3.Company Share Analysis

7.4.Company Benchmarking Matrix

7.4.1.Strategic Overview

7.4.2.Product Innovations

7.5.Start-up Ecosystem

7.6.Strategic Competitive Insights/ Customer Imperatives

7.7.ESG Matrix/ Sustainability Matrix

7.8.Manufacturing Network

7.8.1.Locations

7.8.2.Supply Chain and Logistics

7.8.3.Product Flexibility/Customization

7.8.4.Digital Transformation and Connectivity

7.8.5.Environmental and Regulatory Compliance

7.9.Technology Readiness Level Matrix

7.10.Technology Maturity Curve

7.11.Buying Criteria

8.Company Profiles

8.1.Arkema

8.1.1.Company Overview

8.1.2.Company Financials

8.1.3.Product/Service Portfolio

8.1.4.Recent Developments

8.1.5.IMR Analysis

               *Similar information will be provided for other companies 

8.2.Daikin Industries

8.3.Honeywell

8.4.The Chemours Company

8.5.Linde Group

8.6.Air Liquide

8.7.Orbia

8.8.SRF Limited

8.9.Tazzetti S.p.A.

8.10.Harp International

9.Appendix

A comprehensive market research approach was employed to gather and analyze data on the Refrigerants Market. In the process, the analysis was also done to analyze the parent market and relevant adjacencies to measure the impact of them on the Refrigerants Market. The research methodology encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.

Research Approach

Secondary Research

Secondary research involved a thorough review of pertinent industry reports, journals, articles, and publications. Additionally, annual reports, press releases, and investor presentations of industry players were scrutinized to gain insights into their market positioning and strategies.

Primary Research

Primary research involved conducting in-depth interviews with industry experts, stakeholders, and market participants across the Refrigerants ecosystem. The primary research objectives included:

  • Validating findings and assumptions derived from secondary research
  • Gathering qualitative and quantitative data on market trends, drivers, and challenges
  • Understanding the demand-side dynamics, encompassing end-users, component manufacturers, facility providers, and service providers
  • Assessing the supply-side landscape, including technological advancements and recent developments

Market Size Assessment

A combination of top-down and bottom-up approaches was utilized to analyze the overall size of the Refrigerants Market. These methods were also employed to assess the size of various subsegments within the market. The market size assessment methodology encompassed the following steps:

  1. Identification of key industry players and relevant revenues through extensive secondary research
  2. Determination of the industry's supply chain and market size, in terms of value, through primary and secondary research processes
  3. Calculation of percentage shares, splits, and breakdowns using secondary sources and verification through primary sources

Bottom Up and Top Down

Data Triangulation

To ensure the accuracy and reliability of the market size, data triangulation was implemented. This involved cross-referencing data from various sources, including demand and supply side factors, market trends, and expert opinions. Additionally, top-down and bottom-up approaches were employed to validate the market size assessment.

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