Refrigerants Market Insights, Size, Share, Growth and Forecast 2032

According to Fortune Business Insights, The global refrigerants market was valued at USD 24.20 billion in 2023 and is projected to expand from USD 26.11 billion in 2024 to USD 47.98 billion by 2032, registering a CAGR of 7.9% during the forecast period. In 2023, North America led the market, accounting for 30.58% of the global share. The U.S. market, in particular, is expected to witness notable growth, reaching USD 11.98 billion by 2032. This growth is primarily driven by rising disposable incomes, which are fueling the demand for air conditioning across residential, commercial, and industrial sectors.

Refrigerants are mixtures of substances used in refrigeration cycles and heat pumps, where they undergo phase changes from liquid to gas. They are favored due to properties such as high heat of vaporization, non-corrosiveness, high gaseous density, and moderate liquid density. A wide range of chemicals is utilized as refrigerants, including hydrofluorocarbons (HFCs), chlorofluorocarbons (HCFCs), hydrofluoroolefins (HFOs), and other inorganic compounds. Their primary applications span air conditioning in buildings, as well as in the chemical, pharmaceutical, and food industries.

Fortune Business Insights™ cites this information in its research report, titled “Refrigerants Market, 2024-2032”.

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List of Key Players Mentioned in the Report:

• Air Liquide Advanced Technologies (France)

• Linde plc (Ireland)

• A-Gas (England)

• The Chemours Company (U.S.)

• Tazzetti S.p.A. (Piedmont)

• AGC Inc. (Japan)

• DuPont (U.S.)

• Honeywell International Inc. (U.S.)

• Arkema (France)

• DAIKIN INDUSTRIES, Ltd. (Japan)

Segments:

Hydrocarbons Segment to Gain Immense Traction Owing to Rapid Industrialization in Emerging Economies

Based on type, the market is classified into hydrocarbons, fluorocarbons, and inorganic refrigerants. The hydrocarbon segment held a leading market share in 2022. This was on account of rising industrialization in developing nations coupled with the extensive product usage in residential and commercial applications.

Refrigeration Segment to Lead Due to Surging Equipment Demand

With respect to application, the market is classified into refrigeration, air conditioning, and others. The refrigeration segment held the largest market share in 2022. This can be credited to the surging purchasing power of the middle-class population for consumer goods such as refrigeration equipment. The segment expansion can also be ascribed to surging industrialization and deteriorating weather conditions.

Industrial Segment to Dominate Owing to Rising Product Adoption

Based on end-use industry, the market is categorized into commercial, domestic, and industrial. The industrial segment captured the major market share in 2022. Stringent environmental regulations by the government, especially on manufacturing plants, coupled with surging industrial pollution in emerging nations, has bolstered the demand for refrigerants.

On the basis of region, the market for refrigerants is subdivided into Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.

Report Coverage:

The report provides vital insights into the key trends and drivers, presenting lucrative opportunities for market growth throughout the estimated period. It also offers a comprehensive coverage of the major strategies opted by leading market players to extend their global footprints.

Drivers and Restraints:

Market Value to Grow Owing to Rising Product Usage in Transportation

One of the major factors propelling the refrigerants market growth is the surging usage of transportation globally. Moreover, increasing demand for medicines, frozen food, and new therapeutic treatments within the cold chain has further proliferated the demand for reliable refrigerated transport, augmenting market growth.

However, the flammability and toxicity issues may present major barriers to product uptake.   

Regional Insights:

North America to Become the Prominent Growth Hub Owing to Rising Product Demand from Transportation Sector

The North America refrigerants market share is projected to dominate over the forecast period. This rise is on account of the growing product demand from the automotive and transportation sectors.

The Asia Pacific market is poised to exhibit appreciable growth over the estimated period. The regional growth is driven by improved living standards of people and rapid urbanization.

Information Source: https://www.fortunebusinessinsights.com/industry-reports/refrigerant-market-101745

Competitive Landscape:

Prominent Companies Emphasize on Product Innovations to Strengthen their Market Positions

Major industry players are focusing on product innovations to enhance their position. They are also investing heavy amounts into R&D activities to launch new products. Additionally, they are emphasizing on mergers and acquisition strategies to bolster their market positions.

Key Industry Development:

• February 2023- Linde, a global multinational chemical company, declared that it invested USD 1.8 billion and signed a contract to provide clean hydrogen and other industrial gases to OCI's new world scale blue ammonia facility in Beaumont, Texas. The Beaumont plant aims to build and strengthen the world's leading platform for clean fuels and blue ammonia.

• July 2020- Linde Group built a new Air Separation Unit (ASU) and the first of 3 nitrogen generators for a 15-year agreement to offer ultra-high purity industrial gases to a significant electronics consumer in Taiwan.