Refrigerants Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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How has the refrigerants market grown in recent years?
In the past few years, the refrigerants market has seen robust growth. The market is projected to expand from $27.22 billion in 2024 to $29.71 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.1%. The rise during the historical period is due to vigorous economic expansion in developing markets, favorable government policies, and a surge in demand for air conditioners.
How is the refrigerants market size expected to evolve during the forecast period?
The market for moringa ingredients is predicted to witness robust expansion in the years ahead. It is projected to reach $13.11 billion by 2029, marking a compound annual growth rate (CAGR) of 9.1%. The surge in projected growth is due to various factors including, R&D efforts, applications in pharmaceutical and nutraceutical sectors, demand for functional ingredients, focus on regenerative farming and sustainable, eco-friendly products. The expected trends during the forecast period encompass social responsibility, fair trade, innovation and research, uses in pharmaceuticals and nutraceuticals, incorporation in functional foods and beverages, and sustainable farming.
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Which key drivers are propelling the refrigerants market’s growth?
The refrigerants market’s expansion over the next several years is forecasted to be fueled by a surge in air conditioning needs. With global temperatures on the rise, the requirement for cooling systems has likewise expanded. In 2020, the World Meteorological Organization (WMO) stated that the global average temperature was 1.2 °C above the pre-industrial (1880) era temperatures, triggering a demand surge for air conditioning, and thus, refrigerants. A refrigerant, an integral component of air conditioners, is a chemical compound that soaks up the heat from its environment and subsequently releases cool air upon passing through air conditioners and evaporators. Projected by the International Energy Agency (IEA), roughly two-thirds of global households will own an air conditioner by 2050. It is anticipated that emerging economies such as India, China, and Indonesia will jointly constitute half of the total air conditioner ownership. Thus, as global temperatures continue to climb, the demand for air conditioning is projected to soar, stimulating the growth of the refrigerant market.
What are the market segments in the refrigerants industry?
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
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Which leading companies are shaping the growth of 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
What key trends are currently impacting the refrigerants market’s development?
Firms in the refrigerants market are transitioning towards refrigerants with a lower global warming potential (GWP) due to eco-conscious concerns. Legislative actions, like the Kigali Amendment to the Montreal Protocol, expedited the discontinuation of high-GWP refrigerants such as hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs). The companies are gravitating towards refrigerants with a smaller impact on global warming. For instance, in May 2022, AGC, a global leader in glass, chemicals, and high-tech materials based in Japan, created a new formula of AMOLEA 1123 (HFO-1123) based refrigerant, which has a GWP below 10 for air conditioning units. Similarly, in January 2022, the American multinational conglomerate corporation Honeywell unveiled Solstice N71 (R-471A), a pioneering, low-GWP refrigerant designed for commercial and industrial refrigeration, particularly suitable for supermarkets.
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Which geographic areas are influencing the growth of the 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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