Summary

In terms of value, the Refrigerants market is estimated to grow from USD 6.99 billion in 2024 to USD 9.56 billion by 2029, at a CAGR of 6.5%. The major factors contributing to the growth of the global refrigerants market are the increasing demand for consumer appliances, especially in Asia Pacific, and the growing pharmaceutical industry. The burgeoning disposable income, rising standard of living, and increasing manufacturing facilities of consumer appliances contribute to the market growth in the region. Factors restraining the growth of the refrigerants market are the increasing regulations against fluorine-containing refrigerants due to health and safety concerns. The growing use of natural refrigerants is expected to act as an opportunity for stakeholders to grow in the refrigerants market. Natural refrigerants are likely to be in high demand in the coming years, driven by the multiplying demand from domestic, industrial, and chiller applications.

“Isobutane is expected to be the second fastest-growing type of the refrigerants market, in terms of value, during the forecast period.”
Isobutane (R-600a) is a natural refrigerant used in various refrigeration applications. It is an excellent substitute for hazardous refrigerants, including R12, R13a, R22, HCF, and CFC. R-600a is a naturally occurring component in gasoline. Due to its remarkable thermodynamic performance and minimal environmental effect, isobutane R-600a has attracted significant interest recently. It is a non-toxic chemical with zero ODP and a modest potential for global warming. Due to its eco-friendly property, R-600a has become a refrigerant gas of choice in small commercial refrigerants and domestic refrigerants.
“MAC is expected to be the fastest-growing application of the refrigerants market, in terms of value, during the forecast period.”
MAC includes air conditioning in vehicles such as cars, trucks, and buses. The commonly used refrigerant in Mobile Air Conditionings is HFC134A. Another refrigerant R-1234yf is an alternative to the R-134A refrigerant used in mac. However, some European automobile manufacturers have raised the flammability issue using R–1234yf. Apart from fluorocarbon refrigerants, HC refrigerants are also used in MAC Refrigerants such as HFC-1234yf, HCs, and carbon dioxide have GWPs below 150 and have more potential to achieve fuel efficiency as compared to the existing R–134A systems. Currently, there is no regulation for using fluorinated refrigerant gases for MAC in buses and trains.
“Asia Pacific is projected to be the fastest growing region, in terms of value, during the forecast period in the Refrigerants market.”
In terms of value, Asia Pacific dominates the global refrigerants market, with China being the largest consumer of refrigerants globally. Increased investments and a rise in the number of new manufacturing establishments make Asia Pacific a prime market for refrigerants. Increasing government projects and infrastructure development are expected to drive the demand for refrigerants in applications such as chillers, refrigerators, and freezers. Additionally, the increasing economic growth, followed by substantial investment in the consumer appliances industry, will boost the demand for refrigerants in the region. The growing population, along with industry alliances, is also expected to propel market growth in the region.
• By Company Type: Tier 1 - 55%, Tier 2 - 25%, and Tier 3 - 20%
• By Designation: C-Level - 30%, Director Level - 50%, and Others - 20%
• By Region: North America - 40%, Europe - 35%, Asia Pacific - 20%, RoW– 5%

The key players in this market include Arkema (France), Dongyue Group Limited (China), Honeywell International Inc. (US), The Chemours Company (US), Linde plc (Ireland), The Sinochem Hong Kong (Group) Company Limited (China), Daikin Industries, Ltd. (Japan), Orbia Advance Corporation, S.A.B. de C.V. (US), AGC Inc. (Japan), and A-Gas International Limited (UK), and others.


Research Coverage
This report segments the market for refrigerants based on type, application, and region and provides estimations of value (USD million) and volume (Kiloton) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, key strategies, associated with the market for refrigerants.
Reasons to Buy this Report
This research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the refrigerants market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on refrigerants offered by top players in the global market

• Analysis of key drives: (increasing demand for consumer appliances, growing pharmaceutical industry), restraints (stringent regulations against fluorocarbon refrigerants, flammability and toxicity issues), opportunities (increasing demand for natural refrigerants), and challenges (Illegal trade of refrigerant) influencing the growth of refrigerants market.

• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the refrigerants market

• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for refrigerants across regions

• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global refrigerants market

• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the refrigerants market

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Table of Contents

1 INTRODUCTION 25
1.1 STUDY OBJECTIVES 25
1.2 MARKET DEFINITION 25
1.3 STUDY SCOPE 26
1.3.1 MARKETS COVERED AND REGIONAL SCOPE 26
1.3.2 INCLUSIONS AND EXCLUSIONS 27
1.3.3 YEARS CONSIDERED 28
1.3.4 CURRENCY CONSIDERED 28
1.3.5 UNIT CONSIDERED 29
1.4 STAKEHOLDERS 29
1.5 SUMMARY OF CHANGES 29
2 RESEARCH METHODOLOGY 30
2.1 RESEARCH DATA 30
2.1.1 SECONDARY DATA 31
2.1.1.1 Key data from secondary sources 31
2.1.2 PRIMARY DATA 32
2.1.2.1 Key primary participants 32
2.1.2.2 Key industry insights 32
2.1.2.3 Breakdown of primary interviews 33
2.2 MARKET SIZE ESTIMATION 33
2.2.1 BOTTOM-UP APPROACH 34
2.2.2 TOP-DOWN APPROACH 35
2.3 DATA TRIANGULATION 36
2.4 GROWTH FORECAST 37
2.4.1 SUPPLY-SIDE ANALYSIS 38
2.4.2 DEMAND-SIDE ANALYSIS 38
2.5 RESEARCH ASSUMPTIONS 39
2.6 RESEARCH LIMITATIONS 40
2.7 RISK ASSESSMENT 40
3 EXECUTIVE SUMMARY 41
4 PREMIUM INSIGHTS 44
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN REFRIGERANTS MARKET 44
4.2 REFRIGERANTS MARKET, BY REGION 44
4.3 ASIA PACIFIC REFRIGERANTS MARKET, BY TYPE AND COUNTRY 45
4.4 REFRIGERANTS MARKET, BY APPLICATION AND REGION 45
4.5 REFRIGERANTS MARKET, BY KEY COUNTRY 46
5 MARKET OVERVIEW 47
5.1 INTRODUCTION 47
5.2 MARKET DYNAMICS 47
5.2.1 DRIVERS 48
5.2.1.1 Increasing demand for consumer appliances 48
5.2.1.2 Growing pharmaceutical industry 48
5.2.2 RESTRAINTS 49
5.2.2.1 Stringent regulations against fluorocarbon refrigerants 49
5.2.2.2 Flammability and toxicity issues 50
5.2.3 OPPORTUNITIES 51
5.2.3.1 Increasing demand for natural refrigerants 51
5.2.4 CHALLENGES 52
5.2.4.1 Illegal trade of refrigerants 52
5.3 PORTER’S FIVE FORCES ANALYSIS 53
5.3.1 THREAT OF NEW ENTRANTS 53
5.3.2 THREAT OF SUBSTITUTES 54
5.3.3 BARGAINING POWER OF SUPPLIERS 54
5.3.4 BARGAINING POWER OF BUYERS 54
5.3.5 INTENSITY OF COMPETITIVE RIVALRY 54
5.4 KEY STAKEHOLDERS AND BUYING CRITERIA 55
5.4.1 KEY STAKEHOLDERS IN BUYING PROCESS 55
5.4.2 BUYING CRITERIA 56
5.5 MACROECONOMIC INDICATORS 56
5.5.1 GDP TRENDS AND FORECAST 57
6 INDUSTRY TRENDS 58
6.1 SUPPLY CHAIN ANALYSIS 58
6.2 PRICING ANALYSIS 60
6.2.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY APPLICATION, 2023 60
6.2.2 AVERAGE SELLING PRICE TREND OF REFRIGERANTS, BY REGION,
2021–2029 61
6.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 62
6.4 ECOSYSTEM ANALYSIS 62
6.5 CASE STUDY ANALYSIS 64
6.5.1 ATLAS COPCO CHOSE HONEYWELL INTERNATIONAL'S HFO1234YF REFRIGERANT AS REPLACEMENT REFRIGERANT FOR DEHUMIDIFIERS IN ANTICIPATION OF INCOMING ENVIRONMENTAL REGULATIONS 64
6.5.2 RETAILOR AND A-GAS DISCOVERED SOLUTIONS THAT COULD HELP IN REFRIGERANT MANAGEMENT AND DECARBONIZE OPERATIONS 65
6.5.3 A-GAS PARTNERED WITH LEADING OEM FOR REFRIGERANT RECOVERY
AND REUSE 65
 
