The refrigerant market encompasses a wide range of refrigerant types, including HCFCs, HFCs, HFOs, isobutane, propane, ammonia, carbon dioxide, and others. These refrigerants find applications in various industries, such as domestic household refrigeration, light commercial refrigeration, commercial racks and condensing units, and industrial refrigeration. Different refrigerant types are chosen based on their specific properties and environmental considerations, catering to the cooling needs of diverse industries and applications while addressing sustainability and regulatory concerns.
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Data Bridge Market Research analyses that the Europe Refrigerant Market was valued at USD 3.28 billion in 2022 and is expected to reach USD 4.66 billion by 2030, registering a CAGR of 4.50% during the forecast period of 2023-2030. The demand for refrigerants that improve energy efficiency and minimize greenhouse gas emissions is driven by the need for eco-friendly and cost-effective cooling solutions. This driver aligns with environmental sustainability goals and energy efficiency initiatives.
Key Findings of the Study
Rapid urbanization is expected to drive the market's growth rate
Rapid urbanization contributes significantly to the refrigerant market. As more people move to urban areas, the demand for cooling and refrigeration in buildings, transportation, and commercial spaces rises. Urbanization leads to increased construction, infrastructure development, and the expansion of industries, all of which rely on refrigeration systems. This dynamic urban growth fuels the need for refrigerants, making it a key driver in the market as cities worldwide continue to expand and modernize.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (HCFCs, HFCs, HFOs, Isobutane, Propane, Ammonia, Carbon Dioxide, Others), Application (Refrigerators, Large-Scale Refrigerators, Chillers, Air Conditioners, Heat Pumps, and Others), Industry (Domestic Household Refrigeration, Light Commercial Refrigeration, Commercial Racks, and Condensing Units, Industrial Refrigeration)
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Countries Covered
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Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.
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Market Players Covered
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The Chemours Company (United States), Gas Servei (Spain), Gujarat Fluorochemicals Ltd. (India), AGC Inc. (Japan), Quimobasicos SA de CV (Mexico), Linde (Germany), DAIKIN INDUSTRIES, Ltd. (Japan), Mexichem S.A.B. de C.V. (Mexico), Zhejiang Fotech International Co. Ltd. (China), Tazzetti S.p.A. (Italy), SRF Limited (India), Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd. (China), SINOCHEM GROUP CO., LTD. (China), Shandong Yue'an Chemical Co., Ltd (China), Air Liquide and SOL Spa (France), Arkema (France), Dongyue Group (China), Honeywell International, Inc. (U.S.). among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The Europe refrigerant market is segmented on the basis of type, application, and industry.
- On the basis of type, the Europe refrigerant market is segmented into HCFCs, HFCs, HFOs, isobutane, propane, ammonia, carbon dioxide, and others.
- On the basis of application, the Europe refrigerant market is segmented into refrigerators, large-scale refrigerators, chillers, air conditioners, heat pumps, and others.
- On the basis of industry, the Europe refrigerant market is segmented into domestic household refrigeration, light commercial refrigeration, commercial racks, and condensing units, and industrial refrigeration.
Major Players
Data Bridge Market Research recognizes the following companies as the Europe refrigerant market players in Europe refrigerant market are The Chemours Company (United States), Gas Servei (Spain), Gujarat Fluorochemicals Ltd. (India), AGC Inc. (Japan), Quimobasicos SA de CV (Mexico), Linde (Germany), DAIKIN INDUSTRIES, Ltd. (Japan), Mexichem S.A.B. de C.V. (Mexico).
Market Developments
- In January 2023, The Chemours Company introduced its Opteon XL41 (R-454B) hydrofluoroolefin (HFO) refrigerant in North America. This refrigerant serves as a sustainable replacement for new air conditioning and heat pump applications. It boasts zero ozone depletion potential (ODP) and significantly reduces global warming potential (GWP) by approximately 78%. This environmentally friendly solution aligns with the drive for more eco-conscious and efficient refrigerants in the HVAC industry
- In January 2022, Honeywell unveiled a groundbreaking refrigerant, named Solstice N71 (R-471A). This innovative refrigerant offers a low-global-warming-potential (GWP) solution for commercial and industrial refrigeration, with a specific focus on optimizing performance in supermarket applications. Solstice N71 is designed to meet sustainability and environmental regulations while providing efficient cooling, addressing the growing demand for eco-friendly refrigerants in the commercial refrigeration sector, particularly in supermarket settings
- In June 2021, Arkema S.A. confirmed an agreement with Chinese producer Aofan to commence the manufacturing of Forane 1233zd, a refrigerant, in China. This collaboration expands the local production of this low-global-warming-potential (GWP) refrigerant in response to the increasing demand for environmentally friendly cooling solutions. The move aligns with sustainability initiatives and reinforces Arkema's presence in the Chinese refrigerant market, catering to evolving regulatory and environmental concerns
- In January 2021, Air Liquide S.A. formed a joint venture with Hefei Institutes of Physical Sciences to advance the development of helium refrigerant equipment in China. This partnership focuses on driving innovation in helium-based cooling systems, addressing the growing demand for efficient and sustainable refrigeration solutions. By leveraging both companies' expertise, the venture contributes to the evolution of cooling technologies and supports China's commitment to environmental and energy-efficient cooling practices
Regional Analysis
Geographically, the countries covered in the Europe refrigerant market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe.
As per Data Bridge Market Research analysis:
Germany is the dominant region in the Europe refrigerant market during the forecast period 2023-2030
Germany dominates the European refrigerant market is attributed to the nation's continuous industrial advancements. Germany hosts diverse industries, including automotive, manufacturing, and chemical sectors, so the demand for refrigerants is high. These refrigerants play a crucial role in industrial applications' temperature control and cooling processes. Therefore, the country's robust industrial landscape and commitment to innovation and sustainability position Germany at the forefront of the European refrigerant market.
France is expected to dominate the Europe refrigerant market in the forecast period 2023-2030
France is poised for substantial growth in the refrigerant market as awareness about the responsible use of refrigerants continues to rise. With a strong emphasis on environmental protection and sustainability, there is increasing awareness about the impact of refrigerants on the environment. As a result, adopting environmentally friendly and low-global warming potential refrigerants is on the rise in France, propelling the market's growth during the forecast period.
For more detailed information about the Europe refrigerant market report, click here – https://www.databridgemarketresearch.com/fr/reports/europe-refrigerant-market
