Refrigerant R32 Market Updates

Refrigerant R32 Market size was valued at USD 6.85 Billion in 2023 and is poised to grow from USD 7.36 Billion in 2024 to USD 13.03 Billion by 2032, growing at a CAGR of 7.40% during the forecast period (2025-2032).

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.', 'Arkema S.A.', 'Honeywell International Inc.', 'The Chemours Company', 'Mexichem S.A.B. de C.V.', 'SRF Limited', 'Linde plc', 'National Refrigerants, Inc.', 'Harp International Ltd.', 'Asahi Glass Co., Ltd.', 'Tazzetti S.p.A.', 'A-Gas International', 'GFL Environmental Inc.', 'Brothers Gas Bottling & Distribution Co. LLC', 'Puregas LLC', 'Shandong Yuean Chemical Industry Co., Ltd.', 'Zhejiang Juhua Co., Ltd.', 'Quzhou Juhua Co., Ltd.', 'GTS Group', 'Zhejiang Yonghe Refrigerant Co., Ltd.'

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

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.