Global Refrigerants Market

Global Refrigerants Market Size, Share, Growth Analysis, By Product(Fluorocarbons, hydrocarbons), By Application(Industrial refrigeration, domestic refrigeration) - Industry Forecast 2023-2030


Report ID: SQMIG15B2039 | Region: Global | Published Date: February, 2024 | Pages: 281 | Tables: 68 | Figures: 79

Global Refrigerants Market Insights

Refrigerants Market size was valued at USD 22.09 billion in 2021 and is poised to grow from USD 23.73 billion in 2022 to USD 42 billion by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).

The need for cooling equipment is considerable in emerging countries, owing to growing industrialization and an increase in industrialists' preference for efficient cooling systems. Also, rising per capita disposable incomes in developing nations such as China, India, and Indonesia have led to an increase in the use of air conditioning systems, resulting in an unprecedented increase in global energy demand. Furthermore, an increase in the demand for better maintenance of industrial equipment that requires cold environments across various manufacturing units, as well as an increase in the demand for absorption chillers in oil and gas refineries, are driving the global refrigerants market growth. Furthermore, an increase in demand for household air conditioning systems, owing to a considerable increase in per capita disposable incomes, particularly in developing nations, is a crucial factor driving the global market growth.

Due to rapid growth in the global economy and disposable incomes, the global market provides market participants with numerous prospects. The increased use of refrigerants in automobiles and food products, as well as rising living standards, is driving the global market forward. Also, mobile air conditioners and chillers are projected to gain popularity in commercial refrigeration. However, environmental concerns associated with the use of toxic refrigerants, such as global warming and ozone layer depletion, have resulted in the development of stringent norms, regulations, and protocols, particularly for the use of CFCs and HCFCs in new refrigeration and air conditioning appliances.

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

Market snapshot - 2023-2030

Global Market Size

USD 22.09 billion

Largest Segment

Fluorocarbons

Fastest Growth

Fluorocarbons

Growth Rate

7.4% CAGR

Global Refrigerants Market 2021-2030 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Refrigerants Market Size By Product 2021-2030 ($ Bn)
Global Refrigerants Market Size By Product 2021-2030 (%)

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Global Refrigerants Market Segmental Analysis

Global refrigerants market is segmented on the basis of product, application, and region. By product, the market is segmented into fluorocarbons, hydrocarbons, inorganic compounds, and others. By application, market is segmented into industrial refrigeration, domestic refrigeration, transportation refrigeration, commercial refrigeration, stationary air conditioning, chillers and heat pumps, and mobile air conditioning. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Refrigerants Market Analysis by Product

Fluorocarbons emerged as the main product segment, accounting for 53.13% of the total volume. They are widely utilized in the home and commercial air conditioning equipment. HFCs are commonly used in air conditioning applications because they are less damaging to the environment than other fluorocarbon refrigerants. They are also the most prominent replacements for phased-out CFCs and HCFCs. Emerging economies are gradually phase out fluorocarbon refrigerants and are aiming to phase out HCFCs. As a result, global demand for HFCs will be strong. Hydrocarbons' energy efficiency, low cost, and environmentally favorable nature are significant factors driving their demand. Because of their low cost and ease of availability, they are also becoming a popular replacement for fluorocarbon-based cooling equipment and processes. Europe is a major consumer of hydrocarbons, as the region's air-conditioning industry has been rapidly incorporating them into all of its cooling products.

Inorganic refrigerants were the second-largest segment, accounting for 24.17% of total volume. Because of its great thermal efficiency, it has played an important role in industrial applications. The segment is expected to grow gradually in the future due to its low cost, convenient availability, and eco-friendly nature.  Stringent rules and policies proposed by the UN Framework Convention on Climate Change regarding global warming and ozone depletion compounds are projected to have a critical influence in increasing demand for hydrocarbon and inorganic refrigerants. To secure a sustainable business model, multinational organizations in the industry are progressively investing in R&D to produce unique and eco-friendly services.

Refrigerants Market Analysis by Application

The stationary air conditioning, chillers, and heat pumps sector dominated the market by application, accounting for more than 47% of the total volume. The middle class's increased spending power on consumer appliances such as refrigeration systems has led to the expansion of this market. Rising demand for cooling equipment has been boosted by growing industrialization, decreasing climatic conditions, and increased production of consumer appliances.

