Global Refrigerants Market to Reach $43.91 Billion by 2029, Growing at 10.3% CAGR

What industry-specific factors are fueling the growth of the refrigerants market?
The refrigerants market is predicted to grow in the future due to increasing need for air conditioning. As global temperatures rise, the necessity for cooling systems also grows. Data from the World Meteorological Organization (WMO) showed that in 2020, the average global temperature was 1.2 °C more than the pre-industrial era's temperatures (from 1880), driving the need for air conditioners, and consequently, refrigerants. A refrigerant is a special compound used in air conditioners that absorbs heat and emits cool air after moving through the air conditioner and evaporators. The International Energy Agency (IEA) predicts that by 2050, two-thirds of the world's households will possess air conditioners. Developing economies like China, India, and Indonesia will have half of all air conditioners. Therefore, the rising global temperature and the resulting surge in demand for air conditioning are anticipated to stimulate the refrigerants market growth.

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What Is the projected market size and growth rate for the refrigerants market?
The market size for refrigerants has seen robust growth in recent years. The market, which is expected to surge from $27.22 billion in 2024 to $29.71 billion in 2025, will experience a compound annual growth rate (CAGR) of 9.1%. Factors contributing to growth during the historic period include dynamic economic development in developing markets, encouraging government policies, and a rise in the demand for air conditioners.

The size of the refrigerants market is anticipated to experience swift expansion in the coming years, hitting a value of $43.91 billion in 2029 with a compound annual growth rate (CAGR) of 10.3%. The projected growth during the forecast period is due to the gradual cessation of ozone-depleting substances, growth in urbanization, increase in worldwide temperatures, and surging demand for electric vehicles. Key trends during the forecast period consist of the resolution to phase out ozone-depleting substances, the escalation of urbanization, the surging worldwide temperatures, and the increasing demand for electric vehicles.

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What are the emerging trends shaping the future of the refrigerants market?
Due to environmental considerations, businesses in the refrigerants market are transitioning to refrigerants with a lower global warming potential (GWP). This shift has been propelled by regulatory measures such as the Kigali Amendment to the Montreal Protocol, which has instigated the phasing out of high-GWP refrigerants like hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). For instance, in May 2022, Japan's world-renowned glass, chemical, and high-tech material manufacturer, AGC, came up with a new type of AMOLEA 1123 (HFO-1123) based refrigerant that has a GWP under 10, intended for air conditioning units. Honeywell, a global American corporation, also announced an innovative low-GWP refrigerant called Solstice N71 (R-471A) in January 2022, which is specifically engineered for commercial and industrial refrigeration and is ideal for supermarkets.

What major market segments define the scope and growth of the refrigerants market?
The refrigerants market covered in this report is segmented -

1) By Type: Halocarbons, Inorganic, Hydrocarbons, Other Types
2) By Deployment: Air Conditioning, Refrigeration, Other Applications

Subsegments:
1) By Halocarbons: Chlorofluorocarbons (CFCs), Hydrochlorofluorocarbons (HCFCs), Hydrofluorocarbons (HFCs), Hydrofluoroolefins (HFOs)
2) By Inorganic: Ammonia (NH3), Carbon Dioxide (CO2), Water (H2O)
3) By Hydrocarbons: Propane (R-290), Isobutane (R-600a), Ethane
4) By Other Types: Blended Refrigerants, New Low-GWP (Global Warming Potential) Refrigerants, Natural Refrigerants

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Which region dominates the refrigerants market?
Asia-Pacific was the largest region in the refrigerants market in 2024. Asia-Pacific is predicted to record the fastest growth in the refrigerants market in the forecast period. The regions covered in the refrigerants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the refrigerants industry growth?
Major companies operating in the refrigerants market include 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

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What Is Covered In The Refrigerants Global Market Report?

• Market Size Forecast: Examine the refrigerants market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the refrigerants market for a structured understanding.
• Key Players Overview: Analyze major players in the refrigerants market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the refrigerants market.
• Segment Contributions: Evaluate how different segments drive overall growth in the refrigerants market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the refrigerants market.
• Industry Challenges: Identify potential risks and obstacles affecting the refrigerants market.
• Competitive Landscape: Review strategic developments in the refrigerants market, including expansions, agreements, and new product launches.

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