Global Refrigerant Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2032

Global Refrigerant Market Segmentation, By Type (Fluorocarbon, Isobutane, Propane, Ammonia, Carbon Dioxide, and Others), Application (Refrigerators, Large-Scale Refrigerators, Chillers, Air Conditioners, Heat Pumps, and Others), End User (Domestic Household Refrigeration, Light Commercial Refrigeration, Commercial Racks and Condensing Units, and Industrial Refrigeration)- Industry Trends and Forecast to 2032

 Refrigerant Market Size    

• The global refrigerant market size was valued at USD 28.86 billion in 2024 and is expected to reach USD 53.02 billion by 2032, at a CAGR of 7.90% during the forecast period
• This growth is driven by factors such as the increasing demand for cooling systems in residential, commercial, and industrial sectors, the growing awareness about environmental sustainability, advancements in refrigerant technologies, regulatory pressures for low-GWP (Global Warming Potential) alternatives, and the rising adoption of energy-efficient refrigeration solutions

Refrigerant Market Analysis

• Refrigerant is a compound normally found in either a gaseous or fluid state. It willingly absorbs heat from the environment and provides air conditioning or refrigeration when combined with other components such as evaporators and compressors
• A refrigerant is a substance which is used in a heat cycle to transfer heat from one area to another. Generally, a gas at room temperature. Found in pretty much the whole thing that cools, and after sometimes in things that heat, most commonly refrigerants are used in freezers, air conditioners, fridges, and vehicle air conditioners
• Asia-pacific is expected to dominate the refrigerants market with 40.4% due to expanding infrastructure and industrialization
• South America is expected to be the fastest growing region in the refrigerant market during the forecast period due to the need for efficient refrigeration in food storage and transportation are fueling the market's expansion
• Fluorocarbon segment is expected to dominate the market with a market share of 54.2% due to compounds containing carbon, fluorine, and sometimes other elements such as hydrogen and chlorine. These compounds are known for their excellent thermodynamic properties, making them highly effective for cooling systems

Report Scope and Refrigerant Market Segmentation 

Refrigerant Market Trends

“Transition to Low-GWP Refrigerants”

• International agreements such as the Kigali Amendment to the Montreal Protocol aim to phase out high-GWP refrigerants, promoting the adoption of eco-friendly alternatives
• There's a growing preference for refrigerants with lower environmental impact, such as HFOs and natural refrigerants such as CO₂ and ammonia
• Innovations in refrigerant technologies are facilitating the development and adoption of low-GWP alternatives
• Increasing consumer awareness and demand for sustainable products are driving the shift towards low-GWP refrigerants
• Manufacturers are aligning their product portfolios with environmental regulations and consumer preferences

Refrigerant Market Dynamics

Driver

“Expansion of the Cold Chain Industry”

• The rise in global trade, especially in perishable goods, is increasing the demand for efficient refrigeration systems
• Rapid urbanization is leading to higher demand for residential and commercial refrigeration solutions
• Advancements in refrigeration technologies are enhancing the efficiency and reliability of cold chain systems
• Government policies are encouraging investments in cold chain infrastructure to reduce food wastage and improve supply chain efficiency
• Rising consumer expectations for fresh and safely stored products are driving the need for robust cold chain solutions

Opportunity

“Adoption of Natural Refrigerants”

• Natural refrigerants such as CO₂ and ammonia have low GWP and zero ozone depletion potential, making them environmentally friendly 
• These refrigerants often offer superior energy efficiency, leading to cost savings in the long term
• Adopting natural refrigerants helps companies comply with stringent environmental regulations and standards
• Major companies are already transitioning to natural refrigerants, setting industry benchmarks
• The increasing adoption of natural refrigerants presents significant growth opportunities in various applications

Restraint/Challenge

“Illegal Trade of Refrigerants”

• Smuggling of high-GWP refrigerants undermines international efforts to phase them out
• Illegal trade creates an uneven playing field, disadvantaging compliant businesses
• The continued use of high-GWP refrigerants due to illegal trade exacerbates climate change
• Enforcement of regulations is difficult, with smugglers employing sophisticated methods to evade detection
• The illegal trade of refrigerants leads to significant economic losses and hampers sustainable industry growth

Refrigerant Market Scope

The market is segmented on the basis of type, application, and end-user.