Another rapidly growing application is commercial refrigeration. The expansion of hypermarkets, supermarkets, and food retail chains, combined with an increase in packaged and frozen food consumption, has increased demand for commercial refrigerants.

The rapidly expanding vehicle industry in emerging economies presents the attractive and fast-growing potential for the mobile air conditioning application segments. Increased consumer disposable income has resulted in considerable increases in passenger automobile sales in nations such as China, India, Vietnam, Thailand, Venezuela, Argentina, and Indonesia. Air conditioning is becoming more popular as a comfort element in automobiles, affecting consumer purchase behavior and driving up demand for mobile air conditioning products and services. Air conditioning has also been identified as a factor contributing to better efficiency in off-highway vehicle applications, which has raised its demand.

The increased adoption of energy-efficient and environmentally friendly products in developed economies such as North America and Europe is driving domestic refrigeration demand. Food waste concerns, the desire for enhanced food quality, and an increase in disposable income are driving demand for residential refrigeration in growing economies such as Asia Pacific and the Middle East and Africa, prompting the increasingly wealthy middle class to spend more on modern equipment. The rise in international trade of perishable commodities, consumer demand for frozen and chilled food and drinks, and demand from the life science and pharmaceutical industries are driving the growth of the refrigeration market, particularly in cold-chain logistics. The market is expected to grow significantly in Asia Pacific as a result of rising healthcare spending, booming commerce in fruits and vegetables and confectionery, and increased middle-class spending on frozen food and beverages.

Global Refrigerants Market Size By Product 2021 (%), 2021 (%)

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Global Refrigerants Market Regional Insights

The Asia-Pacific region dominated the global market. Asia-Pacific had the largest market share and is expected to have the largest market share during the forecast period. China is one of the world's fastest expanding economies, and practically all end-user industries have seen significant development as a result of increased population, living standards, and per capita income. However, due to international trade turbulences and unfavorable geopolitical events, the growth rate is likely to decelerate in the forecast period's first few years. Also, given the favorable future conditions and relations, growth is likely to accelerate during the forecast period. Chinese customers are increasingly purchasing health and wellness products, such as organic crops that require cold storage, such as peas and maize. Packaged frozen foods, particularly dairy, baby food, and confectionery products, are also growing increasingly popular. Due to the rising popularity of ready-to-eat packaged food, which opens up the market for appliances, many consumers in China now view refrigeration appliances as essential household products. The scenario supports the expansion of the Chinese refrigeration sector even more. The modern-day flourishing economy of India, with dramatically improving living standards and per capita income, is altering an individual's choices and preferences. This is resulting in the expansion of all key areas of the Indian economy, resulting in increased growth prospects for the country.

In North America, the inorganic segment has expanded its market share as a result of technological developments in the cold chain industry, growing worries about food waste, a growth in the demand for refrigerated foods and beverages, and a larger retail presence. Because of its high cooling and efficiency, ammonia held the leading position in the inorganic segment. Natural refrigerants are rapidly gaining market share due to their superior cooling and energy efficiency. The commercial refrigeration and mobile air conditioning sectors in the United States are expected to increase significantly over the projection period as a result of the HFC elimination strategy and the transition to eco-friendly natural and sustainable refrigerants such as carbon dioxide and ammonia. Supermarket retail chains and the need for chilling equipment have also seen a rise in recent years, as supermarket construction has increased and demand for frozen foods has increased.

Due to significant demand from the mobile air conditioning, industrial, and commercial segments, Europe is the second-largest regional segment in terms of consumption. Numerous laws govern the region, and businesses are required to follow strict rules to ensure the overall sustainability of their products.

Global Refrigerants Market Size By Geography, 2021-2030, 2023-2030
  • Largest
  • Fastest

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Global Refrigerants Market Dynamics

Refrigerants Market Drivers

Expansion of the pharmaceutical industry

  • Low temperatures are required in the pharmaceutical industry for drug transport and storage. Factors such as the move to biologics, as well as the expanding specialized medicines, insulin products, and vaccinations, are driving demand for refrigerants in developing Asian countries. The pharmaceutical sector is expanding rapidly in Asia Pacific's main growing economies, including China and India. As a result, the pharmaceutical industry's expansion is likely to fuel the refrigerant market.

