Refrigerants Market 2024: Expert Analysis & Country level Insights, Forecast, 2030

The global refrigerants market generated $20.6 billion in 2020, and is projected to reach $42.0 billion by 2030, witnessing a CAGR of 7.4% from 2021 to 2030. 

The refrigerants market is trending towards the adoption of low-GWP refrigerants, such as HFOs and natural alternatives, in response to stringent environmental regulations. Increased emphasis on energy efficiency and sustainability is driving innovation and market growth. Additionally, there is a growing demand for advanced cooling technologies in sectors like automotive and HVAC.

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The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape. Refrigerants are substances that are used in refrigeration and air conditioning systems to transfer heat. They are typically volatile liquids or gases that can easily change from one state to the other.

According to the report published by Allied Market Research, the Refrigerants Market by Type (Halocarbons, Azeotropic, Zeotropic, Carbon Dioxide, Inorganic, and Hydrocarbons) and Application (Air Conditioner (AC) and Refrigeration): Global Opportunity Analysis and Industry Forecast, 2021-2030.

Leading players of the global refrigerants market analyzed in the research include Akrema S.A, Daikin Industries, Ltd., E.I. du Pont Nemours & Co., Solvay S.A., Honeywell International Inc., Mexichem S.A.B. DE. C.V., Dongyue Group, SRF Limited, Navin Fluorine International Limited, and Sinochem Group. 

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Urbanization and lifestyle improvements, rapid growth of the commercial sector, high demand for air conditioners, technological advancements, and extensively utilized freezing in the food and transportation industries drive the growth of the global refrigerants industry. Contrarily, increase in demand for health and wellness food products, including organic food that require cold storage, are expected to provide lucrative growth opportunities for the market.

The report offers detailed segmentation of the global refrigerants market based on type, application, and region.

Based on application, the refrigeration segment held the highest market share in 2020, holding more than half of the total market share, and is expected to continue its leadership status during the forecast period. However, the AC segment is estimated to register the highest CAGR of 7.7% from 2021 to 2030. 

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Based on type, the inorganic segment held the largest market share in 2020, holding around one-third of the total market share, and is expected to continue its leadership status during the forecast period. However, the halocarbons segment is projected to register the highest CAGR of 8.6% from 2021 to 2030.

Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly half of the total market share, and is estimated to continue its dominant share by 2030. However, LAMEA is projected to manifest the fastest CAGR of 8.2% during the forecast period.

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