6.6 TECHNOLOGY ANALYSIS 66
6.6.1 KEY TECHNOLOGIES 66
6.6.1.1 Not-in-kind cooling technology 66
6.6.2 COMPLEMENTARY TECHNOLOGIES 67
6.6.2.1 Magnetic refrigeration 67
6.7 TRADE ANALYSIS 67
6.7.1 IMPORT SCENARIO (HS CODE 290317) 67
6.7.2 EXPORT SCENARIO (HS CODE 290317) 68
6.8 REGULATORY LANDSCAPE 69
6.8.1 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 69
6.8.2 REGULATORY FRAMEWORK 72
6.8.2.1 The Montreal protocol 72
6.8.2.2 The Kigali Amendment 73
6.8.2.3 SAE Standards 73
6.8.2.4 ISO 5149 and ISO 817 74
6.9 KEY CONFERENCES AND EVENTS, 2025 75
6.10 INVESTMENT AND FUNDING SCENARIO 75
6.11 PATENT ANALYSIS 76
6.11.1 METHODOLOGY 76
6.11.2 DOCUMENT TYPES 76
6.11.3 TOP APPLICANTS 78
6.11.4 JURISDICTION ANALYSIS 82
6.12 IMPACT OF AI/GEN AI ON REFRIGERANTS MARKET 83
7 REFRIGERANTS MARKET, BY TYPE 84
7.1 INTRODUCTION 85
7.2 HFC & BLENDS 87
7.2.1 THERMODYNAMIC PROPERTIES OF HFC TO DRIVE MARKET 87
7.3 HFO 89
7.3.1 CONSUMER AWARENESS REGARDING SUSTAINABLE REFRIGERANTS TO DRIVE DEMAND 89
7.4 ISOBUTANE 90
7.4.1 HIGH ENERGY EFFICIENCY OF ISOBUTANE TO FUEL MARKET GROWTH 90
7.5 PROPANE 92
7.5.1 ENVIRONMENTAL BENEFITS OF PROPANE TO IMPACT MARKET GROWTH 92
7.6 AMMONIA 94
7.6.1 COST EFFICIENCY OF AMMONIA TO FUEL DEMAND 94
7.7 CARBON DIOXIDE 95
7.7.1 SUPERMARKETS AND FOOD & PROCESSING INDUSTRY TO DRIVE DEMAND 95
7.8 OTHER TYPES 97
 
