Refrigerant Market Research Insights with Upcoming Trends, Size, Share, Segmentation, Business Opportunities and Forecast to 2028

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.

Refrigerant is a compound found in either a liquid or gaseous state. It absorbs heat from the environment and can provide refrigeration or air conditioning when combined with other components such as compressors and evaporators in the refrigeration cycle. The features of refrigerant, such as thermal stability, minimal toxicity, non-corrosiveness, and non-combustibility, make it suitable for use in light vehicle air conditioning. Refrigerants are used in refrigeration systems for manufacturing, chemicals, food & beverages, pharmaceuticals, and various other industries.

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The List of Companies - Refrigerants Market
1. The Chemours Company
2. Arkema
3. Honeywell International Inc.
4. Linde plc
5. Air Liquide
6. Dongyue Group
7. SINOCHEM GROUP CO., LTD.
8. DAIKIN INDUSTRIES, Ltd.
9. AGC Inc.
10. Airgas, Inc.

Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, and Others)

Application (Refrigeration Systems, Chillers, Air-Conditioning Systems, MACs, and Others)

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The major factors driving the refrigerant market are the rise in demand for refrigeration systems and the increase in per-capita income in developing economies. The COVID-19 pandemic has further decreased the demand for refrigerants due to the slowdown of major economies across the globe. Furthermore, the growth in the automotive and electronics industries in various countries across the globe is projected to offer lucrative opportunities for the refrigerant market during the forecast period. However, the fluctuations in the prices of raw materials and stringent regulations against fluorocarbon refrigerants are expected to hamper the refrigerant market growth during the forecast period.

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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