Market Overview

The global refrigerant market size was valued at USD 21.9 Billion in 2024 and is forecasted to reach USD 40.7 Billion by 2033, growing at a CAGR of 8.06% during the 2025-2033 period. This growth is driven by increasing demand for cooling solutions due to climate change, technological advancements, rising regulatory compliance, and rapid urban infrastructure development globally.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Refrigerant Market Key Takeaways

• Current Market Size: USD 21.9 Billion in 2024
• CAGR: 8.06% during 2025-2033
• Forecast Period: 2025-2033
• The market growth is propelled by the need for efficient cooling due to global climate changes and advancements in cooling technology.
• Increasing automotive applications for climate control also significantly drive demand.
• Rising disposable income levels enable greater investment in advanced cooling systems.
• Stricter food storage regulations and healthcare sector growth boost refrigerant demand.
• Expansion of data centers requiring controlled temperature environments supports market growth.

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Market Growth Factors

The global refrigerant market is majorly pushed by the cooling solutions need which is a direct result of the changing climate across the world. The market is also positively influenced by the continuous improvements in cooling technology. On top of that, the automotive industry's seeking of more and more climate control systems is another reason for the market growth and the increasing disposable incomes of consumers are an enabler that allows more people to have access to these modern cooling solutions.

Besides this, the stringent regulations on food preservation are opening up new markets, as they require safe and efficient refrigeration methods. The growth of the pharmaceutical industry is another factor contributing to the demand for good refrigeration storage. And, the number of data centers around the world that need very specific temperature control environments is also a big factor in the market's growth.

Besides the above-mentioned factors, rapid industrialization in developing nations and a rise in the ecological awareness among consumers pushing for the use of green refrigerants are also major contributors to the market growth. Application of technology in the refrigerant industry through R&D activities is another factor supporting the market progress. All these factors together are providing substantial opportunities for the refrigerant market to grow during the forecast period.

Market Segmentation

By Product Type:

• Fluorocarbon: Largest segment due to high energy efficiency and low toxicity; preferred in automotive and HVAC sectors; eco-friendly R&D is a focus.
• Inorganic: Gaining traction for specialized industrial applications requiring low temperatures; lower GWP than fluorocarbons.
• Hydrocarbon: Increasing adoption driven by regulatory changes and environmental considerations; suitable for specific industrial uses.
• Others: Additional refrigerant types, not specified in detail.

By Application:

• Commercial: Driven by demand in retail, healthcare, and hospitality; benefits from urbanization and strict energy regulations.
• Industrial: Focused on process cooling in manufacturing, petrochemical, and pharmaceutical industries; energy efficiency and safety regulations are crucial.
• Domestic: Growth fueled by rising household air conditioner usage, hotter climates, and government incentives.
• Others: Other miscellaneous applications not detailed.

By Region:

• Europe
• North America
• Asia Pacific
• Middle East and Africa
• Latin America

Regional Insights

Asia Pacific dominates the refrigerant market due to rapid industrialization and urbanization, supported by key economies like China and India. High population density drives substantial demand for commercial and domestic cooling. The region benefits from evolving regulatory frameworks promoting eco-friendly refrigerants, the presence of major industry players, rising middle-class incomes, and climate conditions with consistently high temperatures year-round.

Recent Developments & News

• June 2021: Honeywell International Inc. partnered with Trane Technologies to field-test Solstice® N41 (R-466A), an industry-first nonflammable alternative to R-410A, at three U.S. locations in a one-year trial.
• August 2023: Daikin Industries, Ltd. acquired land in Tsukubamirai City, Japan, to build a new production base enhancing air conditioner domestic supply and competitiveness.
• July 2023: Arkema S A collaborated with Polymem and Tergys to develop autonomous water filtration systems using Kynar FSF PVDF membranes meeting French sanitary standards for remote and disaster-affected areas.

Key Players

• Honeywell International Inc.
• Daikin Industries Ltd
• Arkema S A
• Dongyue Group
• The Chemours Company
• Orbia Advance Corporation S.A.B. de CV
• Sinochem Group
• Air Liquide
• AGC Group
• Linde Group
• SRF Limited
• Gujarat Fluorochemicals Limited

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