In 2025, the fluorocarbon is projected to dominate the market with a largest share in type segment

The fluorocarbon segment is expected to dominate the refrigerant market with the largest share of 54.2% in 2025 due to its compounds containing carbon, fluorine, and sometimes other elements such as hydrogen and chlorine. These compounds are known for their excellent thermodynamic properties, making them highly effective for cooling systems. There are several types of fluorocarbon refrigerants such as chlorofluorocarbon (CFC), hydrochlorofluorocarbons (HCFC), hydrofluorocarbon (HFC), Hydrofluoroolefins (HFO)

The domestic household refrigeration is expected to account for the largest share during the forecast period in end user market

In 2025, the domestic household refrigeration segment is expected to dominate the market with the largest market share of 53.3% due to Stationary air conditioning, heat pumps, and chillers, significant components of the HVAC (Heating, Ventilation, and Air Conditioning) system, have significantly influenced the refrigerants market due to their extensive use in commercial, industrial, and residential settings. These systems rely heavily on refrigerants to facilitate the exchange of heat, which is pivotal in cooling or heating.

Refrigerant Market Regional Analysis

“Asia-Pacific Holds the Largest Share in the Refrigerant Market”

• Asia Pacific holds the largest share of the global refrigerants market, accounting for 40.4%
• China is the dominant player within the region, being the world's largest producer and consumer of refrigerants
• India is emerging as a significant market, driven by rapid urbanization, increasing disposable incomes, and a growing demand for air conditioning and refrigeration systems
• Southeast Asia, particularly countries such as Thailand and Indonesia, are experiencing a surge in demand for refrigerants due to expanding infrastructure and industrialization
• The region's growth is propelled by factors such as the rising adoption of cooling systems in residential, commercial, and industrial sectors, as well as the expansion of the cold chain industry

“South America is Projected to Register the Highest CAGR in the Refrigerant Market”

• South America is projected to be the fastest-growing region in the refrigerants market
• Brazil is leading the growth in the region, driven by its expanding food and beverage industry, which significantly contributes to the demand for refrigeration solutions
• Argentina and Chile are also witnessing increased demand for refrigerants due to the growth of their retail and logistics sectors
• Economic development, rising disposable incomes, and the need for efficient refrigeration in food storage and transportation are fueling the market's expansion
• Government initiatives aimed at improving cold chain infrastructure and reducing food wastage are further accelerating market growth in the region

Refrigerant Market Share

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

The Major Market Leaders Operating in the Market Are:

• Arkema (France)
• Dongyue Group Co. Ltd. (China)
• Honeywell International Inc. (U.S.)
• The Chemours Company (U.S.)
• Linde Plc (Ireland)
• Air Liquide (France)
• Sinochem Lantian Co. Ltd. (China)
• Daikin Industries LTD, (Japan)
• Mexichem (Mexico)
• AGC Inc, (Japan)
• Gas Servei (Spain)
• Gujarat Fluorochemicals Ltd. (India)
• Quimobasicos (Mexico)
• Zhejiang Fotech International Co.Ltd. (China)
• Tazzetti S.p.A. (Italy)
• SRF Limited (India)
• Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd (China)
• Shandong Yue'an Chemical Co., Ltd, (China)

Latest Developments in Global Refrigerant Market

• In July 2024, Honeywell has announced that Actrol, a wholesaler of parts to the refrigeration, air conditioning and allied industries, will be using Honeywell’s Solstice L40X (R-455A) for its condensing units used in the supermarkets, convenience stores, restaurants, and standalone equipment
• In June 2024, Hudson Technologies announced the acquisition of USA Refrigerants for USD 27 million. This acquisition helps Hudson Technologies enter the North America and U.S. markets
• In April 2024, Honeywell has announced that the company has collaborated with Bosch for low global warming heating and cooling solutions. As part of this agreement, Bosch will utilize Honeywell’s energy-efficient Solstice low-global warming potential (GWP) refrigerant in its newest line of heat pumps
• In February 2023, Linde, a global multinational chemical company, declared that it invested USD 1.8 billion and signed a contract to provide clean hydrogen and other industrial gases to OCI's new world scale blue ammonia facility in Beaumont, Texas. The Beaumont plant aims to build and strengthen the world's leading platform for clean fuels and blue ammonia.
• In November 2022, Danfoss announced the acquisition of BOCK GmbH, a German compressor manufacturer. This move aligns with Danfoss's goal to expand its range of clean, sustainable technologies and accelerate the green transition in commercial refrigeration systems     

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