Refrigerants Market Size, Share, Growth Analysis, By Product(Fluorocarbons, hydrocarbons, inorganic compounds, and others), By Application(Industrial refrigeration, domestic refrigeration, transportation refrigeration, commercial refrigeration), By Region - Industry Forecast 2024-2031

Refrigerants Market size was valued at USD 22.09 billion in 2019 and is poised to grow from USD 23.73 billion in 2023 to USD 42 billion by 2031, growing at a CAGR of 7.4% in the forecast period (2024-2031).

The refrigerant market is highly fragmented and competitive. Key industry players are working on product development, new product launches, and regional expansions to capture a significant percentage of market shares. In order to meet strict regulatory requirements and changing consumer tastes, other industry players are likely to invest more in R&D and the manufacturing of environmentally friendly products. Volatile raw material prices and multinational firms utilizing cutting-edge technologies are projected to present difficulties for new entrants. Existing companies invest extensively in R&D and expansion in order to increase their presence, and they are inventing new, cost-effective solutions to meet specific application requirements. 'Arkema S.A.', 'The Chemours Company', 'Daikin Industries Ltd.', 'DowDuPont Inc.', 'Honeywell International Inc.', 'Linde plc', 'Mexichem S.A.B. de C.V.', 'Mitsubishi Chemical Holdings Corporation', 'Navin Fluorine International Limited', 'National Refrigerants, Inc.', 'Puyang Zhongwei Fine Chemical Co., Ltd.', 'Quimobásicos', 'SRF Limited', 'Shandong Yuean Chemical Industry Co., Ltd.', 'Shandong Dongyue Chemical Co., Ltd.', 'Solvay SA', 'The Linde Group', 'Tazzetti S.p.A.', 'Zhejiang Juhua Co., Ltd.', 'Zhejiang Quzhou Juhua Co., Ltd.', 'In, July 2022, A-Gas, a manufacturer of industrial gases, refrigerants, and other chemicals with headquarters in the UK, purchased Certified Refrigerant Services, Inc. for an undisclosed amount. With this acquisition, CRS would extend A-Gas' refrigerant business in the United States and highlight the company's interest in the safe and effective recovery and reclamation of refrigerant gases. Certified Refrigerant Services, Inc. is a refrigerant service company established in the United States.', 'In January 2022, Honeywell launched the Solstice N71 (R-471A) refrigerant to meet the strict rules pertaining to reducing greenhouse gas emissions. It is non-flammable and energy-efficient.', 'In May 2021, Sinochem Holdings Corporation Ltd was founded and created as a result of a cooperative reorganization between Sinochem Group and China International Corporation. With more than 220,000 workers, the company is a significant state-owned enterprise.', 'In February 2020, Honeywell, a US-based firm that provides innovative solutions to clients, will offer the Solstice N15 (R-515B) based on HVAC technology.  Solstice N15 (R-515B) is a new non-flammable refrigerant with a low warming potential that can be utilized in chillers and heat pumps.'

Low temperatures are required in the pharmaceutical industry for drug transport and storage. Factors such as the move to biologics, as well as the expanding specialized medicines, insulin products, and vaccinations, are driving demand for refrigerants in developing Asian countries. The pharmaceutical sector is expanding rapidly in Asia Pacific's main growing economies, including China and India. As a result, the pharmaceutical industry's expansion is likely to fuel the refrigerant market.

Refrigerants are substances that absorb heat from the environment and are utilized in cooling products because of this property. Refrigerant is an essential component of modern cooling systems such as air conditioners, refrigerators, freezers, chillers, and so on. Hydro fluorocarbons are now the most often utilized refrigerant in the market by most manufacturers, after their predecessor, chlorofluorocarbons, were phased out due to their ozone-depleting tendency following the Montreal Protocol. The key macroeconomic elements influencing the industry are fluctuating climate conditions and rapid economic expansion in emerging economies. The rise of the consumer electronics sector, as well as the economic development of the Least Developed Economies, are the key growth drivers of the refrigerant market. Domestic air conditioning and refrigeration systems have become more popular as purchasing power has increased. The expansion of the cold storage sector has resulted in a rise in demand for refrigerants.

The Asia-Pacific region dominated the market. Asia-Pacific had the largest market share and is expected to have the largest market share during the forecast period. China is one of the world's fastest expanding economies, and practically all end-user industries have seen significant development as a result of increased population, living standards, and per capita income. However, due to international trade turbulences and unfavorable geopolitical events, the growth rate is likely to decelerate in the forecast period's first few years. Also, given the favorable future conditions and relations, growth is likely to accelerate during the forecast period. Chinese customers are increasingly purchasing health and wellness products, such as organic crops that require cold storage, such as peas and maize. Packaged frozen foods, particularly dairy, baby food, and confectionery products, are also growing increasingly popular. Due to the rising popularity of ready-to-eat packaged food, which opens up the market for appliances, many consumers in China now view refrigeration appliances as essential household products. The scenario supports the expansion of the Chinese refrigeration sector even more. The modern-day flourishing economy of India, with dramatically improving living standards and per capita income, is altering an individual's choices and preferences. This is resulting in the expansion of all key areas of the Indian economy, resulting in increased growth prospects for the country.