Refrigerant R23 Market Revenue, Insights, Overview, Outlook, Analysis | Valuates Reports

Refrigerant R23 Market Size

The global market for Refrigerant R23 was valued at US$ 208 million in the year 2024 and is projected to reach a revised size of US$ 255 million by 2031, growing at a CAGR of 3.1% during the forecast period.

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Refrigerant R23, also known as trifluoromethane, is a hydrofluorocarbon (HFC) compound used as a refrigerant in low-temperature applications. With a molecular formula of CHF3 and a boiling point of -82.1 degrees Celsius (-115.8 degrees Fahrenheit), R23 is well-suited for cooling systems that require extremely low temperatures. It is commonly employed in industrial refrigeration, cryogenic systems, and research laboratories. However, it is crucial to note that R23 has a high global warming potential (GWP), contributing to climate change. Due to environmental concerns, there is a growing trend in the industry to phase out or restrict the use of R23 and adopt more environmentally friendly refrigerants with lower GWPs.

Driven by global climate change and environmental regulations, the demand for efficient refrigeration technology continues to increase, especially in scientific research, medical and industrial applications. Due to the high global warming potential (GWP) of R23, the market is actively developing low-GWP alternatives such as R744 (carbon dioxide), R170 (ethane), and R1150 (ethylene) to meet stricter environmental regulations. In addition, smart refrigeration technology is also constantly improving, and companies are beginning to integrate remote monitoring and automatic adjustment functions to improve system energy efficiency and operational reliability.

However, the industry still faces challenges, especially environmental regulations restricting high-GWP refrigerants, which may affect market supply and prompt companies to accelerate technological innovation. At the same time, fluctuations in raw material prices may push up production costs, which in turn affects terminal market prices. In addition, as industry competition intensifies, major brands continue to launch innovative solutions to seize market share, which may affect corporate profit margins and promote the development of more efficient and environmentally friendly refrigeration technologies.

By Type
• High Purity (>99.9%)
• Standard Purity (99.5%-99.9%)

By Application
• Cryogenic Coolant
• Fire Extinguishing Agent

Key companies
DowDuPont, Linde, Honeywell, Climalife, Gas Servei S.A., A Gas, Daikin, Arkema, Chemours, Shanghai 3F New Material, Sinochem Lantian, Zhejiang NOF Chemical

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This release was published on openPR.