Press release
Refrigerants Market Growth Fueled by Rising Demand for Air Conditioning: CAGR of 10.3% Expected by 2029
Refrigerants Market Size
What Is The Projected Market Size Of The Global Refrigerants Market And Its Growth Rate?
• The refrigerants market was valued at $27.22 billion in 2024 and is projected to reach $29.71 billion in 2025, growing at a CAGR of 9.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, supportive government initiatives, and increased demand for air conditioners.
• This market is expected to witness significant growth in the coming years, reaching up to $43.91 billion in 2029 at a CAGR of 10.3%. The growth can be attributed to the phasing out of ozone-depleting substances, rising urbanization, rising global temperatures, and the rising demand for electric vehicles.
What Is Driving The Growth In The Refrigerants Market?
The growth in the refrigerants market is largely driven by the increasing demand for air conditioning due to rising global temperatures. A refrigerant is a chemical compound found in air conditioners that absorbs heat from the surroundings and releases cool air. This demand for air conditioning and thereby refrigerants is expected to increase as the average global temperature continues to rise and more households adopt air conditioning systems. For instance, the International Energy Agency estimates that by 2050, two-thirds of the world's households will have an air conditioner. Developing economies such as India, China, and Indonesia are expected to account for half of the total number of air conditioners, further propelling the market for refrigerants.
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Who Are the Key Players Driving Refrigerants Market Growth?
• The Chemours Company
• The Linde Group
• Dongyue Group
• Honeywell International Inc
• Arkema S A
• Orbia
• SRF Limited
• Asahi Glass Co Inc (AGC)
• Gujarat Fluorochemicals Ltd.
• Daikin Industries Ltd
• Zhejiang Fotech International Co.Ltd.
• Changshu 3F Zhonghao New Chemical Materials Co. Ltd.
• Tazzetti S.p.A
• AGC Inc.
• Sinochem Group Co. Ltd.
• GEA Group AG
• Frigopoint
• Quimobásicos, S.A. De C.V.
• Grupo CLIMSA
• Mexichem Flúor S.A. de C.V.
• DuPont
• Hudson Technologies
• National Refrigerants Inc
• The Bluon Energy
• Cheminova Brasil Ltda
• Climafrío S.A.S
• Gulf Cryo
• Abdullah Hashim Industrial Gases & Equipment Co. Ltd
• National Gas Company (NGC)
• Tasqeef
• AIR LIQUIDE SA
• Hychill
• A-gas International
What Are The Key Trends In The Refrigerants Market?
• The banning of ozone-depleting substances
• Increasing urbanization
• Rising global temperatures
• The growing demand for electric vehicles
What Are The Segments Of The Global Refrigerants Market?
• By Type: Halocarbons, Inorganic, Hydrocarbons, Other Types
• By Deployment: Air Conditioning, Refrigeration, Other Applications
Which Region Leads The Refrigerants Market?
Asia-Pacific was the largest region in the refrigerants market in 2024. It is predicted to record the fastest growth in this market in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Refrigerants Market Global Market Report?
- Market Size Analysis: Analyze the Refrigerants Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Refrigerants Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Refrigerants Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Refrigerants Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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