Refrigerants Market Size, Share, Trends, Growth Outlook

Global Refrigerants Market Size is valued at $18.6 Billion in 2024 and is forecast to register a growth rate (CAGR) of 5.1% to reach $27.7 Billion by 2032.

The global Refrigerants Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Type (HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, Others), By Application (Refrigeration System, Chillers, Air Conditioning Systems, Packaged & Rooftop ACs, MAC).

An Introduction to Refrigerants Market in 2024

In 2024, the refrigerants market is undergoing significant changes, driven by global efforts to phase out ozone-depleting substances and reduce greenhouse gas emissions, leading to a shift towards environmentally friendly refrigerants with lower global warming potential (GWP). Refrigerants are essential fluids used in air conditioning, refrigeration, heat pumps, and other cooling applications to transfer heat and maintain desired temperatures. Traditional refrigerants such as hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs) are being phased out due to their contribution to ozone depletion and climate change. Consequently, there is a growing demand for alternative refrigerants such as hydrofluoroolefins (HFOs), natural refrigerants like ammonia, carbon dioxide, and hydrocarbons, as well as blends and low-GWP versions of HFCs. These alternatives offer advantages such as improved energy efficiency, lower environmental impact, and compliance with regulations such as the Kigali Amendment to the Montreal Protocol and regional policies like the European Union's F-Gas Regulation. Further, advancements in refrigeration technology, such as variable-speed compressors, magnetic cooling, and thermoelectric cooling, are driving the development of more efficient and sustainable cooling systems. As industries and consumers prioritize energy efficiency and environmental sustainability, the demand for eco-friendly refrigerants is expected to growing, stimulating market expansion and fostering innovation in refrigerant chemistry and cooling technologies.

TABLE OF CONTENTS

1 Introduction to 2024 Refrigerants Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Refrigerants Market Size Outlook, $ Million, 2021 to 2032
3.2 Refrigerants Market Outlook by Type, $ Million, 2021 to 2032
3.3 Refrigerants Market Outlook by Product, $ Million, 2021 to 2032
3.4 Refrigerants Market Outlook by Application, $ Million, 2021 to 2032
3.5 Refrigerants Market Outlook by Key Countries, $ Million, 2021 to 2032

4 Market Dynamics
4.1 Key Driving Forces of Refrigerants Industry
4.2 Key Market Trends in Refrigerants Industry
4.3 Potential Opportunities in Refrigerants Industry
4.4 Key Challenges in Refrigerants Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Refrigerants Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Refrigerants Market Outlook by Segments
7.1 Refrigerants Market Outlook by Segments, $ Million, 2021- 2032
By Type
HFC
HFO
Isobutane
Propane
Ammonia
Carbon Dioxide
Others
By Application
Refrigeration System
-Domestic Refrigeration
-Commercial Refrigeration
-Industrial Refrigeration
Chillers
Air Conditioning Systems
-Window AC
-Split AC
-VRF
-Ducted
Packaged & Rooftop ACs
MAC

8 North America Refrigerants Market Analysis and Outlook To 2032
8.1 Introduction to North America Refrigerants Markets in 2024
8.2 North America Refrigerants Market Size Outlook by Country, 2021-2032
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Refrigerants Market size Outlook by Segments, 2021-2032
By Type
HFC
HFO
Isobutane
Propane
Ammonia
Carbon Dioxide
Others
By Application
Refrigeration System
-Domestic Refrigeration
-Commercial Refrigeration
-Industrial Refrigeration
Chillers
Air Conditioning Systems
-Window AC
-Split AC
-VRF
-Ducted
Packaged & Rooftop ACs
MAC

9 Europe Refrigerants Market Analysis and Outlook To 2032
9.1 Introduction to Europe Refrigerants Markets in 2024
9.2 Europe Refrigerants Market Size Outlook by Country, 2021-2032
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Refrigerants Market Size Outlook by Segments, 2021-2032
By Type
HFC
HFO
Isobutane
Propane
Ammonia
Carbon Dioxide
Others
By Application
Refrigeration System
-Domestic Refrigeration
-Commercial Refrigeration
-Industrial Refrigeration
Chillers
Air Conditioning Systems
-Window AC
-Split AC
-VRF
-Ducted
Packaged & Rooftop ACs
MAC

10 Asia Pacific Refrigerants Market Analysis and Outlook To 2032
10.1 Introduction to Asia Pacific Refrigerants Markets in 2024
10.2 Asia Pacific Refrigerants Market Size Outlook by Country, 2021-2032
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Refrigerants Market size Outlook by Segments, 2021-2032
By Type
HFC
HFO
Isobutane
Propane
Ammonia
Carbon Dioxide
Others
By Application
Refrigeration System
-Domestic Refrigeration
-Commercial Refrigeration
-Industrial Refrigeration
Chillers
Air Conditioning Systems
-Window AC
-Split AC
-VRF
-Ducted
Packaged & Rooftop ACs
MAC

11 South America Refrigerants Market Analysis and Outlook To 2032
11.1 Introduction to South America Refrigerants Markets in 2024
11.2 South America Refrigerants Market Size Outlook by Country, 2021-2032
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Refrigerants Market size Outlook by Segments, 2021-2032
By Type
HFC
HFO
Isobutane
Propane
Ammonia
Carbon Dioxide
Others
By Application
Refrigeration System
-Domestic Refrigeration
-Commercial Refrigeration
-Industrial Refrigeration
Chillers
Air Conditioning Systems
-Window AC
-Split AC
-VRF
-Ducted
Packaged & Rooftop ACs
MAC

12 Middle East and Africa Refrigerants Market Analysis and Outlook To 2032
12.1 Introduction to Middle East and Africa Refrigerants Markets in 2024
12.2 Middle East and Africa Refrigerants Market Size Outlook by Country, 2021-2032
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Refrigerants Market size Outlook by Segments, 2021-2032
By Type
HFC
HFO
Isobutane
Propane
Ammonia
Carbon Dioxide
Others
By Application
Refrigeration System
-Domestic Refrigeration
-Commercial Refrigeration
-Industrial Refrigeration
Chillers
Air Conditioning Systems
-Window AC
-Split AC
-VRF
-Ducted
Packaged & Rooftop ACs
MAC

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
A-Gas International
Air Liquide S.A.
Arkema S.A.
Asahi Glass Corp
Daikin Industries Ltd
Dongyue Group Co. Ltd
Gas Servei S.A.
Gujarat Fluorochemicals Ltd
Harp International Ltd
Honeywell International Inc
Linde Plc
Navin Fluorine International Ltd
Orbia
Puyang Zhongwei Fine Chemicals Co. Ltd
Quimobasicos S.A. De C.V.
Shandong Yuean Chemical Industry Co. Ltd
Sinochem Corp
SRF Ltd
Tazzeti S.P.A.
The Chemours Company
Zhejiang Fotech International Co. Ltd

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Type
HFC
HFO
Isobutane
Propane
Ammonia
Carbon Dioxide
Others
By Application
Refrigeration System
-Domestic Refrigeration
-Commercial Refrigeration
-Industrial Refrigeration
Chillers
Air Conditioning Systems
-Window AC
-Split AC
-VRF
-Ducted
Packaged & Rooftop ACs
MAC
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)