8 REFRIGERANTS MARKET, BY APPLICATION 99
8.1 INTRODUCTION 100
8.2 REFRIGERATION SYSTEMS 103
8.2.1 DOMESTIC REFRIGERATION 104
8.2.1.1 Large population base to drive demand 104
8.2.2 COMMERCIAL REFRIGERATION 106
8.2.2.1 Growing retail industry in Asia Pacific to drive demand 106
8.2.3 INDUSTRIAL REFRIGERATION 108
8.2.3.1 Large industrial base in North America to drive demand 108
8.3 CHILLERS 110
8.3.1 GROWING INDUSTRIALIZATION TO DRIVE MARKET 110
8.4 AIR CONDITIONING SYSTEMS 111
8.4.1 WINDOW AC 113
8.4.1.1 Window AC segment to witness slow growth due to outdated technology 113
8.4.2 SPLIT AC 115
8.4.2.1 Growing deployment of split ACs to drive market 115
8.4.3 VARIABLE REFRIGERANT FLOW (VRF) 116
8.4.3.1 Rising construction activities to drive market 116
8.4.4 DUCTED, PACKAGED, AND ROOFTOP ACS 118
8.4.4.1 Increasing commercial spaces to fuel market growth 118
8.5 MOBILE AIR CONDITIONING 120
8.5.1 LARGE AUTOMOBILE MANUFACTURING BASE IN ASIA PACIFIC TO OFFER LUCRATIVE OPPORTUNITIES FOR MARKET PLAYERS 120
9 REFRIGERANTS MARKET, BY REGION 122
9.1 INTRODUCTION 123
9.2 ASIA PACIFIC 125
9.2.1 CHINA 132
9.2.1.1 High demand for refrigeration and air conditioning systems to drive demand 132
9.2.2 INDIA 135
9.2.2.1 Growth of commercial and industrial sectors to drive demand 135
9.2.3 JAPAN 138
9.2.3.1 Growing commitment to use natural refrigerants to drive market 138
9.2.4 SOUTH KOREA 140
9.2.4.1 Increasing investments in public and institutional infrastructure development to drive demand 140
9.2.5 INDONESIA 143
9.2.5.1 Growing construction industry to drive market 143
9.2.6 THAILAND 146
9.2.6.1 Growing consumer awareness regarding green refrigerants to drive market 146
9.2.7 MALAYSIA 149
9.2.7.1 Rising income and changing purchasing trends to drive market 149
9.2.8 AUSTRALIA 152
9.2.8.1 Demand for split ACs and variable refrigerant flow to drive market 152
9.3 NORTH AMERICA 155
9.3.1 US 162
9.3.1.1 Growing demand from automotive and industrial sectors to drive market 162
9.3.2 CANADA 164
9.3.2.1 Rising demand for automobile AC systems, refrigerators, freezers, and air conditioners to drive market 164
9.3.3 MEXICO 167
9.3.3.1 Growing automotive sector to drive market 167
9.4 MIDDLE EAST & AFRICA 169
9.4.1 GCC 176
9.4.1.1 Saudi Arabia 176
9.4.1.1.1 Investments in infrastructure, manufacturing, and retail sectors to drive market 176
9.4.1.2 UAE 179
9.4.1.2.1 Increasing investments in real estate and manufacturing sectors to drive demand 179
9.4.2 IRAN 182
9.4.2.1 Growing demand for air conditioning systems to influence market growth 182
9.4.3 SOUTH AFRICA 184
9.4.3.1 Rapid urbanization to drive market 184
9.5 SOUTH AMERICA 187
9.5.1 BRAZIL 192
9.5.1.1 Economic growth to drive market 192
9.5.2 ARGENTINA 195
9.5.2.1 Higher consumer spending to support demand 195
9.6 EUROPE 198
9.6.1 GERMANY 205
9.6.1.1 Large manufacturing base of white goods to increase demand 205
9.6.2 RUSSIA 208
9.6.2.1 Large presence of automobile manufacturers to drive market 208
9.6.3 ITALY 210
9.6.3.1 Expanding construction industry to drive demand 210
9.6.4 FRANCE 213
9.6.4.1 Increasing automobile production to drive demand 213
9.6.5 UK 215
9.6.5.1 Rising investments in construction industry to drive market 215
 
