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Refrigerants Market Emerging Growth, Share, Growth, Insights, Industry Analysis, Trends and Forecasts Report 2032
Refrigerants Market
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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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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