Refrigerants Market worth $9.56 billion by 2029 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Feb. 18, 2025 /PRNewswire/ -- The report "Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide), Application (Refrigeration System, Air Conditioning System, Chillers, and MAC), and Region(Asia Pacific , North America, Europe, MEA) - Global Forecast to 2029", size was USD 6.99 billion in 2024 and is projected to reach USD 9.56 billion by 2029, at a CAGR of 6.5%, between 2024 and 2029.

Browse in-depth TOC on "Refrigerants Market"
340 – Tables
57 – Figures
310 – Pages

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Refrigerants are used to generate a cooling effect in the air conditioning and refrigeration systems industry. They are used in equipment such as freezers, refrigerators, air conditioners, and heating units. Based on their chemical composition, the commonly used refrigerants are HCFCs, HFCs, HFOs, HCs, ammonia, carbon dioxide, and water. In general, refrigerants find application in domestic, commercial, and industrial refrigeration; chillers; window, split, variable refrigerant flow, and other types of air conditioning systems; and mobile air conditioning.

HFC & Blends segment to account for fastest growing segment, in terms of value, of the global refrigerants market during the forecast period.

The rising demand from the increasing population, accompanied by the development of new technologies and products, is projected to make this region an ideal destination for the HFC & blends segment. Improved lifestyles, increasing cost of living, and the multiplying population will help industries such as refrigeration and air conditioning flourish in developing regions, thereby supporting the demand for HFC & blends. The growing HVAC and automotive sectors, particularly in emerging economies like India and China, are driving the demand for air conditioning and refrigeration, where HFCs remain widely used. Despite ongoing global efforts to phase out high-GWP refrigerants, HFCs continue to be essential due to their energy efficiency, safety, and compatibility with current refrigeration systems.

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Refrigeration System segment to account for fastest growing segment, in terms of value, of the global refrigerants market during the forecast period.

The rapid urbanization rate and emerging industries in the emerging economic region are increasing the demand for refrigeration systems. China being a global manufacturing base, generates high demand for refrigerants in commercial refrigeration systems. Similarly, other major economies in the Asia Pacific region, such as India, Japan, and South Korea, are also driving refrigerant demand in this application. This application is further divided into three major categories domestic refrigeration, industrial refrigeration, and commercial refrigeration. The growth of e-commerce and online grocery delivery services has further fueled the demand for efficient refrigeration units, especially in developing markets where cold chain infrastructure is expanding.

Asia Pacific is expected to be the fastest-growing region, in the overall refrigerants market, during the forecast period.

The increasing demand for consumer appliances in the growing economies of Asia Pacific, such as China, India, and Thailand, along with the growing cold chain network in well-established markets of North America and Europe, is driving the refrigerants market. As this market is highly regulated, fluorocarbon refrigerants are expected to decline in their market share. This is likely to act as an opportunity for manufacturers of natural refrigerants.

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The key players in this market are Arkema S.A. (France), Daikin Industries Ltd. (Japan), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Dublin), and Air Liquide (France).

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