Press release
Refrigerants Market Size Worth USD 11.75 Billion in 2032 | Key Companies - A-GAS, Arkema, DAIKIN INDUSTRIES, Ltd., and DONGYUE GROUP
Refrigerants Market
In the pharmaceutical sector, refrigerants play a crucial role in preserving drugs and vaccines, ensuring they remain uncontaminated. Cold storage refrigerants, maintaining temperatures between 2°C-8°C, and cool storage refrigerants, with temperatures ranging from 8°C to 15°C, are imperative for meeting regulatory standards, as outlined by the National Institute of Health (NIH).
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Furthermore, the market is witnessing a surge in demand driven by technological advancements in refrigerants adopted by pharmaceutical companies. For example, Sinopharm Shanghai Biomedical Co. recently installed Honeywell's Solstice N40 refrigerant, contributing to reduced carbon emissions while ensuring vaccine storage efficiency.
Apart from the pharmaceutical sector, the Heating, Ventilation, and Air Conditioning (HVAC) industry is also a significant contributor to the refrigerants market's growth.
With approximately 2 billion active air-conditioning units globally, of which 70% are in residential units, the demand for refrigerants in HVAC systems for residential and commercial buildings continues to rise, according to the International Energy Agency (IEA).
However, regulatory restrictions on fluorocarbon refrigerants pose a challenge to market expansion. Fluorocarbons, though widely used, have detrimental effects on the environment, contributing to ozone depletion and global warming. Strict regulations, such as Section 608 of the Clean Air Act, aim to minimize the release of refrigerants containing Ozone-Depleting Substances (ODS), as mandated by environmental protection agencies.
Segment-wise, the global refrigerants market is categorized into fluorocarbons (CFC, HCFC, HFC), inorganics (Ammonia, Carbon Dioxide), and hydrocarbons (Isobutane, Propane). Among these segments, Hydrofluorocarbon (HFC) refrigerants dominate the market, driven by their safety, reliability, efficiency, and affordability.
The refrigeration segment is anticipated to hold a significant market share, given its widespread use in various industries such as Food & Beverage (F&B), pharmaceuticals, and chemicals. Additionally, the air conditioning segment is expected to witness steady growth, fueled by the increasing demand for space cooling and air conditioning systems in commercial and industrial settings.
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Refrigerants Top Companies and Competitive Landscape
The global refrigerants market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions in the market.
Some major players included in the global refrigerants market report are:
• A-GAS
• Arkema
• DAIKIN INDUSTRIES, Ltd.
• DONGYUE GROUP
• Harp International Ltd.
• Honeywell International Inc.
• Hudson Technologies
• Mexichem
• Navin Fluorine International Limited
• sinochemintl.com
• The Chemours Company
• Linde plc
Refrigerants Latest Industry News
• On 19 September 2023, Carrier Commercial Refrigeration collaborated with Relayr, a Munich-based Internet of Things (IoT) technology company to provide a refrigeration-as-a-service offering to customers. With the jointly developed RaaS solution, food retailers no longer need to make upfront investments in refrigeration equipment and infrastructure.
• On 3June 2022, Chemours Company launched XL41 refrigerant for North American residential and light commercial ducted HVAC segment. XL41 achieves an optimal equilibrium between sustainability, performance, and ease, making it well-suited for various applications in air conditioning and heat pumps.
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Refrigerants Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global refrigerants market on the basis of type, application, and region:
• Type Outlook (Revenue, USD Billion; 2019-2032)
o Fluorocarbons
1. Chlorofluorocarbon (CFC)
o Hydrochlorofluorocarbon (HCFC)
o Hydrofluorocarbon (HFC)
o Inorganics
1. Ammonia
2. Carbon dioxide
3. Other Inorganic
o Hydrocarbons
1. Isobutane
2. Propane
3. Other Hydrocarbons
• Application Outlook (Revenue, USD Billion; 2019-2032)
o Refrigeration
1. Domestic
2. Commercial
3. Transportation
4. Industrial
o Air-conditioning
1. Stationary
2. Chiller
3. Mobile
• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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