Refrigerants Market Emerging Growth, Share, Growth, Insights, Industry Analysis, Trends and Forecasts Report 2032

The global refrigerants market size was USD 6.30 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.5 % during the forecast period. The global refrigerants market is witnessing strong growth, driven largely by rising demand in the pharmaceutical industry and expanding applications in heating, ventilation, and air conditioning (HVAC) systems. Refrigerants are essential for preserving pharmaceutical drugs and vaccines, many of which require precise temperature control to remain effective. According to the National Institutes of Health (NIH), cold storage refrigerants help store sensitive drugs at 2°C-8°C, while cool storage systems maintain temperatures between 8°C and 15°C.

An increasing number of pharmaceutical companies are switching to advanced refrigerant technologies to meet strict regulatory standards. For instance, in April 2022, Sinopharm Shanghai Biomedical Co. adopted Honeywell's new Solstice N40 refrigerant to store vaccines while also reducing carbon emissions.

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Apart from pharmaceuticals, refrigerants play a key role in the global HVAC market. With nearly 2 billion air conditioning units in operation worldwide-70% of which are in residential buildings-demand for refrigerants is expected to grow further. These cooling agents help regulate indoor temperatures, making them essential for both comfort and safety in homes, offices, and industrial facilities.

However, the market also faces challenges. Fluorocarbon-based refrigerants, widely used in the past, have been found to harm the environment. These substances can leak and damage the ozone layer, contributing to global warming. In addition, energy used in refrigeration systems often results in greenhouse gas emissions. Health concerns have also been raised, with the NIH linking fluorocarbon exposure to respiratory issues and other stress-related health problems.

To address these concerns, governments around the world have implemented strict regulations. For example, the U.S. Clean Air Act's Section 608 restricts the release of ozone-depleting substances used in refrigerants.

Market Segmentation:

By Type:
The market is segmented into three main categories-fluorocarbons, inorganics, and hydrocarbons.
The hydrofluorocarbon (HFC) segment holds the largest share, thanks to its widespread use across industries due to safety, reliability, and affordability. Common HFCs include R-32, R-134A, and R-152A.
The chlorofluorocarbon (CFC) segment is expected to grow moderately. Despite environmental concerns, CFCs like R-11 and R-12 continue to be used in older HVAC systems.

By Application:
The market is divided into refrigeration and air conditioning.
The refrigeration segment leads due to its wide use in food and beverage, pharmaceuticals, and chemical industries. Reliable temperature control is critical in these sectors.
The air conditioning segment is also growing steadily. Demand is being driven by rising global temperatures and increasing need for indoor climate control, especially in commercial buildings.

Refrigerants Market Top Companies and Competitive Landscape

The global refrigerants market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions in the market.

Some major players included in the global refrigerants market report are:

A-GAS

Arkema

DAIKIN INDUSTRIES, Ltd.

DONGYUE GROUP

Harp International Ltd.

Honeywell International Inc.

Hudson Technologies

Mexichem

Navin Fluorine International Limited

sinochemintl.com

The Chemours Company

Linde plc

Refrigerants Market Latest Industry Updates

On 19 September 2023, Carrier Commercial Refrigeration collaborated with Relayr, a Munich-based Internet of Things (IoT) technology company to provide a refrigeration-as-a-service offering to customers. With the jointly developed RaaS solution, food retailers no longer need to make upfront investments in refrigeration equipment and infrastructure.

On 3June 2022, Chemours Company launched XL41 refrigerant for North American residential and light commercial ducted HVAC segment. XL41 achieves an optimal equilibrium between sustainability, performance, and ease, making it well-suited for various applications in air conditioning and heat pumps.

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Refrigerants Market Market Segmentation Analysis

For the purpose of this report, Emergen Research has segmented the global refrigerants market on the basis of type, application, and region:

Type Outlook (Revenue, USD Billion; 2019-2032)

Fluorocarbons

Chlorofluorocarbon (CFC)

Hydrochlorofluorocarbon (HCFC)

Hydrofluorocarbon (HFC)

Inorganics

Ammonia

Carbon dioxide

Other Inorganic

Hydrocarbons

Isobutane

Propane

Other Hydrocarbons

Application Outlook (Revenue, USD Billion; 2019-2032)

Refrigeration

Domestic

Commercial

Transportation

Industrial

Air-conditioning

Stationary

Chiller

Mobile

Key insights presented in the report:

Market revenue shares by major business players, by type, by application, and market scope of global Refrigerants market

Sales revenue by key players and new entrants

Competitive analysis of key players, including aspects such as company overview, product or services specification, vendors, and buyers

Recent mergers, acquisitions, product launches, recent investments, and joint ventures

Regional analysis to provide insight into recent trends and opportunities

Detailed Regional Analysis covers:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Benefits of Buying the Global Refrigerants Report:

Comprehensive analysis of the changing competitive landscape

Assists in decision making processes for the businesses along with detailed strategic planning methodologies

The report offers an 8-year forecast and assessment of the Global Refrigerants Market

Helps in understanding the key product segments and their estimated growth rate

In-depth analysis of market drivers, restraints, trends, and opportunities

Comprehensive regional analysis of the Global Refrigerants Market

Extensive profiling of the key stakeholders of the business sphere

Detailed analysis of the factors influencing the growth of the Global Refrigerants Market

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