USD 6.38 billion
Refrigerant R32 Market Size, Share, Growth Analysis, By Type(Type I, Type II, Type III, Type IV), By Application(Automotive Air-Conditioning, Household Air-Conditioning, Industrial), By Distribution Channel(Offline (Direct Sales, Distributors), Online Sales), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2066 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
69
|Figures:
75
Refrigerant R32 Market Insights
Global Refrigerant R32 Market size was valued at USD 6.38 billion in 2022 and is poised to grow from USD 6.85 billion in 2023 to USD 12.13 billion by 2031, growing at a CAGR of 7.40% during the forecast period (2024-2031).
The growth of this market is attributed to increasing investments in research and development activities, entry of new players, product innovations, effective allocations of new products, and growing competition among business rivals. In addition, governments supportive initiatives and policies are also expected to help augment growth of this market in the forecast period. For example, in India, verification tests were conducted for inverter type R32 air conditioners. Consequently, Daikin, a major manufacturer of Refrigerant R32 has received requests from various governments of Thailand and Malaysia and the company is starting to target local manufacturers for technical assistance for conversion of R32. This, coupled with favourable laws promoting the adoption of R32 refrigerants is projected to accelerate market growth during the forecast period. Furthermore, the rise in disposable incomes of people and the willingness to spend more on luxurious lifestyle and innovative equipment will further contribute towards the market development.
Refrigerant R32 has some advantages over other refrigerants as it can reduce electricity consumption up to an estimated10% in comparison to air conditioners using R-22. Moreover, its global warming potential is one third lower than R-22 and R-410A, it is easy to recycle, and has lower operation as well as maintenance costs. Hence, the increase in awareness about the benefits of refrigerant R32 is propelling its adoption, thereby creating new business opportunities for market players.
US Refrigerant R32 Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Fluorination
Fastest Growth
Fluorination
Growth Rate
7.40% CAGR
Global Refrigerant R32 Market, 2022-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
To get more reports on the above market click here to Buy The Report
Refrigerant R32 Market Segmental Analysis
Global Refrigerant R32 Market is segmented by type, application, distribution channel, and region. Based on type, the market can be segmented into type I, type II, type III, and type IV. Based on application, the market is segmented into automotive air-conditioning, household air-conditioning, and industrial. Based on distribution channel, the market is segmented into offline (direct sales, distributors), and online Sales. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Refrigerant R32 Market Analysis by Type
The market is projected to be dominated by fluorocarbons refrigerant 32 in the years to come. The report finds that the global production of fluorinated refrigerants grew by 32% between 2015 and 2021, reaching nearly 7 million metric tons in 2021. A majority of this growth was witnessed in Asia, where production increased by 56%. The report also looks at the use of different types of fluorinated refrigerants. HCFC-22 is still the most widely used type, accounting for 43% of total production in 2021. However, its share of total production has declined significantly since 2010, when it accounted for 64%. HCFC-22 is being replaced by HFC-134a, which accounted for 27% of total production in 2019. HFC-152a is another type of fluorinated refrigerant that is witnessing high use. It accounted for 15% of total production in 2021, up from 10% in 2019. Our analysis predicts that the growth in the production of fluorinated refrigerants is being driven by strong demand from the air conditioning and refrigeration industries. In particular, the report states that air conditioners were the largest application market for fluorinated refrigerants, accounting for 45% of total demand in 2021. The demand for fluorinated refrigerants is also growing rapidly in China and India, where sales of air conditioners are increasing rapidly.
Refrigerant R32 Market Analysis by Application
Refrigerant 32, also known as R-32, is a hydrofluorocarbon (HFC) refrigerant with low global warming potential (GWP). R-32 is a next-generation refrigerant that has been approved for use in household air-conditioning units by several international organizations, including the International Energy Agency (IEA) and the United States Environmental Protection Agency (EPA). R-32 has a GWP of 675, which is significantly lower than the GWP of 1,430 for R-410A, and is the most common refrigerant used in household air-conditioning units. The lower GWP of R-32 makes it a more environmentally-friendly option for cooling homes. In addition to its low GWP, the R-32 has several other benefits over R-410A. R-32 is more energy efficient than R-410A, meaning it can help save money on utility bills. R-32 also has a higher cooling capacity than R-410A, so it can cool a home more effectively. The benefits of R-32 have led to an increased demand for the refrigerant, especially in regions with warm climates such as India and other parts of Asia. As a result of the high demand, the price of R-32 has risen in recent years.
