Refrigerant Market: Current Analysis and Forecast (2022-2028)


Emphasis on product Type (Fluorocarbons, Hydrocarbons, Inorganic Refrigerants, and others), Application (Residential, Commercial, and Industrial)

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Report Description
Table of content
Research Methodology

Report Description

Refrigerant Market
Refrigerant Market


The global refrigerant market is expected to witness significant growth during the forecast period owing to the increase in demand for energy-efficient cooling solutions and rising awareness regarding global warming and ozone depletion. Refrigerants are used in refrigeration systems for manufacturing, chemicals, food & beverages, pharmaceuticals, and various other industries. The major factors driving the refrigerant market are the rise in demand for refrigeration systems and the increase in per-capita income in developing economies.

The Global Refrigerant Market is expected to register a robust CAGR of around 7% throughout 2022-2028F. The growth of the market is influenced by factors such as the growing demand for natural refrigerants and the growth in the commercial sector. Moreover, increasing demand for consumer appliances such as refrigeration and air conditioning equipment and the growing cold chain market is also contributing to the growing demand for refrigerant. Furthermore, factors such as growth in the organized retail framework, a shift toward horticultural crops, and growth in the processed food sector have also contributed to the demand for refrigerants.  However, increasing regulations against fluorocarbon refrigerants due to their flammability and toxicity issues restrain the market growth. The main goal of this protocol is to minimize damage to the ozone layer through the use of refrigerant gases. Under this protocol, countries have agreed to phase out the use of fluorinated refrigerant gases, which deplete the ozone layer.

Arkoma 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. some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.


Insights Presented in the Report

“Amongst types, the inorganic category is the most demanding Refrigerant for upcoming years”

Based on type, the market is divided into fluorocarbons, hydrocarbons, inorganic refrigerants, and others. The inorganic refrigerant segment grabbed the major market share and dominated the market in 2020. The growing demand for ammonia refrigerants is contributing to the growth of the market. Also, the growing demand for the inorganic refrigerant is also contributing to the growth of the market. The inorganic refrigerants were exclusively used before the introduction of hydrocarbon refrigerants these refrigerants are still in use due to their inherent thermodynamic and physical properties.

“Amongst applications, the commercial category is expected to witness the highest CAGR during the forecast period”

Based on application, the market is categorized into residential, commercial, and industrial. The commercial category is expected to witness the highest CAGR during the forecast period. The factors attributed to the market growth is the increase in demand for infrastructural development in the inter-country and the growing demand for air conditioners in the commercial sector. Furthermore, mobile air conditioning is the fastest growing application due to growth in the automotive and transportation industries. These factors are predicted to propel the sub-segments growth during the forecast years.

“APAC to witness significant growth during the forecast period”

Asia-Pacific is expected to show the highest CAGR growth in the Refrigerant market. The market is promulgating on account of the increasing investments in the industrial sector, generating the demand for cooling infrastructure in the manufacturing industry, which in turn drives the global market in the region. Moreover, the electronics industry in countries like China, Japan, South Korea, and India creates an enormous demand for refrigerants. While other countries in the region such as Japan and South Korea are projected to improve their share through the up-gradation and deployment of new products that require refrigerant.


Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
  • The report presents a quick review of overall industry performance at one glance.
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
  • The study comprehensively covers the market across different segments.
  • Deep dive regional level analysis of the industry.


Customization Options:

The global Refrigerant market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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1.1.Market Definitions
1.2.Main Objective
2.1.Research Process of the Refrigerant Market
2.2.Research Methodology of the Refrigerant Market
2.3.Respondent Profile   










7.3.Inorganic refrigerant
9.1.North America 
 9.1.3.Rest of North America
 9.2.6.Rest of Europe
 9.3.5.Rest of Asia-Pacific
9.4.Rest of World 


10.1.Market Drivers
10.2.Market Challenges
10.3.Impact Analysis








14.1.Demand Side Analysis
14.2.Supply Side Analysis


16.1.Competitive Landscape
 16.1.1.Porter’s Five Forces Analysis 


17.1.Dongyue Group Co. Ltd.
17.2.Honeywell International Inc.
17.3.The Chemours Company
17.4.The Linde Arkema S.A.
17.6.Air Liquide 
17.7.Sinochem Lantian Co. Ltd.
17.8.Daikin Industries 
17.10.Asahi Glass Corporation.




Research Methodology

Research Methodology for the Refrigerant Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Refrigerant market were the three major steps undertaken to create and analyze the adoption of the refrigerant market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Refrigerant market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Seek More Details About Research Methodology

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the refrigerant market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Refrigerant market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the refrigerant market. Further, we conducted factor analysis using dependent and independent variables such as type and application of the refrigerant market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the refrigerant market sector across the globe.


Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Refrigerant market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of revenue (USD) and the adoption rate of the refrigerant market across the major markets domestically
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the global Refrigerant market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market


Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Refrigerant Market
Refrigerant Market


Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global refrigerant market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and application in the global Refrigerant market.

The main objective of the Global Refrigerant Market Study

The current & future market trends of the global Refrigerant market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of the Refrigerant market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of product type and application.
  • Define and analysis of the regulatory framework for the Refrigerant market industry.
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
  • Analyze the current and forecast market size of the Refrigerant market for the major region.
  • Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the world.
  • Company profiles of the Refrigerant market and the growth strategies adopted by the market players to sustain in the fast-growing market
  • Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?