Refrigerant Market is expected to reach US$ 75.62 Billion by 2031

Rising Demand for Eco-Friendly and Energy-Efficient Cooling Solutions Drives Refrigerant Market Growth

According to our latest study on "Refrigerant Market Forecast to 2031, Global and Regional Growth Opportunity Analysis – by Type, Application, and End Use," the market was valued at US$ 47.04 billion in 2024 and is expected to reach US$ 75.62 billion by 2031; it is estimated to register a CAGR of 7.0% during 2025–2031. The report highlights factors contributing to the refrigerant market size and prominent players, along with their developments in the refrigerant market.

The refrigerant market growth is driven by the increasing demand by the world to have environmentally friendly, low-GWP (Global Warming Potential), and energy-efficient cooling systems in the refrigeration, air conditioning, and heat pump processes. Strict policies, including the F-Gas regulations in the EU and the use of the strict Kigali amendment to the Montreal protocol, and phase-down schedules of different countries, are hastening the replacement of high-GWP HFCs with next-generation HFOs, natural refrigerants, and low-GWP mixes. Demand is also propelled by rapid urbanization, the building of more cold-chain infrastructure in developing economies, and the increased use of electric cars and data center cooling. With industries focusing on sustainability without sacrificing performance and safety, newer refrigerants are becoming exhibits of vital enabling and sufficient control and long-term operation efficiency in the climate-aware world.

Refrigerant Market Breakdown – by Region

The refrigerant market analysis has been performed by considering the following segments: type, application, and end use. By type, the refrigerant market is segmented into ammonia, carbon dioxide, propane, isobutane, HFCs, HFO, and others. The HFCs segment leads the refrigerant market share in 2024, with its extensive application in the established commercial refrigeration, stationary, and mobile air conditioning, and retrofit systems. HFCs are an ideal choice in many applications as they are not flammable (A1 safety category), have high performance thermodynamically, and can be connected to existing equipment. In developing markets, the high demand is supported by large installed bases, affordable supply, and sluggish substitution despite the continued phase-down of the Kigali Amendment across the globe. HFC-134a, R-410A, and R-404A/507 are featured at the top of the list of blends in supermarkets, transportation refrigeration, and residential AC, which ensures the leadership of HFCs, with the industry slowly transferring to lower-GWP courses.

The refrigerant market trends include fast adoption of low-GWP HFOs and HFO/HFC mixtures, the increased use of natural refrigerants (R-744, R-290, R-717), and the use of mildly flammable A2L systems. High-GWP HFCs phase-down regulated by the Kigali Amendment and regional F-gas regulations hasten the adoption of the fourth-generation refrigerants such as R-1234yf, R-1234ze, R-32, and R-454 mixes in automotive, commercial, and residential applications. Innovations in system design make flammable and increased pressure refrigerants safe to use, and drop-in and low-cost retrofit blends increase the life of existing equipment. The application of IoT-enhanced leakage detection, reclaim/recycling schemes, and implementing a circular economy helps the sustainability targets, ensuring the performance, safety, and compliance in a rapidly developing regulatory environment.

In 2024, APAC was the top revenue-generating market in the global refrigerant market share due to the high rate of urbanization, the increased air-conditioning demand, and the growth of cold-chain infrastructure in China, India, Japan, South Korea, and Southeast Asia. The increasing residential, commercial, and automotive market and the increasing disposable incomes and hot weather create huge demand for HFCs (R-410A, R-32, R-134a) and transitional blends. Although the global phase-down has been committed, the enforcement of the same in a number of developing A5 countries and the size of the production capacities in China continue to keep the region a leading consumer and producer of refrigerants.

A-Gas International Limited, Eastman Chemical Co, Arkema SA, Linde Plc, Honeywell International Inc, Daikin Industries Ltd, Air Liquide, Orbia, and Quimobasicos SA de CV are among the prominent players profiled in the refrigerant market report. These players are focusing on providing high-quality products to fulfill customer demand. They are adopting strategies such as product launches, capacity expansions, partnerships, and collaborations to stay competitive in the market.

On the basis of type, the market is segmented into ammonia, carbon dioxide, propane, isobutane, HFCs, HFO, and others. In terms of application, the market is categorized into refrigeration systems, chillers, air conditioning systems, MACs, and others. Based on end use, the refrigerant market is segmented into industrial, commercial, residential, and others.

The geographical scope of the refrigerant market report focuses on North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is segmented into the US, Canada, and Mexico. The market in Europe is categorized into Germany, France, Italy, the UK, Spain, and the Rest of Europe. The market in Asia Pacific is divided into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The refrigerant market in MEA is classified into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The market in South & Central America is segmented into Brazil, Argentina, and the Rest of South & Central America.

Contact Us

Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com