Refrigerant Industry Overview

The global refrigerant market, valued at USD 14.26 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030. This growth is driven by several key factors, particularly the rising demand for refrigeration in various end-use sectors, with the commercial and industrial refrigeration industry being one of the primary contributors. The ongoing trend of rapid urbanization in emerging economies is further accelerating the need for refrigeration solutions, as more cities and industries require cooling systems to support growing populations and businesses.

In addition, the expansion of cold storage facilities is another major factor supporting market growth. As global trade, especially in perishable goods, continues to increase, cold storage systems have become essential for preserving the quality and safety of products during transportation and storage. With the rising demand for refrigerated storage and transport, the market for refrigerants is expected to expand substantially.

A growing emphasis on environmentally friendly refrigerants is also shaping the market. Many refrigerants, including hydrofluorocarbons (HFCs), 1,1,1,2-Tetrafluoroethane, and ammonia, are gaining popularity in the beverage and food processing industries due to their minimal contribution to global warming and reduced impact on the ozone layer. These refrigerants are commonly used for storing, producing, and transporting food and beverages, ensuring that perishable goods can be kept fresh and safe throughout their lifecycle.

The demand for reliable refrigeration is also increasing in the transport sector. Refrigerated containers, trucks, and trailers are crucial for maintaining the freshness of food, medicines, and perishable goods during transit. These systems play a pivotal role in ensuring that products remain intact from production to delivery. As the demand for medicines, frozen foods, and new treatments requiring cold chains continues to grow, the need for dependable refrigerated transport and the refrigerants that power them is expected to rise, further driving market expansion in the coming years.

Gather more insights about the market drivers, restrains and growth of the Refrigerant Market

Regional Insights:

North America Refrigerant Market Trends:

• The North American refrigerant market is experiencing significant demand growth across various end-use industries, including domestic refrigeration, commercial refrigeration, and mobile air conditioning.
• A key driver for growth is the increasing awareness regarding environmental protection and the shift towards more energy-efficient cooling solutions.
• This growing demand for environmentally friendly solutions is also fostering the growth of the natural refrigerants industry across the region.

U.S. Refrigerant Market Trends:

• The U.S. refrigerants market is expected to witness growth during the forecast period, primarily driven by rising demand for mobile air conditioning units, particularly in automobiles.
• Additionally, the commercial and industrial sectors in the U.S. are expanding, further boosting the need for refrigerants in these applications.

Europe Refrigerant Market Trends:

• Europe is one of the largest consumers of refrigerants globally, accounting for a 31.0% revenue share in 2023.
• The region's growth is largely attributed to the increasing demand for air conditioning units across various sectors, including automotive, industrial, commercial, and domestic applications.
• Germany in particular is experiencing steady growth in the refrigerant market due to the rising demand for air conditioning units.
• As one of Europe’s leading automobile producers, Germany is witnessing a surge in industrial and mobile air conditioning needs, thus driving the demand for refrigerants in the country.

Asia Pacific Refrigerant Market Trends:

• The Asia Pacific refrigerant market is expected to experience robust growth due to increasing demand for refrigeration and cooling equipment, driven by rapid industrialization and urbanization in the region.
• Countries like China, India, Japan, and Australia are experiencing significant development, further propelling demand for refrigerants.
• China is one of the largest producers and consumers of refrigerants, with increasing construction and industrial projects requiring air conditioning and ventilation systems, which in turn boosts demand for refrigerants.

Central & South America Refrigerant Market Trends:

• The refrigerant market in Central and South America is expected to grow during the forecast period, primarily due to the rise in commercial, manufacturing, and industrial plants across the region.
• As these industries expand, the demand for HVAC systems and air conditioning units will drive the need for refrigerants.
• In Brazil, the food and beverage industry, one of the strongest sectors of the economy, relies heavily on refrigerants for storage and transportation of food and beverages, contributing to market growth in the country.

Middle East & Africa Refrigerant Market Trends:

• The refrigerants market in the Middle East and Africa is expected to experience growth over the forecast period, driven by the region's climatic conditions, which create a high demand for cooling products.
• Air conditioning and refrigeration equipment are essential due to the extreme heat in many parts of the region, increasing demand for refrigerants.
• Saudi Arabia is expected to see notable growth in the refrigerant market, largely due to its harsh climate and rapid infrastructure development.
• The increasing number of manufacturing units and medical facilities in Saudi Arabia will further stimulate the demand for cooling equipment, thus driving refrigerant market growth.

Browse through Grand View Research's Power Generation & Storage Industry Research Reports.

• The global frozen food market size was valued at USD 193.74 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2030.
• The global ammonia market size was valued at USD 224.10 billion in 2024 and is anticipated to grow at a CAGR of 5.9% from 2025 to 2030.

Key Refrigerant Company Insights

Some of the key players operating in the market include Honeywell International Inc., Daikin Industries Ltd., and Arkema S A, among others.

• Honeywell International Inc. manufactures and supplies aerospace product & services, turbochargers, energy efficient solutions and products for homes, businesses & transport, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals and security technologies for home, industries and buildings. The company has its business operating via four segments, aerospace, home and building technologies, performance materials and technologies and safety & productivity solutions. The company has a global presence.
• Daikin Industries Ltd is a manufacturer and supplier of cooling equipment and chemicals. It operates via three segments, Air Conditioning and Refrigeration Business, Chemicals and others. The Air Conditioning and Refrigeration Business segment is responsible for providing residential and commercial air conditioners, residential and commercial air purifiers, large sized chillers, marine vessel air conditioners and marine refrigeration units. The Chemicals segment manufactures and supplies fluoropolymers, fluorocarbons, fine chemical products and chemical engineering machinery. The company has a global presence.

Mexichem SAB de CV, Linde Group, Air Liquide, and Dongyue Group, among others, are some of the emerging participants in the refrigerants market.

• Air Liquide manufactures and supplies gases, technologies, and services for healthcare and various industries. It operates through three segments: Gas & Services, which includes refrigerants; Engineering & Construction; and Global Markets & Technologies. The Gases & Services segment comprises four business lines: large industries, Industrial merchants, Healthcare, and Electronics. The company also manufactures and designs plants in the renewable, alternative, and traditional energy sectors and has a presence in 72 countries.
• Linde Group is a gas and engineering company that operates via three segments Gases, Engineering and Other. The Gases segment provides a wide range of liquified and compressed gases, as well as chemicals to several industries including energy, steel production, chemical processing, environmental protection, welding, food processing, electronics and glass production. The Engineering division assists in planning, development and construction of turnkey industrial plants such as chemical plants, refineries, petrochemical plants, fertilizer plants, and olefin, air separation, hydrogen, natural gas and synthesis gas plants. The other segment consists of logistics services offered by the company’s subsidiary Gist, which provides expert solutions in the distribution of chilled beverages and food.

Key Refrigerant Companies:

The following are the leading companies in the refrigerants market. These companies collectively hold the largest market share and dictate industry trends.

• Honeywell Industries Inc.
• Daikin Industries Inc.
• Arkema S A
• Dongyue Group
• The Chemours Company
• Mexichem SAB de CV
• Sinochem Group
• Linde Group
• Air Liquide
• SRF Limited
• Gujarat Fluorochemicals Limited
• Asahi Glass Co, Ltd (AGC)

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