Top Refrigerant R32 Companies

Refrigerant R32 Market size was valued at USD 7.43 Billion in 2024 and is poised to grow from USD 7.91 Billion in 2025 to USD 13.1 Billion by 2033, growing at a CAGR of 6.5% during the forecast period (2026–2033).

The global refrigerant R32 market is highly competitive in nature owing to the high demand for cold storage from multiple end-user industries. Major players adopted strategies such as merger, acquisitions, new product launch, and others to strengthen their position in the global market. 'Daikin Industries Ltd. (Japan)', 'Arkema S.A. (France) ', 'Honeywell International Inc. (USA) ', 'The Chemours Company (USA) ', 'Mexichem S.A.B. de C.V. (Mexico) ', 'SRF Limited (India) ', 'Linde plc (Ireland) ', 'National Refrigerants, Inc. (USA) ', 'Harp International Ltd. (UK) ', 'Asahi Glass Co., Ltd. (Japan) ', 'Tazzetti S.p.A. (Italy) ', 'Brothers Gas Bottling & Distribution Co. LLC (UAE) ', 'Puregas LLC (USA)'

Pharmaceutical industries require low temperatures for the transportation and storage of the pharmaceutical drugs. The growing use of refrigerant R32 is due to the rise in inclination towards biologics. This, coupled with the rising demand for specialty pharmaceuticals as well as insulin products & vaccines is anticipated to fuel the growth of the market. The pharmaceutical industry is witnessing significant growth in emerging countries of Asia pacific such as India and China. Hence, increasing pharmaceutical industry is expected to drive the market for refrigerant R-32 during the forecast period.

Rise in Inclination to Low-GWP Refrigerant: Recently, R410A (HFC) is the main air conditioner refrigerant used across multiple applications. But it has a high GWP of approximately 2,090. The HFC R32 (GWP-675) has become widely used as a replacement for R410A. However, R32 is a mildly flammable gas and carries significant safety risks when used in larger equipment, and particularly in applications such as supermarkets. The rise in the trend of shopping from supermarkets and large grocery stores automatically augments the demand for refrigerant R-32, thereby creating lucrative growth opportunities for manufacturers in the forecast period.

Asia pacific is expected to dominate the global market for refrigerant R-32 during the forecast period. The growth of this region is attributed to rapid economic growth, particularly in the consumer goods and automobile sectors. In addition, the increasing rate of urbanization in Asia Pacific, coupled with the improved living standards and adoption of quality lifestyle, is driving the market growth.