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

Southeast Asia Refrigerant Market Size

• The Southeast Asia refrigerant market size was valued at USD 1.148 billion in 2024 and is expected to reach USD 1.783 billion by 2032, at a CAGR of 5.7% during the forecast period
• The market growth is largely fuelled by growth in cold chain logistics, pharmaceuticals, and food processing industries and increasing demand for energy-efficient and eco-friendly refrigeration solutions
• Furthermore, the market is expected to witness technological advancements in refrigerant systems and stringent environmental regulations promoting low- GWP refrigerants

Southeast Asia Refrigerant Market Analysis

• As economic development accelerates and urbanization expands across Southeast Asia, demand for efficient cooling systems is rising—driven by growing residential and commercial infrastructure, higher disposable incomes, and increasing climate-related heat stress. This is fuelling strong demand for advanced, environmentally friendly refrigerant solutions
• This market shift is accelerating the adoption of low-GWP (Global Warming Potential) refrigerants, natural alternatives like CO₂ and ammonia, and energy-efficient HVAC systems across industries such as retail, hospitality, data centers, and manufacturing
• Indonesia dominated the Southeast Asia refrigerant market in 2024, due to its large industrial base, rapid urbanization, growing demand for air conditioning and refrigeration, and increasing investments in eco-friendly refrigerant technologies
• Thailand is expected to witness the highest CAGR in the Southeast Asia refrigerant market during the forecast period, driven by its expanding industrial sector, strong regulatory support for environmentally friendly refrigerants, and increasing adoption of advanced cooling technologies
• The fluorocarbon refrigerant dominated the Southeast Asia refrigerant market with a 50.48% market share in 2024, driven by largely fuelled by growth in cold chain logistics, pharmaceuticals, and food processing industries and increasing demand for energy-efficient and eco-friendly refrigeration solutions

Report Scope and Southeast Asia Refrigerant Market Segmentation 

Southeast Asia Refrigerant Market Trends

“Growing Regulatory Pressure Drives Transition to Eco-Friendly Refrigerants”

• As governments across the region implement stricter environmental regulations and commit to international climate agreements, businesses and consumers are increasingly prioritizing low-GWP refrigerants to reduce their carbon footprint—driving strong demand for sustainable cooling technologies
• This regulatory push is encouraging the phase-down of high-GWP hydrofluorocarbons (HFCs) and the adoption of natural refrigerants such as ammonia and CO₂, as well as energy-efficient HVAC systems that comply with new standards
• With increasing focus on sustainability, manufacturers and service providers are innovating to offer greener alternatives that meet both performance and environmental requirements, positioning the refrigerant market as a key player in regional climate goals

Southeast Asia Refrigerant Market Dynamics

Driver

“Innovation in Services of Skincare Treatment”

• The integration of cutting-edge technologies such as smart sensors, IoT-enabled monitoring, and advanced refrigerant blends is transforming the refrigerant systems market in the region, driving greater efficiency, sustainability, and system intelligence. These innovations enable real-time performance tracking, predictive maintenance, and optimized energy consumption, fundamentally reshaping how cooling systems operate and are maintained
• The synergy between smart technologies and eco-friendly refrigerants is enhancing system reliability and environmental compliance, meeting the growing demand for greener and smarter cooling solutions across commercial, industrial, and residential sectors
• The market is also benefiting from advancements in natural refrigerants like ammonia and CO₂, coupled with improved system designs that reduce leakage and increase lifespan, appealing to a wide range of end-users focused on sustainability and cost-effectiveness. These technological innovations support the shift toward energy-efficient and environmentally responsible cooling infrastructure, contributing significantly to market expansion
• As technological progress accelerates, the evolving landscape of intelligent and eco-conscious refrigerant systems is expected to be a key driver of growth in the refrigerant market, reinforcing the region’s commitment to sustainable development and climate goals

Restraint/Challenge

“High Initial Investment in Transitioning to New Refrigerants and Equipment”

• High initial investment costs for adopting new refrigerants and upgrading equipment present a significant restraint for the refrigerant market, especially among small and medium enterprises. Despite the long-term benefits of energy efficiency and regulatory compliance, the upfront capital required for retrofitting or installing modern systems can be prohibitive
• The diverse economic landscape in the region includes businesses with varying financial capabilities, making it essential to balance technological advancement with cost-effectiveness. High transition costs may limit market penetration of eco-friendly refrigerants, deterring companies that prioritize immediate operational budgets over long-term sustainability goals. This cost sensitivity highlights the need for financing solutions, incentives, or phased implementation strategies to ease the burden on end-users
• Effectively addressing this financial barrier is critical for accelerating the adoption of next-generation refrigerant technologies and ensuring broader market growth across commercial and industrial sectors
• The significant capital expenditure required for new refrigerants and equipment remains a key challenge, particularly for businesses operating in price-sensitive or resource-constrained environments, potentially slowing the pace of market expansion

Southeast Asia Refrigerant Market Scope

The market is segmented on the basis of treatment type, type, surgical type and gender

• By Product

On the basis of Product, the Southeast Asia refrigerant market is segmented into fluorocarbon refrigerant, inorganic refrigerants, hydrocarbon refrigerant. In 2024, the Fluorocarbon Refrigerant segment dominated the market with a 50.48% market share growing with the CAGR of 5.1% in the forecast period 2025 to 2032 and fastest growing segment.