Refrigerants Market Restraints

Concerns of flammability and toxicity

  • At higher concentrations, refrigerants such as ammonia, carbon dioxide, and HCs are flammable, corrosive, and poisonous. Ammonia can corrode copper when it reacts with it. As a result, ammonia-based refrigeration systems are composed of materials like steel, which raises the overall initial cost of systems. The precautions required for ammonia and carbon dioxide are greater than those required for fluorinated refrigerant gases. When carbon dioxide comes into contact with air, it tends to crystallize into dry ice. As a result, specific valves are required in carbon dioxide cylinders and refrigeration systems to avoid this conversion.

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Global Refrigerants Market Competitive Landscape

The global refrigerant market is highly fragmented and competitive. Key industry players are working on product development, new product launches, and regional expansions to capture a significant percentage of market shares. In order to meet strict regulatory requirements and changing consumer tastes, other industry players are likely to invest more in R&D and the manufacturing of environmentally friendly products. Volatile raw material prices and multinational firms utilizing cutting-edge technologies are projected to present difficulties for new entrants. Existing companies invest extensively in R&D and expansion in order to increase their global presence, and they are inventing new, cost-effective solutions to meet specific application requirements.

Refrigerants Market Top Player’s Company Profiles

  • Arkema S.A.
  • The Chemours Company
  • Daikin Industries Ltd.
  • DowDuPont Inc.
  • Honeywell International Inc.
  • Linde plc
  • Mexichem S.A.B. de C.V.
  • Mitsubishi Chemical Holdings Corporation
  • Navin Fluorine International Limited
  • National Refrigerants, Inc.
  • Puyang Zhongwei Fine Chemical Co., Ltd.
  • Quimobásicos
  • SRF Limited
  • Shandong Yuean Chemical Industry Co., Ltd.
  • Shandong Dongyue Chemical Co., Ltd.
  • Solvay SA
  • The Linde Group
  • Tazzetti S.p.A.
  • Zhejiang Juhua Co., Ltd.
  • Zhejiang Quzhou Juhua Co., Ltd.

Refrigerants Market Recent Developments

  • In, July 2022, A-Gas, a manufacturer of industrial gases, refrigerants, and other chemicals with headquarters in the UK, purchased Certified Refrigerant Services, Inc. for an undisclosed amount. With this acquisition, CRS would extend A-Gas' refrigerant business in the United States and highlight the company's interest in the safe and effective recovery and reclamation of refrigerant gases. Certified Refrigerant Services, Inc. is a refrigerant service company established in the United States.
  • In January 2022, Honeywell launched the Solstice N71 (R-471A) refrigerant to meet the strict rules pertaining to reducing greenhouse gas emissions. It is non-flammable and energy-efficient.
  • In May 2021, Sinochem Holdings Corporation Ltd was founded and created as a result of a cooperative reorganization between Sinochem Group and China International Corporation. With more than 220,000 workers, the company is a significant state-owned enterprise.
  • In February 2020, Honeywell, a US-based firm that provides innovative solutions to clients, will offer the Solstice N15 (R-515B) based on HVAC technology.  Solstice N15 (R-515B) is a new non-flammable refrigerant with a low global warming potential that can be utilized in chillers and heat pumps.

Global Refrigerants Key Market Trends

  • Refrigerants are substances that absorb heat from the environment and are utilized in cooling products because of this property. Refrigerant is an essential component of modern cooling systems such as air conditioners, refrigerators, freezers, chillers, and so on. Hydro fluorocarbons are now the most often utilized refrigerant in the market by most manufacturers, after their predecessor, chlorofluorocarbons, were phased out due to their ozone-depleting tendency following the Montreal Protocol. The key macroeconomic elements influencing the industry are fluctuating climate conditions and rapid economic expansion in emerging economies. The rise of the consumer electronics sector, as well as the economic development of the Least Developed Economies, are the key growth drivers of the refrigerant market. Domestic air conditioning and refrigeration systems have become more popular as purchasing power has increased. The expansion of the cold storage sector has resulted in a rise in global demand for refrigerants.
  • The trend of frozen food and cold chain logistics is quickly taking hold as a result of the increased global trade in food and medical supplies. According to the Food and Agriculture Organization of the United Nations, billions of tons of fresh food are lost each year due to inefficient cold chain systems in underdeveloped economies. Fruits, vegetables, poultry, meat, and dairy require a constant cold chain since they are prone to spoilage. Cold chain service providers can extend the shelf life of perishable food items by improving the restrictions of temperature, air and moisture content, and adequate management of the commodities. These variables are expected to drive refrigerant application over the forecast period.

