Strategic Forecast for the Refrigerants Industry: Market Outlook 2025-2034

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What Will the Refrigerants Industry Market Size Be by 2025?
In recent times, the size of the refrigerants market has witnessed robust growth. The market is expected to escalate from $27.22 billion in 2024 to $29.71 billion in 2025, with a compound annual growth rate (CAGR) of 9.1%. This growth during the historical period can be credited to the sturdy economic development in emerging markets, encouraging government actions, and a spike in the demand for air conditioners.

What's the Long-Term Growth Forecast for the Refrigerants Market Size Through 2029?
Expectations are high for a swift expansion of the refrigerants market size in the coming years. The projection sees it reaching a value of $43.91 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 10.3%. This prospective growth within the forecast period can be attributed to various reasons including the phased elimination of substances causing ozone depletion, increasing urbanization, escalating global temperatures, and the growing demand for electric vehicles. Key trends that align with the forecast period encompass the planned eradication of ozone-depleting substances, enhanced urbanization, increasing global temperatures along with escalating demand for electric vehicles.

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What Are the Key Growth Drivers Fueling the Refrigerants Market Expansion?
The refrigerants market is anticipated to experience growth in the coming years due to the escalating need for air conditioning. The worldwide surge in temperature has contributed to an upswing in demand for cooling systems. For example, in 2020, global temperature was approximately 1.2 °C above preindustrial (1880) levels, as reported by the World Meteorological Organization (WMO), fueling the need for air conditioning and, consequently, refrigerants. A refrigerant is a chemical substance used in air conditioners, which absorbs heat from the environment and emits cold air after it circulates through air conditioners and evaporators. Notably, according to calculations by the International Energy Agency (IEA), roughly two-thirds of global households will possess an air conditioner by 2050. Developing nations such as India, China, and Indonesia are projected to represent half of all air conditioners. Therefore, the worldwide increase in temperature, which is pushing up the demand for air conditioning, is anticipated to bolster the refrigerants market.

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What Are the Key Trends Driving Refrigerants Market Growth?
Environmental concerns are driving companies within the refrigerants market to transition to low global warming potential (GWP) refrigerants. Regulatory measures, such as the Montreal Protocol's Kigali Amendment, have sparked the eradication of high-GWP refrigerants like hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). These companies are adopting refrigerants with low-global warming potential. For instance, AGC, a world-renowned Japanese manufacturer of glass, chemicals, and advanced materials, formulated a new mixture of AMOLEA 1123 (HFO-1123) based refrigerant in May 2022, with a GWP of less than 10 for air conditioners. Furthermore, in January 2022, Honeywell, an American multinational corporation, launched Solstice N71 (R-471A), a cutting-edge low-GWP refrigerant designed for commercial and industrial refrigeration, particularly in supermarkets.

How Is the Refrigerants Market Segmented?
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 Companies Are Leading the Charge in Refrigerants Market Innovation?
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

Which Regions Are Leading the Global Refrigerants Market in Revenue?
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.

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