Refrigerant Market Size To Reach $19.64 Billion By 2030

Refrigerant Market Growth & Trends

The global refrigerant market size is expected to reach USD 19.64 billion by 2030, registering a CAGR of 4.7% during the forecast period, according to a new report by Grand View Research, Inc. Development of eco-friendly alternatives, as a result of environmental policies aimed at ozone depletion and GHG emissions, is a key factor driving market growth. 

Regulations across EU, Japan, China, and U.S. have prompted consumers to shift toward hydrocarbon and inorganic refrigerants, with its demand predicted to increase drastically over the forecast period. The fluorocarbons segment accounted for over 53.7% of the overall consumption in 2023.

Inorganics emerged as the second-largest product segment in terms of revenue. Thermal efficiency of the product has enabled its penetration across industrial applications. Low cost, easy availability, and eco-friendly characteristics are key factors boosting its demand in industrial areas.

The Asia Pacific market for refrigerants has reported strong demand in recent times. Growth in industrial activity and productivity across China and India will continue to spur demand for refrigeration across residential, industrial, and commercial sectors.

Companies are constantly striving to consolidate their presence through product development, regional expansions, and application diversification strategies. Innovative and cost-effective products that meet both end-user specifications and regulatory standards are key determinants for competitive edge.

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Refrigerant Market Report Highlights

• The United Nations Framework Convention on Climate Change has played a pivotal role in regulating the use of refrigerant products and has compelled industry participants to develop alternative sources

• Europe is the largest consumer, with the mobile air conditioning, industrial, and commercial refrigeration sectors exhibiting strong demand. A standard environmental policy across EU has impelled regional manufacturers to invest extensively in R&D

• The hydrocarbon refrigerant segment is expected to witness a CAGR of 7.1% in terms of volume over the forecast period. Energy efficiency, low cost, and ecofriendly nature of the product are key traits positively influencing demand

• Domestic refrigeration is estimated to emerge as the most promising segment in terms of volume, exhibiting a CAGR of 5.2% over the forecast period.

Refrigerant Market Segmentation

Grand View Research has segmented the global refrigerant market based on product, application, and region:

Refrigerants Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Fluorocarbon

• Hydrocarbon

• Inorganic

• Other Products

Refrigerants Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Industrial Refrigeration

• Domestic Refrigeration

• Transport Refrigeration

• Commercial Refrigeration

• Stationary Air Conditioning, Heat Pumps, Chillers

• Mobile Air Conditioner

Refrigerants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

  • Brazil

• Middle East and Africa

  • Saudi Arabia

List of Key Players in the Refrigerant Market

• Honeywell Industries Inc.

• Daikin Industries Inc.

• Arkema S A

• Dongyue Group

• The Chemours Company

• Mexichem SAB de CV

• Sinochem Group

• Linde Group

• Air Liquide

• SRF Limited

• Gujarat Fluorochemicals Limited

• Asahi Glass Co, Ltd (AGC)