Refrigerants Market was valued at USD 30.21 Billion in 2022 and is projected to reach USD 43.51 Billion by 2030, growing at a CAGR of 4.7% from 2024 to 2030.
Looking ahead from 2023 to 2033, the refrigerants market is expected to continue evolving as regulatory requirements tighten further and industries push for even greater energy efficiency and sustainability. The demand for low-GWP refrigerants is anticipated to skyrocket, especially as the automotive, industrial, and residential sectors increase their focus on reducing carbon footprints. The rising use of electric vehicles and sustainable cooling systems in commercial and residential buildings will likely push the adoption of advanced refrigerants that comply with both safety and environmental standards.
The rise of natural refrigerants such as CO2 and hydrocarbons is expected to dominate the market due to their low environmental impact and ability to operate in various temperature ranges efficiently. By 2033, the shift toward these eco-friendly solutions is projected to be even more pronounced as new innovations in refrigerant technology offer improved performance and cost-effectiveness. Moreover, with increasing investments in renewable energy sources and energy-efficient infrastructure, the refrigerants market will likely witness the expansion of sustainable cooling and refrigeration technologies.
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The refrigerants market saw significant shifts from 2018 to 2022, driven by the growing demand for sustainable and energy-efficient solutions in the HVACR (heating, ventilation, air conditioning, and refrigeration) industry. During this period, refrigerant types such as hydrofluorocarbons (HFCs) remained dominant, but the global push for environmentally friendly alternatives led to the increasing adoption of low-GWP (Global Warming Potential) refrigerants like hydrofluoroolefins (HFOs) and natural refrigerants such as CO2 and ammonia.
In particular, the phase-out of high-GWP refrigerants under the Kigali Amendment to the Montreal Protocol spurred innovation and research into alternatives. By 2022, many countries had started implementing stringent regulations that encouraged the shift toward more eco-friendly refrigerants, creating a substantial impact on the market's growth. This regulatory shift resulted in increased demand for refrigerants with lower environmental impacts, pushing companies to focus on products that met these new standards.
Chemours Company
Honeywell International Inc
Arkema S.A.
Dongyue Group Co. Ltd
Asahi Glass Co.
Ltd.
Daikin Industries Ltd.
Sinochem Corporation
Mexichem S.A.B. de C.V.
The Linde Group
SRF Ltd.
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Refrigerants Market
Refrigerators
Chillers
Air Conditioners
Others
Based on Types the Market is categorized into Below types that held the largest Refrigerants market share In 2023.
Fluorocarbons
Inorganics
Hydrocarbons
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Refrigerants Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Refrigerants Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Refrigerants Market, By Type
6. Global Refrigerants Market, By Application
7. Global Refrigerants Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Refrigerants Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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