Fluorocarbon Refrigerant is also expected to witness the fastest CAGR of 9.6% from 2025 to 2032 driven by the market is expected to witness technological advancements in refrigerant systems and stringent environmental regulations promoting low- GWP refrigerants.

• By GWP Category

On the basis of type, the Southeast Asia refrigerant market is segmented into High-GWP Refrigerants, Low-GWP Refrigerants. In 2024, the High-GWP Refrigerants segment dominated the market with a 60.43% market share growing with the CAGR of 56.16% in the forecast period due to their superior cooling efficiency, widespread industrial and commercial use, and slower adoption of low-GWP alternatives.

Low-GWP Refrigerants is also expected to witness the fastest CAGR 5.1% in the forecast period 2025 to 2032 driven by the market is expected to witness technological advancements in refrigerant systems and stringent environmental regulations promoting low- GWP refrigerants.

• By Application

On the basis of surgical type, the Southeast asia refrigerant market is segmented into Air conditioning, refrigeration, chillers, heat pumps and others. in 2024, the Air Conditioning dominated the market with a 45.33% market share and is expected to witness the fastest CAGR of 5.2% from 2025 to 2032, driven by the market is expected to witness technological advancements in refrigerant systems and stringent environmental regulations promoting low- GWP refrigerants.

• By End Use

On the basis of end use, the Southeast asia refrigerant market is segmented into commercial refrigeration, industrial refrigeration, domestic/household refrigeration. In 2024, the Commercial Refrigeration segment dominated the market with a 63.60% market and is expected to witness the fastest CAGR 5.0% from 2025 to 2032, driven by the market is expected to witness technological advancements in refrigerant systems and stringent environmental regulations promoting low- GWP refrigerants.

Southeast Asia Refrigerant Market Regional Analysis

• Indonesia refrigerant market is expected to reach USD 449.49 million by 2032, from 320.02 million USD in 2024, growing at the CAGR of 4.5% in the forecast period of 2025 to 2032
• Indonesia is allocating an increasing portion of its national budget toward industrial development and environmental sustainability, which includes investments in eco-friendly refrigerants and advanced cooling technologies. Growing awareness of climate change, energy efficiency, and environmental regulations is driving both public and private sector funding to support the transition to low-GWP (Global Warming Potential) refrigerants. This financial backing plays a crucial role in expanding access to sustainable refrigerant solutions across the country.
• In Indonesia, the refrigerant market is experiencing rapid growth, fueled by urbanization, industrial expansion, and rising demand for air conditioning and refrigeration systems. As the country’s HVAC and cooling industries become more centralized and increasingly open to private sector involvement, there is a notable increase in investment in advanced and environmentally responsible refrigerant technologies. These trends are contributing to significant market growth and enhancing the accessibility and adoption of modern refrigerant solutions nationwide.

Thailand Southeast Asia Refrigerant Market Insight

The Thailand refrigerant market is expected to register the CAGR of 5.4% from 2025 to 2032 in the Southeast Asia region in 2025, driven by market is expected to witness technological advancements in refrigerant systems and stringent environmental regulations promoting low- GWP refrigerants.

Vietnam Southeast Asia Refrigerant Market Insight

The Vietnam refrigerant market is expected to register the CAGR of 5.3% from 2025 to 2032, driven by market is expected to witness technological advancements in refrigerant systems and stringent environmental regulations promoting low- GWP refrigerants.

Southeast Asia Refrigerant Market Share

The Southeast Asia Refrigerant industry is Primarily led by well- established Companies:

• Linde PLC (U.K.)
• AIR LIQUIDE (France)
• The Chemours Company (U.S.)
• DAIKIN INDUSTRIES, Ltd (Japan)
• Arkema (France)
• Honeywell International Inc. (U.S.)
• SOL Spa (Italy)
• DONGYUE GROUP (China)
• National Refrigerants Ltd (U.K.)
• GTS SPA (Italy)

Latest Developments in Southeast Asia Refrigerant Market

• In 2024, The Company design and supply refrigeration, liquefaction, cryogenic fluid storage and distribution systems for laboratories and large scientific equipment. We address the specific needs of each customer using a global approach that combines consulting, design, commissioning, testing, and maintenance.
• In May 2205, Arkema has expanded its portfolio of lower Global Warming Potential (GWP) refrigerants, now offering a range of HFO (Hydrofluoroolefin) blends, including Forane 454B (R-454B), Forane 448A (R-448A), Forane 449A (R-449A), Forane 452A (R-452A), and Forane 513A (R-513A). This expansion is a result of a commercial agreement with Honeywell International Inc. and aims to strengthen global supply chains for sustainable HVACR solutions, meeting increased demand driven by HFC phasedown regulations.
• In April 2025, A-Gas Singapore has become the sole company in Singapore licensed by the National Environmental Agency (NEA) to collect and handle spent refrigerants as toxic industrial waste. This establishes A-Gas as the leading and only fully compliant provider for responsible refrigerant lifecycle management in the country, promoting environmental protection.

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