R-124 Refrigerant Market size was valued at USD 0.25 Billion in 2022 and is projected to reach USD 0.35 Billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030.
The global R-124 refrigerant market is valued at approximately USD 600 million in 2024 and is expected to grow at a steady compound annual growth rate (CAGR) of 5% during the forecast period. The market for R-124 is driven by the increasing demand for refrigeration systems across various industries, including automotive, food storage, and air conditioning. Due to its low environmental impact, R-124 is considered a preferred refrigerant for energy-efficient and sustainable cooling solutions. The growing focus on reducing carbon footprints and adhering to stringent environmental regulations supports its market growth.
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The rising demand for energy-efficient cooling systems and the shift towards environmentally friendly refrigerants are key drivers of market growth.
Innovation in refrigerant technologies to improve performance, energy efficiency, and reduce harmful emissions is propelling market expansion.
Government regulations, such as the Kigali Amendment to the Montreal Protocol, are driving the adoption of low-GWP (Global Warming Potential) refrigerants like R-124.
The growth in demand for refrigeration and air conditioning in emerging economies further supports market development for R-124 refrigerants.
Increasing environmental awareness and the need for sustainable refrigerants are major drivers boosting the adoption of R-124 in various sectors.
Consumers’ demand for energy-efficient and low-carbon-footprint products is contributing to the market's positive trajectory.
High production costs and limited availability of R-124 in certain regions can pose a challenge to market growth.
Compliance with stricter global regulations and the transition from high-GWP refrigerants to low-GWP alternatives represents a challenge for the industry.
North America holds a significant share of the R-124 refrigerant market, driven by stringent environmental regulations and the presence of major HVAC and refrigeration manufacturers.
Europe is a prominent region for R-124 refrigerants due to its focus on reducing greenhouse gas emissions and promoting energy-efficient solutions in both residential and commercial sectors.
The Asia-Pacific region is expected to grow rapidly, with increasing industrialization and a rising demand for refrigeration systems in countries like China and India.
Latin America’s growing refrigeration market, along with initiatives to adopt low-GWP refrigerants, will drive demand for R-124 in the coming years.
1. What is R-124 refrigerant used for?
R-124 is mainly used in refrigeration and air conditioning systems, providing a sustainable alternative to other high-GWP refrigerants.
2. How does R-124 benefit the environment?
R-124 has a lower GWP, making it a more environmentally friendly refrigerant compared to other alternatives.
3. Is R-124 compatible with existing systems?
Yes, R-124 can often be used as a drop-in replacement in many existing refrigeration systems designed for higher-GWP refrigerants.
4. What industries use R-124 refrigerant?
R-124 is primarily used in HVAC, automotive, and industrial refrigeration sectors.
5. Will R-124 replace other refrigerants in the future?
Due to its environmental benefits, R-124 is poised to gradually replace higher-GWP refrigerants in many applications.
6. How much does R-124 refrigerant cost?
The price of R-124 refrigerant varies by region and demand, but it typically costs more than traditional refrigerants due to its eco-friendly properties.
7. What are the major challenges in the R-124 refrigerant market?
High production costs and strict regulatory requirements are significant challenges faced by the R-124 refrigerant market.
8. How does the Kigali Amendment affect the R-124 market?
The Kigali Amendment drives the adoption of low-GWP refrigerants, providing a boost to the R-124 refrigerant market.
9. Is R-124 safe to use?
R-124 is generally considered safe when used according to manufacturer guidelines in well-maintained systems.
10. What is the forecast growth rate for the R-124 refrigerant market?
The market is expected to grow at a compound annual growth rate (CAGR) of 5% during the forecast period from 2024 to 2030.
Top R-124 Refrigerant Market Companies
Daikin
Chemours
Arkema
Dongyue Group
Zhejiang Juhua
Mexichem
Meilan Chemical
Sanmei
Sinochem Group
Linde A.G.
Regional Analysis of R-124 Refrigerant Market
North America (United States, Canada, and Mexico, etc.)
Asia-Pacific (China, India, Japan, South Korea, and Australia, etc.)
Europe (Germany, United Kingdom, France, Italy, and Spain, etc.)
Latin America (Brazil, Argentina, and Colombia, etc.)
Middle East & Africa (Saudi Arabia, UAE, South Africa, and Egypt, etc.)
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R-124 Refrigerant Market Insights Size And Forecast