Refrigerant Market – Global Industry Analysis and Forecast (2024-2030)

Refrigerant Market was valued at US$ 26.12 Bn. in 2023. The Refrigerant Market size is estimated to grow at a CAGR of 7.78% over the forecast period.
Refrigerant Market Overview:
The report explores the Refrigerant market's segments (Type, Application, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2023. The report investigates the Refrigerant market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Refrigerant market's contemporary competitive scenario.To know about the Research Methodology :- Request Free Sample Report
Refrigerant Market Dynamics:
The demand for refrigerants is increasing immensely day by day in different sectors like industrial, residential, and others expecting to grow more during the forecasted period. It is used in refrigerators, freezers, air conditioners, fire suppression systems, etc. Probably many industries are dependent upon the artificial cooling system to store and protect the material from damage. Nowadays, artificial cooling is very important in every place like homes, shops, malls, transportation systems, hospitals, etc. because of that, it is expected there will be higher demand in the upcoming years for refrigerants. COVID-19 impacted very seriously of the refrigerants market. There is a high restriction for people and for moving of goods from one place to another. People also start avoiding frozen things because of diseases associated with cold and fever. The only pharmaceutical industry is supporting the refrigerants market at that time.

Rising Industrializations across the Globe:

Rising industrialization and advancement of the standard of living are increasing rapidly, which will drive the refrigerants market during the forecasted period. The refrigerant cooling system has become a vital part of our life. The increasing demand for refrigerant cooling systems because of their usage in the commercial sector, industrial sector, and residential system has increased. Shifting towards new technology and eco-friendly refrigerants will give more growth to this industry in the forecasted period. Several countries are eliminating fluorinated gases from natural gases. Increasing demand in the cold supply chain industry will also drive the market growth of the refrigerants market.

Strict Regulation against Fluorocarbon:

Fluorocarbons refrigerants cause severe harm to the ozone layer because those governments and agencies are regulating strict rules for that and imposing regulations to limit their use. Many countries are agreed to eliminate the usage of HCFCs and HFCs by fixing the limitation of usage through different protocols and regulations. These are the reasons that restrict the fluorocarbon refrigerants market from growing in the market. Under the Montreal protocol, the constant regulations on certain refrigerants are hampering the market growth. The main goal or objective of this protocol is to reduce the damage caused to the ozone layer because of the use of refrigerant gases.

Rising Demand for Natural Refrigerants:

The natural refrigerants which were commonly used are ammonia, carbon dioxide, and HCs such as propane. The Advancement of cooling equipment technology is taking the place of traditional refrigerants with natural refrigerants. This has risen in the market share of natural refrigerants in applications like air conditioners, heating systems, etc.

Illegal Import and Export of Refrigerants:

Illegal import and trade of HFCs have a huge concern for the refrigerants market. These refrigerants are imported and exported illegally to ignore or neglect the government rules and regulations, which is causing harm to our environment as well as in the market. The strict regulation of the government for using of refrigerants is pulling back the potential market growth of refrigerants.
Refrigerant Market Trends:

Uses of HVAC system

The HVAC system is not bad for the environment. The gas used in the HVAC system is freon, which is non-combustible gas that is used in refrigerants in an air conditioner application. These freon gas apply to evaporate process again and again to produce cool air that can go into every AC system throughout the process. This leads to significant demand for low global warming potential that will not harm the environment.
Refrigerant Market Segment Analysis:
Based on Type, the Refrigerant Market is segmented into HCFCs, HFCs, HFOs, isobutane, propane, ammonia, and carbon dioxide. The ammonia segment is dominating the market because demand has increased in APAC, and it also contains less amount of carbon dioxide emission. China, India, and Indonesia are the fastest-growing grocery with high demand for ammonia refrigerants in the market.

Based on Application, the Refrigerant Market is segmented into Domestic, Air conditioner systems, Chillers/Heat Pumps, Commercial, industrial refrigeration, etc. The air conditioner system segment has dominated the market share accounting for 34.1% in 2023. The segment growth is attributed to the growing population and increase in the number of nuclear families with disposable income across the globe. Also increasing in the income of middle-class families and a rise in the standard of living, the cost of ACs is affordable for them with their respective incomes. These all the factors are driving the industry and expecting to grow during the forecasted period.
Refrigerant Market Regional Insights:
The Asia Pacific region held the largest market share accounting for 38.1% in 2023. APAC region is dominating the market of refrigerants in the forecasted period because of the high demand, and the number of users is more in this region. Developing countries such as China, India, and Indonesia are contributing more to this market because of the increase in the standard of living of individuals and also the increase in disposable income. In China, packaged food is more in use, especially dairy products and baby foods. Hence, these are the factor APAC is dominating the market of refrigerants.

The objective of the report is to present a comprehensive analysis of the global Refrigerant Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers.

The reports also help in understanding the Refrigerant Market dynamic and structure by analyzing the market segments and projecting the Refrigerant Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Refrigerant Market make the report investor’s guide.
Refrigerant Market Scope: Inquiry Before Buying



Refrigerant Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US$ 26.12 Bn.


Forecast Period 2024 to 2030 CAGR:
7.78%
Market Size in 2030:
US$ 44.14 Bn.


 Segments Covered:
by Type
HCFCs
HFCs
Propane
Ammonia
Carbon dioxide


by Application
Domestic
Commercial
Air conditioners system
Industrial refrigerators
Chiller/ heat pumps


by Refrigerant Product
Fluorocarbon
Hydrocarbon
Inorganic
Others



Refrigerant Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Refrigerant Market, Key Players:
1. Daikin Industries, Ltd.
2. The Chemours Company
3. Honeywell International Inc.
4. Arkema S.A.
5. Dongyue Group Co. Ltd.
6. Asahi Glass Co. Ltd.
7. Sinochem Group
8. Mexichem S.A.B. de C.V.
9. The Linde Group
10.SRF Limited
11.DownDuPont Inc.
12.Messer Group
13.Navin Fluorine International Ltd.

Frequently asked questions:

1)What is the study period of this market?
Ans. The study period of this market is 2023 to 2030.

2)What is the growth rate of the Refrigerants market?
Ans. The CAGR of the refrigerants market is 7.78%.

3)Which region has the highest growth rate in the refrigerants market?
Ans. The APAC region has the highest growth rate in this market.

4)What is the segment covered in this market?
Ans. The segment covered in this market is based on the type and based on applications.

5)What is the estimated market value of this market in 2030?
Ans. The estimated market value of this market is 44.14 bn in 2030.