Refrigerants Market Size Worth USD 11.75 Billion in 2032 | Key Companies - A-GAS, Arkema, DAIKIN INDUSTRIES, Ltd., and DONGYUE GROUP

The global refrigerants market size was USD 6.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.5 % during the forecast period. The global refrigerants market is witnessing significant growth, primarily fueled by the expanding demand from the pharmaceutical industry. As per a recent market research report, the adoption of refrigerants in pharmaceuticals to maintain the integrity of medicinal materials and vaccines is a key driver propelling market revenue.

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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