Product Code: GVR-2-68038-297-6
Refrigerant Market Growth & Trends:
The global refrigerant market is expected to reach USD 19.65 billion by 2030, registering a CAGR of 4.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. The increasing development of environmentally friendly alternatives, driven by environmental policies focused on mitigating ODS and GHG emissions, constitutes a significant factor fueling market growth.
Regulations implemented across the EU, Asia Pacific, and the U.S. have encouraged a consumer shift towards hydrocarbon & inorganic refrigerants, with their demand projected to increase substantially throughout the forecast period. In 2024, the fluorocarbons segment dominated over 53.3% of the total consumption.
The inorganic product segment held the second-largest position in terms of revenue. The thermal efficiency of inorganic refrigerants has facilitated their adoption across various industrial applications. Their low cost, ease of procurement, and environmentally benign properties contribute to their increasing demand within industrial sectors.
The Asia Pacific refrigerant market has demonstrated robust demand in recent periods. The expansion of industrial activity and productivity in China and India is expected to continue driving the need for refrigeration across residential, industrial, and commercial domains.
Companies consistently endeavor to strengthen their market presence through strategies encompassing product development, regional expansion, and application diversification. Offering innovative and cost-effective products that satisfy end-user requirements and regulatory standards is crucial for establishing a competitive advantage.
Refrigerant Market Report Highlights:
- The UNFCCC has been instrumental in establishing regulations concerning the utilization of refrigerant products, thereby compelling industry stakeholders to pursue the development of alternative sources.
- Europe constitutes the largest consumer market, with the mobile air conditioning, industrial refrigeration, and commercial refrigeration sectors demonstrating significant demand. A uniform environmental policy across the European Union has motivated regional manufacturers to invest substantially in research and development activities.
- In January 2025, new regulations in the U.S. and EU phased out high-GWP refrigerants. This is expected to increase demand for low-GWP options like R-32 and R-454B, creating opportunities for manufacturers, distributors, and service providers to supply and upgrade systems.
- The hydrocarbon refrigerant segment is expected to witness the highest CAGR of 7.1% over the forecast period. Energy efficiency, low cost, and ecofriendly nature of the product are key traits positively influencing demand.
- Stationary air conditioning, heat pumps, chillers segment dominated the market in terms of revenue in 2024
- Key players operating in the refrigerant market include Honeywell International Inc.; DAIKIN INDUSTRIES, Ltd.; Arkema; DONGYUE GROUP; The Chemours Company; Orbia; SINOCHEM GROUP CO., LTD.; Linde PLC; Air Liquide; SRF Limited; Gujarat Fluorochemicals Limited; AGC Inc.
- In March 2025, Honeywell expanded its operations in Uzbekistan by establishing Honeywell Industrial Automation LLC. This development signifies an expansion of the company's presence in the Central Asian region.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Refrigerant Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent Market Outlook
- 3.1.2. Related Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Regulatory Framework
- 3.4. Market Dynamics
- 3.4.1. Market Driver Analysis
- 3.4.2. Market Restraint Analysis
- 3.4.3. Industry Challenges
- 3.4.4. Industry Opportunities
- 3.5. Industry Analysis Tools
- 3.5.1. Porter's Five Forces Analysis
- 3.5.2. Macro-environmental Analysis
Chapter 4. Refrigerant Market: Product Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Refrigerant Market: Product Movement Analysis & Market Share, 2024 & 2030
- 4.3. Fluorocarbon
- 4.3.1. Fluorocarbon Market Revenue Estimates and Forecasts, 2018 - 2030 (Kilo Tons) (USD Million)
- 4.4. Hydrocarbon
- 4.4.1. Hydrocarbon Market Revenue Estimates and Forecasts, 2018 - 2030 (Kilo Tons) (USD Million)
- 4.5. Inorganic
- 4.5.1. Inorganic Market Revenue Estimates and Forecasts, 2018 - 2030 (Kilo Tons) (USD Million)
- 4.6. Others
- 4.6.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (Kilo Tons) (USD Million)
Chapter 5. Refrigerant Market: Application Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Refrigerant Market: Application Movement Analysis & Market Share, 2024 & 2030
- 5.3. Industrial Refrigeration
- 5.3.1. Industrial Refrigeration Market Revenue Estimates and Forecasts, 2018 - 2030 (Kilo Tons) (USD Million)
- 5.4. Domestic Refrigeration
- 5.4.1. Domestic Refrigeration Market Revenue Estimates and Forecasts, 2018 - 2030 (Kilo Tons) (USD Million)
- 5.5. Transport Refrigeration
- 5.5.1. Transport Refrigeration Market Revenue Estimates and Forecasts, 2018 - 2030 (Kilo Tons) (USD Million)
- 5.6. Commercial Refrigeration
- 5.6.1. Commercial Refrigeration Market Revenue Estimates and Forecasts, 2018 - 2030 (Kilo Tons) (USD Million)
- 5.7. Stationary Air Conditioning, Heat Pumps, Chillers
- 5.7.1. Stationary Air Conditioning, Heat Pumps, Chillers Market Revenue Estimates and Forecasts, 2018 - 2030 (Kilo Tons) (USD Million)
- 5.8. Mobile Air Conditioning
- 5.8.1. Mobile Air Conditioning Market Revenue Estimates and Forecasts, 2018 - 2030 (Kilo Tons) (USD Million)
Chapter 6. Refrigerant Market: Regional Estimates & Trend Analysis
- 6.1. Regional Movement Analysis & Market Share, 2024 & 2030
- 6.2. North America
- 6.2.1. North America Refrigerant Market Estimates & Forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.2.2. U.S.
