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What future opportunities exist for refrigerant providers globally?
Refrigerant Market
The global refrigerant market is projected to expand from USD 26.12 billion in 2023 to USD 33.86 billion by 2030, registering a compound annual growth rate (CAGR) of 10.63% during the forecast period. This growth is driven by increasing demand across industrial, commercial, and residential sectors, particularly in HVAC systems, refrigeration, and automotive applications.
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♦ Competitive Landscape
Key players in the refrigerant market include Chemours Company, Honeywell International Inc., Arkema S.A., Daikin Industries Ltd., Linde Group, Dongyue Group Limited, Beijing Tongshi Chemical Co., Ltd., Mexichem Fluor, Zhejiang Fluorsid Co., Ltd., SINOCHEM International Corporation, The Dow Chemical Company, Koura, Gujarat Fluorochemicals Ltd., and Shanghai 3F New Materials Co., Ltd.
♦ Regional Insights
Growth and Opportunity in the United States
The United States holds a significant share of the global refrigerant market, driven by a strong HVAC industry and increasing demand for energy-efficient cooling solutions. Companies like Honeywell and Chemours are investing in the development of low-global warming potential (GWP) refrigerants to meet regulatory standards and consumer preferences.
Trends and Consolidation in Asia Pacific
Asia Pacific is witnessing robust growth in the refrigerant market, attributed to rapid industrialization, urbanization, and rising disposable incomes. India, in particular, is experiencing significant demand, with SRF Limited emerging as a key player. The company has developed ozone-friendly refrigerants like F 134a and F 32 using indigenous technology and received ASHRAE certification for its low GWP refrigerant blend R-467A.
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♦ Market Segmentation: In-Depth Analysis:
by Type
HCFCs
HFCs
Propane
Ammonia
Carbon dioxide
The refrigerant market is divided into several types, including ammonia, carbon dioxide, propane, isobutane, HFCs, HFOs, and HCFCs. Due to rising demand in Asia-Pacific and lower carbon dioxide emissions, the ammonia category is now leading the market. The supermarket markets with the greatest rates of growth and the highest need for ammonia refrigerants are China, India, and Indonesia.
by Application
Domestic
Commercial
Air conditioners system
Industrial refrigerators
Chiller/ heat pumps
The refrigerant market is divided into segments based on application, such as commercial refrigeration, industrial refrigeration, air conditioner systems, chillers/heat pumps, and residential. With a 34.1% market share in 2023, the air conditioner system category has dominated the industry. Global population growth and the rise in nuclear families with discretionary income are the main causes of the segment's expansion. The cost of air conditioners is within the reach of middle-class households, whose earnings are rising along with their level of life. All of these elements are propelling the sector and are anticipated to expand over the anticipated time frame.
by Refrigerant Product
Fluorocarbon
Hydrocarbon
Inorganic
Others
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♦ Market Key Players : In-Depth Analysis:
1. Daikin Industries, Ltd.
2. The Chemours Company
3. Honeywell International Inc.
4. Arkema S.A.
5. Dongyue Group Co. Ltd.
6. Asahi Glass Co. Ltd.
7. Sinochem Group
8. Mexichem S.A.B. de C.V.
9. The Linde Group
10.SRF Limited
11.DownDuPont Inc.
12.Messer Group
13.Navin Fluorine International Ltd.
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♦ About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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