According to the Air-Conditioning, Heating, and Refrigeration Institute (AHRI), the use of the R-32 refrigerant has increased by nearly 50 percent since 2009. Although some manufacturers have phased out production of refrigerant 22 – the most common type of refrigerant used in households – in favour of more environmentally friendly options such as 32, there are still many AC units that use the older gas. This means that there is a strong demand for R-32 among those looking to replace their AC units or upgrade to a more efficient model.
Global Refrigerant R32 Market By Type, 2021 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Refrigerant R32 Market Regional Insights
Asia pacific is expected to dominate the global market for refrigerant R-32 during the forecast period. The growth of this region is attributed to rapid economic growth, particularly in the consumer goods and automobile sectors. In addition, the increasing rate of urbanization in Asia Pacific, coupled with the improved living standards and adoption of quality lifestyle, is driving the market growth.
North America is expected to grow at the fastest rate during the forecast period due to the increasing number of technological advancements, coupled with the rising concerns regarding food wastage in this region.
Global Refrigerant R32 Market By Geography, 2022-2028
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Refrigerant R32 Market Dynamics
Refrigerant R32 Market Driver
Growing Pharmaceutical Industry
- Pharmaceutical industries require low temperatures for the transportation and storage of the pharmaceutical drugs. The growing use of refrigerant R32 is due to the rise in inclination towards biologics. This, coupled with the rising demand for specialty pharmaceuticals as well as insulin products & vaccines is anticipated to fuel the growth of the market. The pharmaceutical industry is witnessing significant growth in emerging countries of Asia pacific such as India and China. Hence, increasing pharmaceutical industry is expected to drive the market for refrigerant R-32 during the forecast period.
Refrigerant R32 Market Restraint
Storage and Transportation Issues
- The difficulty in storage and transportation of the refrigerants such as hydrochlorofluorocarbons and hydrocarbons due to its gaseous state and highly volatile nature may pose a serious challenge to the overall growth of the refrigerant R-32 market. Besides this, government regulations regarding environmental conservation are also a restraint for the global market.
Request Free Customization of this report to help us to meet your business objectives.
Refrigerant R32 Market Competitive Landscape
The global refrigerant R32 market is highly competitive in nature owing to the high demand for cold storage from multiple end-user industries. Major players adopted strategies such as merger, acquisitions, new product launch, and others to strengthen their position in the global market.
Top Player's Company Profiles
- The Chemours Company
- Mexichem S.A.B. de C.V.
- SRF Limited
- Linde plc
- National Refrigerants, Inc.
- Harp International Ltd.
- Asahi Glass Co., Ltd.
- Tazzetti S.p.A.
- A-Gas International
- GFL Environmental Inc.
- Brothers Gas Bottling & Distribution Co. LLC
- Puregas LLC
- Shandong Yuean Chemical Industry Co., Ltd.
- Zhejiang Juhua Co., Ltd.
- Quzhou Juhua Co., Ltd.
- GTS Group
- Zhejiang Yonghe Refrigerant Co., Ltd.
Recent Developments
- In Dec 2021, Daikin announced the launch of Daikin ATMOSPHERA with R-32 refrigerant, a new single zone system that has lower GWP, is more efficient and may help lower end-user electric bills compared to R-410A models.
Refrigerant R32 Key Market Trends
- Rise in Inclination to Low-GWP Refrigerant
Recently, R410A (HFC) is the main air conditioner refrigerant used across multiple applications. But it has a high GWP of approximately 2,090. The HFC R32 (GWP-675) has become widely used as a replacement for R410A. However, R32 is a mildly flammable gas and carries significant safety risks when used in larger equipment, and particularly in applications such as supermarkets. The rise in the trend of shopping from supermarkets and large grocery stores automatically augments the demand for refrigerant R-32, thereby creating lucrative growth opportunities for manufacturers in the forecast period.
Refrigerant R32 Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Refrigerant R32 market analysis, rapid urbanization, rising disposable income, growing demand for refrigeration and air conditioning, governments supportive initiatives and policies, advantages of refrigerant R32 over other refrigerants are the factors which drive the global market. Difficulty in storage & transportation and some toxicity associated with the refrigerant R32. This factor restrains the market growth during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 6.38 billion |
| Market size value in 2031 | USD 12.13 billion |
| Growth Rate | 7.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Refrigerant R32 Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Refrigerant R32 Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Refrigerant R32 Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Refrigerant R32 Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Refrigerant R32 Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Refrigerant R32 Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
