Refrigerants Market worth $8.4 billion by 2027 | Key players Honeywell International Inc., Orbia, The Linde Group, The Chemours Company, Daikin Industries

According to recent market research "Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane), Application (Refrigeration System, Air Conditioning System, Chillers, MAC) and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2027", is projected to reach USD 8.4 billion by 2027, at a CAGR of 6.2% from USD 6.2 billion in 2022.

The major factors contributing to the growth of the global refrigerants market are the increasing demand for consumer appliances, especially in Asia Pacific, and the growing pharmaceutical industry. The growing use of natural refrigerants is expected to act as an opportunity for stakeholders to grow in the refrigerants market. Natural refrigerants are likely to be in high demand in the coming years, driven by the multiplying demand from domestic, industrial, and chiller applications.

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"HFO is projected to grow at fastest CAGR during the forecast period"

HFOs are much safer than other fluorocarbon refrigerants such as HCFCs and HFCs due to their low GWP. Europe is estimated to dominate the HFO refrigerants market, in terms of volume, in 2022. This dominance can also be attributed to the ban on HCFCs and HFCs. HFC refrigerants are made up of hydrogen, fluorine, and carbon atoms joined together by single bonds. HFO refrigerants compose at least one double bond between the carbon atoms and are made up of hydrogen, fluorine, and carbon atoms.

"MAC is projected to be the fastest growing application in refrigerants market, in terms of value"

MAC includes air conditioning in vehicles such as cars, trucks, and buses. The commonly used refrigerant in Mobile Air Conditionings is HFC134A. Another refrigerant R-1234yf is an alternative to the R-134A refrigerant used in MAC. The increasing number of automobile production facilities in Asia Pacific and the shifting of European automobile manufacturers to the low-cost markets of Asia Pacific is contributing to the increased use of refrigerants in the mobile air conditioning application.

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The refrigerants market is projected to reach USD 8.4 billion by 2027, at a CAGR of 6.2% from USD 6.2 billion in 2022. The growth is largely driven by factors such as high demand from industries such as consumer electronics, pharmaceutical and automotive. The growing demand for natural refrigerants due to environmental concerns provides lucrative opportunities for the market.

The key players in this market are Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Ireland), Air Liquide (France), Daikin Industries Ltd. (Japan), Sinochem Group (China), Arkema S.A. (France), and Orbia (Mexico). Players in the refrigerants market are adopting both organic and inorganic growth strategies in order to grow their regional and global presence within the market. These major players are continuously developing new products to cater to their customer needs. They are also aggressively acquiring other small companies to increase their market share within the global market.

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Honeywell offers products across the building, personal safety, vehicles, footwear, industrial, manufacturing, aerospace & defense, oil & gas, security & fire, healthcare & medical, chemicals, and specialty material industries, among others. The company operates through the following segments, namely, aerospace, performance materials and technologies, Honeywell building technologies, and safety and productivity solutions. It manufactures and markets refrigerants under the performance materials and technologies segment. The company has a strong sales network in the US and Europe. In January 2022, Honeywell launched a new non-flammable energy-efficient Solstice N71 (R-471A) refrigerant to meet the stringent regulations regarding reducing greenhouse gas emissions. The company offers a wide range of refrigerants such as HFC and HFO for applications in supermarkets, commercial air conditioners, residential air conditioners, and mobile air conditioning. It is also continuously expanding its product portfolio through new product launches.

The Chemours Company is a spin-off of DuPont (US) which offers solutions for various end-use industries. The company is among the leading players in the refrigerants market and operates through four major business segments, namely, titanium technologies, thermal & specialized solutions, advanced performance materials, and chemical solutions. It manufactures and markets refrigerants under the thermal & specialized solutions business segment. The company offers refrigerants through two brand names, Freon and Opteon. It has a wide geographical presence and meets the demands of customers in North America, Europe, Middle East & Africa, Asia Pacific, and South America. In February 2020, The Chemours Company announced the successful installation of the Opteon refrigerant at the Pepsi Center, home of Colorado Avalanche. Opteon, the official refrigerant solution of the NHL, is a sustainable and cost-effective refrigerant offering for ice refrigeration chiller systems. The Chemours Company focuses on continuous innovations and plans to meet global demands by 2030. It is continuously taking up new opportunities to overcome challenges by offering products that are efficient and environment-friendly. Recently, the company upgraded its automotive air conditioning and created the Option YF refrigerant with 99.9% potential to reduce global warming.

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