Refrigerant Market Size to Exceed US$ 25,534.6 million by 2028

According to The Insight Partners new market study on "Refrigerant Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Application" the refrigerant market was valued at US$ 16,458.3 million in 2021 and is projected to reach US$ 25,534.6 million by 2028; it is expected to grow at a CAGR of 6.5% from 2021 to 2028.

Surging demand for energy-efficient cooling solutions is the major trend in the refrigerant industry. Increasing average global temperatures due to climate change, economic growth and urbanization are widely expected to lead to a greater demand for energy-efficient refrigerants. Refrigerants with lower global warming potential will help reduce total greenhouse gas emissions.

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Usage of various refrigerants and environmental effects causing depletion ozone layer has been a constant matter of discussion, which has also shifted the focus of manufacturers in developing energy-efficient refrigerants. Ongoing technological advancements in cooling and replacing traditional refrigerants with natural and energy efficiency will positively impact the market. Energy consumption has seen a rise in past years; most of the energy demand is expected to grow from emerging economies where strong economic growth, increased access to marketed energy and growing population have led to a rise in demand for energy; this has also fueled the demand for energy-efficient refrigerant to cater the growing need for energy from emerging economies.

The global economy was hit hard due to the COVID-19 pandemic. Governments of various regions had taken possible steps to restrict the spread of SARS-CoV-2 by announcing country-wide lockdowns, which directly impacted the growth of industrial sectors. Many refrigerator and air conditioning manufacturers faced challenges procuring refrigerants. Moreover, supply constraints have significantly raised the costs of refrigerants. The COVID-19 pandemic had significantly impacted manufacturing industries across the globe, with a huge decline in the production process. However, the market has recovered due to the rising demand for refrigerants.

The Chemours Company; Arkema; Honeywell International Inc.; Linde plc; Air Liquide; Dongyue Group; SINOCHEM GROUP CO., LTD.; DAIKIN INDUSTRIES, Ltd.; AGC Inc.; and Airgas, Inc. are among the major players operating in the global refrigerant market. Players operating in the global refrigerant market are constantly focusing on strategies such as investments in research and development activities and new product launches. These market players are highly focused on developing high-quality and innovative product offerings to fulfill the customer's requirements.

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In 2020, Asia Pacific held the largest revenue share of the global refrigerant market. The major factor driving the refrigerant market in the Asia Pacific region is the high demand for refrigerants from manufacturing, food & beverages, healthcare, and automotive industries.

Strong electronics and food & beverages industries in countries such as Japan, South Korea, China, and India create a strong demand for refrigerants used in refrigerator and air conditioner manufacturing. The fast economic growth, coupled with an increase in purchasing power, especially in developing economies, has led to a surge in the consumption of chillers and mobile air conditioning (MAC). The growing automotive industry creates a massive demand for air conditioning systems in the Asia Pacific, further contributing to the refrigerant market growth in the region.

Based on type, the global refrigerant market has been segmented into HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others. The HFC segment held the largest share in the global refrigerant market in 2020. The most commonly used HFC refrigerants are R-404A, R-410A, R-32, R-134a, and R-407C. HFCs are refrigerants that are highly preferred in domestic refrigeration and automotive air conditioning systems.

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