Refrigerant Market Poised for Strong Growth, Projected to Hit US$ 75.62 Billion by 2031

United States of America - January 07, 2025 - According to The Insight Partners, the refrigerant market size is projected to reach US$ 75.62 billion by 2031 from US$ 47.07 billion in 2024. The market is expected to register a CAGR of 7.0% during 2025-2031. The global refrigerant market is entering a defining decade as regulators, manufacturers, and end users align around lower emission, energy efficient cooling solutions that can support both economic growth and climate goals by 2031. From homes and hospitals to data centers and supermarkets, refrigerants sit quietly behind everyday comfort and food security, making the coming transition deeply relevant to people's daily lives.

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Evolving toward low GWP refrigerants

Regulatory pressure and public awareness are accelerating a shift away from legacy high GWP hydrofluorocarbons toward natural and low GWP alternatives such as ammonia, carbon dioxide, propane, isobutane, and next generation HFO blends. Policymakers in key markets are tightening F gas and HFC rules, creating a clear roadmap that encourages long term investment in sustainable refrigerant portfolios.

For end users, this transition is not just about compliance; it is increasingly about energy savings, brand reputation, and resilience in a climate conscious marketplace. As businesses modernize cold chains, HVAC systems, and mobile air conditioning, they are looking for solutions that balance safety, performance, serviceability, and total cost of ownership over the full life of the equipment.

Market overview to 2031

Market size: The refrigerant market is expected to expand steadily through 2031, supported by sustained demand from air conditioning, cold chain logistics, and data center cooling, along with replacement needs in existing installed bases.

• Market share: Low GWP and natural refrigerants are set to capture a growing portion of total refrigerant use by 2031 as regulations favor alternatives with a reduced climate footprint in commercial, industrial, and automotive applications.
• Market trends: Key trends include rapid adoption of low GWP blends, wider deployment of CO2 systems in retail and cold storage, and rising uptake of hydrocarbons and ammonia in industrial and high efficiency systems.
• Market analysis: Suppliers are rebalancing portfolios away from legacy high GWP gases, expanding HFO production, strengthening distribution networks, and investing in recovery, reclaim, and recycling capabilities to extend the life of compliant refrigerants.
• Market forecast to 2031: By 2031, the market landscape is expected to be dominated by low GWP and natural solutions, underpinned by stricter quota systems, sector specific bans on high GWP products, and mainstream acceptance of sustainable cooling technologies.

Updated regulatory and industry developments

Recent regulatory milestones, including updated F gas timelines in Europe and new HFC phasedown steps in markets such as North America, are reshaping product development and investment decisions across the refrigerant value chain. These policies set out progressive quota reductions and targeted application bans that directly impact the mix of refrigerants allowed in new equipment after 2025 and beyond.

Industry leaders are responding with large scale investments in low GWP and HFO production capacity, as well as collaborations with equipment OEMs to commercialize systems optimized for new refrigerant chemistries. At the same time, recovery and reclaim programs are gaining traction as companies look to maximize the usable life of existing refrigerants while meeting phasedown targets and minimizing emissions.

Segment insights by type, application, and end use

The refrigerant market is broadly segmented by type into ammonia, carbon dioxide, propane, isobutane, HFCs, HFOs, and other specialty or blended products, each suited to specific performance, safety, and regulatory requirements. Ammonia and CO2 are increasingly prominent in industrial and large commercial systems, while hydrocarbons and advanced HFO blends are gaining favor in residential, light commercial, and mobile applications where charge size and safety can be carefully managed.

Across applications, refrigerants are integral to refrigeration systems, chillers, air conditioning systems, mobile air conditioners (MACs), and other specialized cooling equipment, including heat pumps and transport refrigeration. In end use industries, industrial plants, commercial buildings, and residential environments are all investing in modernized equipment that delivers lower emissions per unit of cooling, often enabled by digital controls, leak detection, and energy management platforms.

Global and regional dynamics

Globally, demand for refrigerants is influenced by climate zones, building standards, and the pace of cold chain development, leading to distinct regional adoption patterns for different refrigerant families. Developed markets in Europe, North America, and parts of Asia are moving fastest toward low GWP and natural refrigerants, driven by stringent environmental policies and strong sustainability commitments from retailers, manufacturers, and building owners.

Emerging economies in Asia, Latin America, the Middle East, and Africa are experiencing rapid growth in air conditioning penetration and cold chain infrastructure, which is expected to fuel long term refrigerant demand through 2031. As regulations tighten globally and technology costs decline, these regions are projected to adopt more climate friendly refrigerants over time, especially in new build projects where systems can be designed from the outset around low GWP options.

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Competitive landscape and key players

The competitive landscape is characterized by a mix of multinational chemical producers, gas distributors, and regional specialists that collectively shape innovation, pricing, and service offerings in the refrigerant market. Major players are increasingly focused on engineered low GWP solutions, technical training, and turnkey transition support to help customers migrate from legacy refrigerants to compliant alternatives with minimal disruption.

Companies such as A Gas International, Arkema, Daikin Industries, Honeywell International, Linde, Air Liquide, Eastman Chemical, Orbia, and Quimobasicos are expected to remain central to this transition, underpinned by their investment in production assets, global logistics, and partnerships with HVAC R equipment manufacturers. Through 2031, sustained R&D, regulatory engagement, and after sales service will be critical differentiators as customers seek reliable, future proof refrigerant strategies in an evolving policy environment.

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