- 6.2.2.1. Key country dynamics
- 6.2.2.2. U.S. Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.2.3. Canada
- 6.2.3.1. Key country dynamics
- 6.2.3.2. Canada Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.2.4. Mexico
- 6.2.4.1. Key country dynamics
- 6.2.4.2. Mexico Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.3. Europe
- 6.3.1. Europe Refrigerant Market Estimates & Forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.3.2. Germany
- 6.3.2.1. Key country dynamics
- 6.3.2.2. Germany Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.3.3. UK
- 6.3.3.1. Key country dynamics
- 6.3.3.2. UK Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.3.4. France
- 6.3.4.1. Key country dynamics
- 6.3.4.2. France Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.4. Asia Pacific
- 6.4.1. Asia Pacific Refrigerant Market Estimates & Forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.4.2. China
- 6.4.2.1. Key country dynamics
- 6.4.2.2. China Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.4.3. India
- 6.4.3.1. Key country dynamics
- 6.4.3.2. India Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.4.4. Japan
- 6.4.4.1. Key country dynamics
- 6.4.4.2. Japan Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.5. Central & South America
- 6.5.1. Central & South America Refrigerant Market Estimates & Forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.5.2. Brazil
- 6.5.2.1. Key country dynamics
- 6.5.2.2. Brazil Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.6. Middle East & Africa
- 6.6.1. Middles East & Africa Refrigerant Market Estimates & Forecast, 2018 - 2030 (Kilo Tons) (USD Million)
- 6.6.2. Saudi Arabia
- 6.6.2.1. Key country dynamics
- 6.6.2.2. Saudi Arabia Refrigerant market estimates & forecast, 2018 - 2030 (Kilo Tons) (USD Million)
Chapter 7. Refrigerant Market - Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Company Categorization
- 7.3. Company Heat Map
- 7.4. Position Analysis, 2024
- 7.5. Strategy Mapping
- 7.5.1. Expansion
- 7.5.2. Mergers & Acquisition
- 7.5.3. Partnerships & Collaborations
- 7.5.4. New Product Launches
- 7.5.5. Research and Development
- 7.6. Company Profiles
- 7.6.1. Honeywell International Inc.
- 7.6.1.1. Participant's overview
- 7.6.1.2. Financial performance
- 7.6.1.3. Product benchmarking
- 7.6.1.4. Recent developments
- 7.6.2. DAIKIN INDUSTRIES, Ltd.
- 7.6.2.1. Participant's overview
- 7.6.2.2. Financial performance
- 7.6.2.3. Product benchmarking
- 7.6.2.4. Recent developments
- 7.6.3. Arkema
- 7.6.3.1. Participant's overview
- 7.6.3.2. Financial performance
- 7.6.3.3. Product benchmarking
- 7.6.3.4. Recent developments
- 7.6.4. DONGYUE GROUP
- 7.6.4.1. Participant's overview
- 7.6.4.2. Financial performance
- 7.6.4.3. Product benchmarking
- 7.6.4.4. Recent developments
- 7.6.5. The Chemours Company
- 7.6.5.1. Participant's overview
- 7.6.5.2. Financial performance
- 7.6.5.3. Product benchmarking
- 7.6.5.4. Recent developments
- 7.6.6. Orbita
- 7.6.6.1. Participant's overview
- 7.6.6.2. Financial performance
- 7.6.6.3. Product benchmarking
- 7.6.6.4. Recent developments
- 7.6.7. SINOCHEM GROUP CO., LTD.
- 7.6.7.1. Participant's overview
- 7.6.7.2. Financial performance
- 7.6.7.3. Product benchmarking
- 7.6.7.4. Recent developments
- 7.6.8. Linde PLC
- 7.6.8.1. Participant's overview
- 7.6.8.2. Financial performance
- 7.6.8.3. Product benchmarking
- 7.6.8.4. Recent developments
- 7.6.9. Air Liquide
- 7.6.9.1. Participant's overview
- 7.6.9.2. Financial performance
- 7.6.9.3. Product benchmarking
- 7.6.9.4. Recent developments
- 7.6.10. SRF Limited
- 7.6.10.1. Participant's overview
- 7.6.10.2. Financial performance
- 7.6.10.3. Product benchmarking
- 7.6.10.4. Recent developments
- 7.6.11. Gujarat Fluorochemicals Limited
- 7.6.11.1. Participant's overview
- 7.6.11.2. Financial performance
- 7.6.11.3. Product benchmarking
- 7.6.11.4. Recent developments
- 7.6.12. AGC Inc.
- 7.6.12.1. Participant's overview
- 7.6.12.2. Financial performance
- 7.6.12.3. Product benchmarking
- 7.6.12.4. Recent developments