What is the global market size of Refrigerant R32 Market?

Refrigerant R32 Market size was valued at USD 5.94 billion in 2021 and is poised to grow from USD 6.38 billion in 2022 to USD 11.29 billion by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).

What is the key driver of Global Refrigerant R32 Market?

The key driver is the demand from pharmaceutical industries, especially for the transportation and storage of pharmaceutical drugs. The rise in inclination towards biologics, coupled with the increasing demand for specialty pharmaceuticals, insulin products, and vaccines, is expected to fuel the market growth. The pharmaceutical industry is witnessing significant growth in emerging countries of Asia Pacific such as India and China.

What is the key market trend for Global Refrigerant R32 Market?

The key market trend is the rise in inclination towards low-GWP (Global Warming Potential) refrigerants.

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

Q: Who are the key vendors in the Global Refrigerant R32 Market?

The global refrigerant R32 market is highly competitive. Major players include Daikin Industries Ltd., Arkema S.A., Honeywell International Inc., 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, and Zhejiang Yonghe Refrigerant Co., Ltd.

Q: Which region accounted for the largest share in Global Refrigerant R32 Market?

Asia Pacific is expected to dominate the global market for refrigerant R32 during the forecast period. The growth is attributed to rapid economic growth, particularly in the consumer goods and automobile sectors, as well as increasing urbanization and improved living standards.

Report ID: SQMIG20I2066 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 69 | Figures: 75

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.

Refrigerant R32 Market Report Snapshots

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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 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. 'Daikin Industries Ltd.', 'Arkema S.A.', 'Honeywell International Inc.', '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.'

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.

Rise in Inclination to Low-GWP Refrigerant

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.

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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

Refrigerant R32 Market Dynamics

Refrigerant R32 Market Report Snapshots

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What is the global market size of Refrigerant R32 Market?

Who are the key vendors in the Refrigerant R32 Market?

What is the key driver of Refrigerant R32 Market?

What is the key market trend for Refrigerant R32 Market?

Which region accounted for the largest share in Refrigerant R32 Market?

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