Global Refrigerants Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global refrigerants market analysis, fluorocarbons emerged as the most important business segment, accounting for 53.13% of total volume. The second-largest segment was inorganic refrigerants, which accounted for 24.17% of the total volume. The stationary air conditioning, chillers, and heat pumps sector dominated the market by application segment, accounting for more than 47% of the total volume. The market was dominated by the Asia-Pacific region. Asia-Pacific had the most market share and is likely to continue to have the highest market share over the projection period. The inorganic segment has increased its market share in North America as a result of technological advancements in the cold chain industry, growing concerns about food waste, increased demand for refrigerated foods and beverages, and a stronger retail presence.

Report Metric Details
Market size value in 2021 USD 22.09 billion
Market size value in 2030 USD 42 billion
Growth Rate 7.4%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Fluorocarbons, hydrocarbons, inorganic compounds, and others
  • Application
    • Industrial refrigeration, domestic refrigeration, transportation refrigeration, commercial refrigeration, stationary air conditioning, chillers and heat pumps, and mobile air conditioning
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Arkema S.A.
  • The Chemours Company
  • Daikin Industries Ltd.
  • DowDuPont Inc.
  • Honeywell International Inc.
  • Linde plc
  • Mexichem S.A.B. de C.V.
  • Mitsubishi Chemical Holdings Corporation
  • Navin Fluorine International Limited
  • National Refrigerants, Inc.
  • Puyang Zhongwei Fine Chemical Co., Ltd.
  • Quimobásicos
  • SRF Limited
  • Shandong Yuean Chemical Industry Co., Ltd.
  • Shandong Dongyue Chemical Co., Ltd.
  • Solvay SA
  • The Linde Group
  • Tazzetti S.p.A.
  • Zhejiang Juhua Co., Ltd.
  • Zhejiang Quzhou Juhua Co., Ltd.

Refrigerants Market Recent Developments

  • In, July 2022, A-Gas, a manufacturer of industrial gases, refrigerants, and other chemicals with headquarters in the UK, purchased Certified Refrigerant Services, Inc. for an undisclosed amount. With this acquisition, CRS would extend A-Gas' refrigerant business in the United States and highlight the company's interest in the safe and effective recovery and reclamation of refrigerant gases. Certified Refrigerant Services, Inc. is a refrigerant service company established in the United States.
  • In January 2022, Honeywell launched the Solstice N71 (R-471A) refrigerant to meet the strict rules pertaining to reducing greenhouse gas emissions. It is non-flammable and energy-efficient.
  • In May 2021, Sinochem Holdings Corporation Ltd was founded and created as a result of a cooperative reorganization between Sinochem Group and China International Corporation. With more than 220,000 workers, the company is a significant state-owned enterprise.
  • In February 2020, Honeywell, a US-based firm that provides innovative solutions to clients, will offer the Solstice N15 (R-515B) based on HVAC technology.  Solstice N15 (R-515B) is a new non-flammable refrigerant with a low global warming potential that can be utilized in chillers and heat pumps.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Refrigerants Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Refrigerants Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Refrigerants Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Refrigerants Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Refrigerants Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Refrigerants Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQ's

Refrigerants Market size was valued at USD 22.09 billion in 2021 and is poised to grow from USD 23.73 billion in 2022 to USD 42 billion by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).

