Global Refrigerant Market Segmentation, By Type (HCFCs, HFCs, HFOs, Isobutane, Propane, Ammonia, Carbon Dioxide, Others), Application (Refrigerators, Large-Scale Refrigerators, Chillers, Air Conditioners, Heat Pumps, Others), End User (Domestic Household Refrigeration, Light Commercial Refrigeration, Commercial Racks and Condensing Units, Industrial Refrigeration) – Industry Trends and Forecast to 2031.
Refrigerant Market Analysis
Refrigerant is a chemical substance which commonly used in your air conditioner and freeze. In refrigerants include, sulfur dioxide, chlorofluorocarbons, ammonia and hydrocarbons, like propane which are fluids and are used in refrigeration cycle and heat pump. They find in many applications in industrial, residential, and commercial sectors. Refrigerants are also generally used in the automotive industry.
Refrigerant Market Size
Global refrigerant market size was valued at USD 26.75 billion in 2023 and is projected to reach USD 49.15 billion by 2031, with a CAGR of 7.90% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Refrigerant Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Key Market Players
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Arkema (France), Dongyue Group Co. Ltd. (China), Honeywell International Inc. (US), The Chemours Company (US), Linde Plc (Ireland), Air Liquide (France), Sinochem Lantian Co. Ltd. (China), Daikin Industries LTD, (Japan), Mexichem (Mexico), AGC Inc, (Japan). Gas Servei (Spain), Gujarat Fluorochemicals Ltd. (India), Quimobasicos (Mexico), Zhejiang Fotech International Co.Ltd. (China), Tazzetti S.p.A. (Italy), SRF Limited (India), Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd (China), Shandong Yue'an Chemical Co., Ltd, (China)
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Market Opportunities
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Refrigerant Market Definition
Refrigerant is a compound normally found in either a gaseous or fluid state. It willingly absorbs heat from the environment and provides air conditioning or refrigeration when combined with other components like evaporators and compressors. A refrigerant is a substance which is used in a heat cycle to transfer heat from one area to another. Generally a gas at room temperature. Found in pretty much the whole thing that cools, and after sometimes in things that heat, most commonly refrigerants are used in freezers, air conditioners, fridges, and vehicle air conditioners.
Refrigerant Market Dynamics
Drivers
- Increase the usage in transportation
During the transportation of food and food and other delicate supplies which has shipped at long distances need cooling in the transportation trucks, ships and train. Some refrigerants such as R134A and R1234yf are applied to transportation cooling. So, the higher demand in transportation sector are expected to drive the growth of the refrigerant market.
- Usage in pharmaceutical industry
Several medicine needs cooling due to the presence of crucial components in the medicine, which needs preservation. Two of the most common cooling refrigerants in pharmaceutical may be R134A and R1234ZE.. Also R448A, R449A, R450A, R507A, R404A, R407A, R407F, R422D, R513A can be useful for warehouse cooling purposes. But there are some limitations with high GWP refrigerants when it comes to use inside European Union.
- Highly used in refrigeration systems
Refrigeration systems are extremely used in industrial and commercial refrigeration purposes for retaining the temperature level. In the food industry, refrigeration systems are used to maintain the freshness of food in store, domestic houses, and other areas where food is handled. It is also used in chemical industries for the handling of chemicals. The increasing demand for refrigeration systems for domestic use increases the demand for refrigerants in the market.
Opportunities
- Increase the demand in commercial sector
There is a distinct increase in demand in the commercial sector with large number of malls, offices, and other infrastructures globally. These buildings are integrated with HVAC equipment like air conditioners. Due to the rapid growth of the commercial sector is leading the demand in the refrigerant market as refrigerants and create lucrative opportunities for the market growth rate.
- Growing demand for Natural Refrigerants
The natural refrigerants are carbon dioxide, ammonia, and HCs like isobutene and propane are most commonly used in the market. Due to the Technological advancements in cooling equipment it is replacing traditional refrigerants with natural refrigerant. This has led to an upsurge in the market share of natural refrigerants in several applications like refrigeration, air conditioning, and heating systems.
Restraints/ Challenges
Several governments and agencies are imposing regulations to limit the use of hydrocarbon refrigerants Due to the severe damage. The chlorofluorocarbon refrigerants cause to the ozone layer. Numerous countries have decided to phase out the use of HFCs and HCFCs by imposing restriction on the consumption through several rules and protocols. These regulations hamper the growth of the refrigerant market.
This refrigerant market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the refrigerant market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Refrigerant Market
The COVID-19 outbreak has impacted several sectors but the demand for the refrigerants from end-user applications declined for a short-term period. Numerous industries witnessed setbacks in the starting of 2020, which led to a resultant decline the demand for refrigerants. As a result, the refrigerant market is anticipated to witness the negative growth during pandemic. However, demand is anticipated to recover from 2021 forward and continue during the forecast period.
Refrigerant Market Scope
The refrigerant market is segmented on the basis type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- HCFCs
- HFCs
- HFOs
- Isobutane
- Propane
- Ammonia
- Carbon Dioxide
- Others
Application
- Refrigerators
- Large-Scale Refrigerators
- Chillers
- Air Conditioners
- Heat Pumps
- Others
End User
- Domestic Household Refrigeration
- Light Commercial Refrigeration
- Commercial Racks and Condensing Units
- Industrial Refrigeration
Refrigerant Market Regional Analysis
The refrigerant market is analysed and market size insights and trends are provided by country, type, application and end-user as referenced above.
The countries covered in the refrigerant market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the refrigerant market in terms of market share during the forecast period. This is due to the increasing demand for refrigerant in this region. The Asia-Pacific region leads the refrigerant market due to the increasing disposable income of the rising population along with rapid urbanization and industrialization in this region.
During the projected period, North America is anticipated to be the fastest developing region due to the increasing number of technological advancement along with growing concern regarding food wastage in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Refrigerant Market Share
The refrigerant market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to refrigerant market.
Refrigerant Market Leaders Operating in the Market Are:
- Arkema (France)
- Dongyue Group Co. Ltd. (China)
- Honeywell International Inc. (US)
- The Chemours Company (US)
- Linde Plc (Ireland)
- Air Liquide (France)
- Sinochem Lantian Co. Ltd. (China)
- Daikin Industries LTD, (Japan)
- Mexichem (Mexico)
- AGC Inc, (Japan)
- Gas Servei (Spain)
- Gujarat Fluorochemicals Ltd. (India)
- Quimobasicos (Mexico)
- Zhejiang Fotech International Co.Ltd. (China)
- Tazzetti S.p.A. (Italy)
- SRF Limited (India)
- Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd (China)
- Shandong Yue'an Chemical Co., Ltd, (China)
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