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The Refrigerant Market is expected to foresee significant growth. Asia Pacific region is expected to lead the growth!

The Refrigerant Market is expected to register a growth of around 8% over the period of 2022-2028. This is mainly due to the increasing demand for refrigerants from residential and commercial refrigeration and air conditioning equipment coupled with growth in the organized retail and cold chain market. Furthermore, refrigerants are extensively utilized in various industries such as automotive, transportation, and pharmaceutical. For instance, in the pharmaceutical industry, some medicines need cooling due to the presence of various crucial components, which needs preservation. Two of the most common cooling refrigerants in pharmaceuticals are R134A and R1234ze.

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Based on type, the market is classified into fluorocarbons, hydrocarbons, inorganic refrigerants, and others. Amongst them, the inorganic refrigerant segment grabbed a significant market share and dominated the market in 2020. This is mainly due to the rising regulations to support the adoption of environment-friendly refrigerants. Inorganic refrigerants are non-toxic and are environment friendly as well as inexpensive & non-flammable.

Based on application, the market is categorized into residential, commercial, and industrial. The commercial category is to experience the fastest growth during the forecast period. This is due to the growing penetration of air conditioners in commercial sectors. Moreover, increasing hypermarkets, supermarkets, and food retail chains, coupled with a rise in consumption of packaged and frozen foods, have boosted the demand for commercial refrigerants.

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For a better understanding of the market adoption of the Refrigerant market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Increasing investments in the industrial sector in countries such as India and China are creating a demand for cooling infrastructure in the manufacturing industry, which in turn drives the market in the region. Moreover, the electronics industry in countries like China, Japan, and India creates an enormous demand for refrigerants.

Some of the major players operating in the Arkema S.A., Dongyue Group Co. Ltd., Honeywell International Inc., The Chemours Company, The Linde Group, Air Liquide, Sinochem Lantian Co. Ltd., Daikin Industries, Mexichem, and Asahi Glass Corporation.

Refrigerant Market Segmentation

Market Insight, by Type

  • Fluorocarbons
  • Hydrocarbons
  • Inorganic refrigerants
  • Others

 Market Insight, by Application

  • Residential
  • Commercial
  •  Industrial

Market Insight, by Region

  • North America
    • U.S.
    • Canada
    • Rest of north America
  • Europe
    • Germany
    • France
    • Spain
    • United Kingdom
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia-Pacific
  • Rest of World

Top Company Profiles

  • Dongyue Group Co. Ltd.
  • Honeywell International Inc.
  • The Chemours Company
  • The Linde Arkema S.A.
  • Arkema S.A.
  • Air Liquide
  • Sinochem Lantian Co. Ltd.
  • Daikin Industries
  • Mexichem
  • Asahi Glass Corporation.

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