Refrigerant Market Size - 2028 | Industry Analysis, Share, Trends

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Refrigerant Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (HCFC, HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, and Others) and Application (Refrigeration Systems, Chillers, Air-Conditioning Systems, MACs, and Others)

Publication Month: Apr 2022 | Report Code: TIPRE00005348 | No. of Pages: 150 | Category: Chemicals and Materials | Status: Published

The refrigerant market was valued at US$ 16,458.3 million in 2021 and is projected to reach US$ 25,534.6 million by 2028; it is expected to grow at a CAGR of 6.5% from 2021 to 2028.

Refrigerant is a type of fluid used in the thermodynamic cycle of air conditioning. The refrigerant undergoes a continuous transition of phase from liquid to gas and then gas to liquid in the refrigeration process. Refrigerants are highly used as coolants in refrigeration systems, chillers, and air conditioning to absorb heat from the surroundings and pump it outside.

In 2020, Asia Pacific held the largest revenue share of the global refrigerant market. High demand for cooling systems from commercial and industrial sectors such as chemical processing, food & beverages, and healthcare is mainly driving the market in Asia Pacific. Additionally, the region consists of countries such as Japan, South Korea, India, and China, which are top manufacturers of refrigeration systems and air conditioning. HFC refrigerants are preferred in industrial chillers due to their perfect thermal stability, minimal toxicity, non-corrosiveness, and non-combustibility. The growing industrialization and urbanization is also the major factor for the rising demand for refrigerants in the region.

Strategic Insights

Report Coverage - Refrigerant Market
Report CoverageDetails
Market Size Value inUS$ 16,458.3 Million in 2021
Market Size Value byUS$ 25,534.6 Million by 2028
Growth rateCAGR of 6.5% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
No. of Pages150
No. of Tables60
No. of Charts & Figures73
Historical data availableYes
Segments coveredType, and Application
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Impact of COVID-19 Pandemic on Refrigerant Market

The COVID-19 pandemic affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries, which led to low demand for refrigerants from various industries. The COVID-19 pandemic caused volatility in the prices of raw materials required to produce refrigerants. The worldwide consumption of refrigerants declined due to the low demand from various industries such as construction and manufacturing. The reduced demand from various industries due to the COVID-19 pandemic negatively impacted the growth of the refrigerant market.  However, the demand for refrigerants is expected to rise globally as various economies revive their operations.

Global Refrigerant Market Breakdown – by Region

Global Refrigerant Market Breakdown – by Region

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Market Insights
Rise in Demand for Refrigeration Systems

Refrigeration is the essential process in the industry and home appliances for the purpose of cooling and maintaining room temperature. The refrigeration system consists of four major components – compressor, condenser, expansion device, and evaporator. Refrigerants are combined with compressor and evaporator to absorb heat from the environment. The increasing demand for refrigeration systems at a larger scale in industrial and commercial sectors is fueling the market growth. Many chemical manufacturing industries use refrigeration systems at a large scale for chemical processing. This has led to an increase in the consumption of refrigerants at a higher rate for industrial applications. For example, HFC refrigerant was used during the Aramco project in Saudi Arabia. The boom in industrialization has led to a rise in demand for various types of refrigerants in refrigeration and air conditioning (RAC) the industry.

Refrigeration systems are used in the large cold chain for storing and distributing goods with the help of refrigerated transport such as refrigerator trucks, rails, cars, and containers. The advancement in the supply chain industry with the introduction of refrigeration systems for maintaining the quality of products during transportation has created lucrative opportunities for the refrigerants market.

Type Insights

Based on type, the global refrigerant market has been segmented into HCFC, HFC, HFO, isobutane, propane, ammonia, carbon dioxide, and others. The HFC segment held the largest market share in the global market in 2020. HFCs are primarily used in refrigeration, air-conditioning, insulating foams, and aerosol propellants, with minor uses such as solvents and fire protection. HFC refrigerants are also used in vehicle air conditioning systems. Thus, the application scope of HFC is held responsible for its dominance in the refrigerant market.

Refrigerant Market, by Type – 2020 and 2028

Refrigerant Market, by Type – 2020 and 2028

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The Chemours Company; Arkema; Honeywell International Inc.; Linde plc; Air Liquide; Dongyue Group; SINOCHEM GROUP CO., LTD.; DAIKIN INDUSTRIES, Ltd.; AGC Inc.; and Airgas, Inc. are among the major players operating in the global refrigerant market. Players operating in the global market are constantly focusing on strategies such as investments in research and development activities and new product launches.

Report Spotlights

  • Progressive industry trends in the refrigerant market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the refrigerant market from 2019 to 2028
  • Estimation of global demand for refrigerants
  • Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
  • Recent developments to understand the competitive market scenario
  • Market trend and outlook, as well as factors driving and restraining the growth of the refrigerant market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
  • The refrigerant market size at various nodes
  • Detailed overview and segmentation of the market, as well as the refrigerant industry dynamics
  • Size of the refrigerant market in various regions with promising growth opportunities

Global Refrigerant Market

Type

  • HCFC
  • HFC
  • HFO
  • Isobutane
  • Propane
  • Ammonia
  • Carbon Dioxide
  • Others

Application

  • Refrigeration Systems
  • Chillers
  • Air-Conditioning Systems
  • MACs
  • Others

Company Profiles

  • The Chemours Company
  • Arkema
  • Honeywell International Inc.
  • Linde plc
  • Air Liquide
  • Dongyue Group
  • SINOCHEM GROUP CO., LTD.
  • DAIKIN INDUSTRIES, Ltd.
  • AGC Inc.
  • Airgas, Inc.

Frequently Asked Questions

The rise in demand for refrigeration systems and an increase in per-capita income in the developing economies are some of the key driving factors for the refrigerant market.
Based on application, the air conditioning system is the fastest-growing segment owing to the increasing use of air conditioning systems in commercial and residential places as they provide cooling or maintain a specific room temperature.
Asia Pacific accounted for the largest share of the global refrigerant market.
Growing consumption of eco-friendly refrigerants offers a strong growth opportunity for the refrigerant market in the coming years.
Based on type, the HFC segment accounted for the largest revenue share. HFCs are widely utilized refrigerants in most cooling units across the world.
The major players operating in the global refrigerant market are The Chemours Company; Arkema; Honeywell International Inc.; Linde plc; Air Liquide; Dongyue Group; SINOCHEM GROUP CO., LTD.; DAIKIN INDUSTRIES, Ltd.; AGC Inc.; Airgas, Inc.

The List of Companies - Refrigerants Market

  1. The Chemours Company
  2. Arkema
  3. Honeywell International Inc.
  4. Linde plc
  5. Air Liquide
  6. Dongyue Group
  7. SINOCHEM GROUP CO., LTD.
  8. DAIKIN INDUSTRIES, Ltd.
  9. AGC Inc.
  10. Airgas, Inc.
  • Highlights key business priorities in order to assist companies to realign their business strategies.
  • The key findings and recommendations highlight crucial progressive industry trends in the global refrigerant market, thereby allowing players to develop effective long-term strategies.
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
  • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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