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Refrigerants Market Growth to be Driven by Emerging Trends | $42.75 Billion by 2029
Refrigerants Market
What is the Projected Market Size of the Refrigerants Industry?
In recent times, the market for refrigerants has seen considerable growth. It's projected to increase from $27.22 billion in 2024, reaching $29.3 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%. The record growth in the past period was due to robust economic development in emerging markets, governmental support initiatives, and a surge in demand for air conditioning units.
What Will Be the Size of the Refrigerants Market by 2029?
The market size for refrigerants is predicted to experience considerable growth in the approaching years, expected to reach $42.75 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.9%. The primary factors fueling growth for the coming period include the elimination of ozone-depleting substances, increasing urbanization, escalating global temperatures, and the amplified demand for electric vehicles. The key trends expected to shape the market during the forecasted period could be the continued reduction of ozone-depleting substances, mounting urbanization, increasing global temperatures, and boosted demand for electric vehicles.
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What Are the Key Drivers Accelerating Growth in the Refrigerants Market?
The upward trend in the requirement for air conditioning is set to fuel the expansion of the refrigerants market in the near future. The escalating global temperature has led to a rise in the need for cooling systems. As per the data from the World Meteorological Organization (WMO), in 2020, the worldwide average temperature was 1.2 °C above that of the pre-industrial era (1880). This surge in temperature stimulates the demand for air conditioning, thereby driving the need for refrigerants. A refrigerant, an essential component in air conditioners, is a chemical substance that attracts heat from the environment and dispenses cool air after going through air conditioners and evaporators. For example, the International Energy Agency (IEA) predicts that about two-thirds of the global households would own an air conditioner by 2050. Emerging economies like India, China, and Indonesia are expected to make up half of the overall count of air conditioners. Consequently, the continual rise in the worldwide temperature boosts the need for air conditioning and is anticipated to stimulate the progression of the refrigerants market.
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How Is the Refrigerants Market Segmented by Type, Application, and Region?
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
What Are the Key Trends Driving Growth in the Refrigerants Market?
The refrigerants market is witnessing a shift in corporate behavior, with businesses moving towards the usage of low-global warming potential (GWP) refrigerants, primarily due to growing ecological apprehensions. Legislative measures, for instance, the Kigali Amendment to the Montreal Protocol, have orchestrated the discontinuation of high-GWP refrigerants like hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). In May 2022, a shift toward low-GWP refrigerants was evident when AGC, a globally recognized Japanese manufacturer of glass, chemicals, and high-tech materials, devised a new formulation of AMOLEA 1123 (HFO-1123) based refrigerant with a GWP less than 10, specifically for air conditioning units. By the same token, in January 2022, Honeywell, an American international conglomerate, announced the introduction of Solstice N71 (R-471A), a novel low-GWP refrigerant for commercial and industrial refrigeration, specially designed for supermarket utilization.
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Who Are the Leading Companies Driving Growth in the Refrigerants Market?
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 Is the Leading Region in the Global Refrigerants Market?
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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