The global refrigerant market is highly fragmented and competitive. Key industry players are working on product development, new product launches, and regional expansions to capture a significant percentage of market shares. In order to meet strict regulatory requirements and changing consumer tastes, other industry players are likely to invest more in R&D and the manufacturing of environmentally friendly products. Volatile raw material prices and multinational firms utilizing cutting-edge technologies are projected to present difficulties for new entrants. Existing companies invest extensively in R&D and expansion in order to increase their global presence, and they are inventing new, cost-effective solutions to meet specific application requirements. 'Arkema S.A.', 'The Chemours Company', 'Daikin Industries Ltd.', 'DowDuPont Inc.', 'Honeywell International Inc.', 'Linde plc', 'Mexichem S.A.B. de C.V.', 'Mitsubishi Chemical Holdings Corporation', 'Navin Fluorine International Limited', 'National Refrigerants, Inc.', 'Puyang Zhongwei Fine Chemical Co., Ltd.', 'Quimobásicos', 'SRF Limited', 'Shandong Yuean Chemical Industry Co., Ltd.', 'Shandong Dongyue Chemical Co., Ltd.', 'Solvay SA', 'The Linde Group', 'Tazzetti S.p.A.', 'Zhejiang Juhua Co., Ltd.', 'Zhejiang Quzhou Juhua Co., Ltd.', 'In, July 2022, A-Gas, a manufacturer of industrial gases, refrigerants, and other chemicals with headquarters in the UK, purchased Certified Refrigerant Services, Inc. for an undisclosed amount. With this acquisition, CRS would extend A-Gas' refrigerant business in the United States and highlight the company's interest in the safe and effective recovery and reclamation of refrigerant gases. Certified Refrigerant Services, Inc. is a refrigerant service company established in the United States.', 'In January 2022, Honeywell launched the Solstice N71 (R-471A) refrigerant to meet the strict rules pertaining to reducing greenhouse gas emissions. It is non-flammable and energy-efficient.', 'In May 2021, Sinochem Holdings Corporation Ltd was founded and created as a result of a cooperative reorganization between Sinochem Group and China International Corporation. With more than 220,000 workers, the company is a significant state-owned enterprise.', 'In February 2020, Honeywell, a US-based firm that provides innovative solutions to clients, will offer the Solstice N15 (R-515B) based on HVAC technology.  Solstice N15 (R-515B) is a new non-flammable refrigerant with a low global warming potential that can be utilized in chillers and heat pumps.'

Low temperatures are required in the pharmaceutical industry for drug transport and storage. Factors such as the move to biologics, as well as the expanding specialized medicines, insulin products, and vaccinations, are driving demand for refrigerants in developing Asian countries. The pharmaceutical sector is expanding rapidly in Asia Pacific's main growing economies, including China and India. As a result, the pharmaceutical industry's expansion is likely to fuel the refrigerant market.

Refrigerants are substances that absorb heat from the environment and are utilized in cooling products because of this property. Refrigerant is an essential component of modern cooling systems such as air conditioners, refrigerators, freezers, chillers, and so on. Hydro fluorocarbons are now the most often utilized refrigerant in the market by most manufacturers, after their predecessor, chlorofluorocarbons, were phased out due to their ozone-depleting tendency following the Montreal Protocol. The key macroeconomic elements influencing the industry are fluctuating climate conditions and rapid economic expansion in emerging economies. The rise of the consumer electronics sector, as well as the economic development of the Least Developed Economies, are the key growth drivers of the refrigerant market. Domestic air conditioning and refrigeration systems have become more popular as purchasing power has increased. The expansion of the cold storage sector has resulted in a rise in global demand for refrigerants.

The Asia-Pacific region dominated the global market. Asia-Pacific had the largest market share and is expected to have the largest market share during the forecast period. China is one of the world's fastest expanding economies, and practically all end-user industries have seen significant development as a result of increased population, living standards, and per capita income. However, due to international trade turbulences and unfavorable geopolitical events, the growth rate is likely to decelerate in the forecast period's first few years. Also, given the favorable future conditions and relations, growth is likely to accelerate during the forecast period. Chinese customers are increasingly purchasing health and wellness products, such as organic crops that require cold storage, such as peas and maize. Packaged frozen foods, particularly dairy, baby food, and confectionery products, are also growing increasingly popular. Due to the rising popularity of ready-to-eat packaged food, which opens up the market for appliances, many consumers in China now view refrigeration appliances as essential household products. The scenario supports the expansion of the Chinese refrigeration sector even more. The modern-day flourishing economy of India, with dramatically improving living standards and per capita income, is altering an individual's choices and preferences. This is resulting in the expansion of all key areas of the Indian economy, resulting in increased growth prospects for the country.

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Global Refrigerants Market

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