Refrigerant R32 Market Size, Share, Growth Analysis, By Type(Fluorocarbons, hydrocarbons), By Application(Domestic, industrial) - Industry Forecast 2024-2031

Global Refrigerant R32 Market size was valued at USD 6.38 billion in 2022 and is poised to grow from USD 6.85 billion in 2023 to USD 12.13 billion by 2031, growing at a CAGR of 7.40% during the forecast period (2024-2031).

The growth of this market is attributed to increasing investments in research and development activities, entry of new players, product innovations, effective allocations of new products, and growing competition among business rivals. In addition, governments supportive initiatives and policies are also expected to help augment growth of this market in the forecast period. For example, in India, verification tests were conducted for inverter type R32 air conditioners. Consequently, Daikin, a major manufacturer of Refrigerant R32 has received requests from various governments of Thailand and Malaysia and the company is starting to target local manufacturers for technical assistance for conversion of R32. This, coupled with favourable laws promoting the adoption of R32 refrigerants is projected to accelerate market growth during the forecast period. Furthermore, the rise in disposable incomes of people and the willingness to spend more on luxurious lifestyle and innovative equipment will further contribute towards the market development.

Refrigerant R32 has some advantages over other refrigerants as it can reduce electricity consumption up to an estimated10% in comparison to air conditioners using R-22. Moreover, its global warming potential is one third lower than R-22 and R-410A, it is easy to recycle, and has lower operation as well as maintenance costs. Hence, the increase in awareness about the benefits of refrigerant R32 is propelling its adoption, thereby creating new business opportunities for market players.

US Refrigerant R32 Market  is poised to grow at a sustainable CAGR for the next forecast year.