9.6.6 TURKEY 218
9.6.6.1 Increased manufacturing of white goods to drive market 218
9.6.7 SPAIN 220
9.6.7.1 Technological advancements and innovations in polymer processing to drive demand 220
10 COMPETITIVE LANDSCAPE 224
10.1 OVERVIEW 224
10.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 224
10.3 MARKET SHARE ANALYSIS 227
10.4 REVENUE ANALYSIS 229
10.5 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 230
10.5.1 STARS 230
10.5.2 EMERGING LEADERS 230
10.5.3 PERVASIVE PLAYERS 230
10.5.4 PARTICIPANTS 230
10.5.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 232
10.5.5.1 Company footprint 232
10.5.5.2 Type footprint 233
10.5.5.3 Application footprint 234
10.5.5.4 Region footprint 236
10.6 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 237
10.6.1 PROGRESSIVE COMPANIES 237
10.6.2 RESPONSIVE COMPANIES 237
10.6.3 DYNAMIC COMPANIES 237
10.6.4 STARTING BLOCKS 237
10.6.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 239
10.6.5.1 Detailed list of key startups/SMEs 239
10.6.5.2 Competitive benchmarking of key startups/SMEs 239
10.7 BRAND/PRODUCT COMPARISON ANALYSIS 240
10.8 COMPANY VALUATION AND FINANCIAL METRICS 241
10.9 COMPETITIVE SCENARIO 242
10.9.1 PRODUCT LAUNCHES 242
10.9.2 DEALS 242
10.9.3 EXPANSIONS 244
10.9.4 OTHERS 246
11 COMPANY PROFILES 247
11.1 KEY PLAYERS 247
11.1.1 ARKEMA 247
11.1.1.1 Business overview 247
11.1.1.2 Products/Solutions/Services offered 248
11.1.1.3 Recent developments 249
11.1.1.3.1 Deals 249
11.1.1.4 MnM view 249
11.1.1.4.1 Key strengths/Right to win 249
11.1.1.4.2 Strategic choices 249
11.1.1.4.3 Weaknesses/Competitive threats 249
11.1.2 DONGYUE GROUP LIMITED 250
11.1.2.1 Business overview 250
11.1.2.2 Products/Solutions/Services offered 251
11.1.2.3 MnM view 252
11.1.2.3.1 Key strengths/Right to win 252
11.1.2.3.2 Strategic choices 252
11.1.2.3.3 Weaknesses/Competitive threats 252
11.1.3 HONEYWELL INTERNATIONAL INC. 253
11.1.3.1 Business overview 253
11.1.3.2 Products/Solutions/Services offered 254
11.1.3.3 Recent developments 255
11.1.3.3.1 Product launches 255
11.1.3.3.2 Deals 256
11.1.3.3.3 Expansions 257
11.1.3.3.4 Others 257
11.1.3.4 MnM view 257
11.1.3.4.1 Key strengths/Right to win 257
11.1.3.4.2 Strategic choices 258
11.1.3.4.3 Weaknesses/Competitive threats 258
11.1.4 THE CHEMOURS COMPANY 259
11.1.4.1 Business overview 259
11.1.4.2 Products/Solutions/Services offered 260
11.1.4.3 Recent developments 261
11.1.4.3.1 Deals 261
11.1.4.3.2 Expansions 262
11.1.4.3.3 Others 262
11.1.4.4 MnM view 263
11.1.4.4.1 Key strengths/Right to win 263
11.1.4.4.2 Strategic choices 263
11.1.4.4.3 Weaknesses/Competitive threats 263
11.1.5 LINDE PLC 264
11.1.5.1 Business overview 264
11.1.5.2 Products/Solutions/Services offered 265
11.1.5.3 Recent developments 266
11.1.5.3.1 Expansions 266
11.1.5.3.2 Others 266
11.1.5.4 MnM view 267
11.1.5.4.1 Key strengths/Right to win 267
11.1.5.4.2 Strategic choices 267
11.1.5.4.3 Weaknesses/Competitive threats 267
11.1.6 SINOCHEM HONG KONG (GROUP) COMPANY LIMITED 268
11.1.6.1 Business overview 268
11.1.6.2 Products/Solutions/Services offered 269
11.1.6.3 Recent developments 270
11.1.6.3.1 Deals 270
11.1.7 DAIKIN INDUSTRIES, LTD. 271
11.1.7.1 Business overview 271
11.1.7.2 Products/Solutions/Services offered 272
11.1.7.3 Recent developments 273
11.1.7.3.1 Deals 273
11.1.7.3.2 Expansions 274
11.1.8 ORBIA ADVANCE CORPORATION, S.A.B. DE C.V. 275
11.1.8.1 Business overview 275
11.1.8.2 Products/Solutions/Services offered 276
11.1.8.3 Recent developments 277
11.1.8.3.1 Product launches 277
11.1.8.3.2 Deals 277
11.1.9 AGC INC. 278
11.1.9.1 Business overview 278
11.1.9.2 Products/Solutions/Services offered 279
11.1.9.3 Recent developments 280
11.1.9.3.1 Product launches 280
11.1.9.3.2 Deals 280
11.1.9.3.3 Expansions 280
11.1.10 A-GAS INTERNATIONAL LIMITED 281
11.1.10.1 Business overview 281
11.1.10.2 Products/Solutions/Services offered 281
11.1.10.3 Recent developments 283
11.1.10.3.1 Deals 283
11.1.10.3.2 Expansions 283
11.2 OTHER PLAYERS 286
11.2.1 SRF LIMITED 286
11.2.2 GUJARAT FLUOROCHEMICALS LIMITED 287
11.2.3 NAVIN FLUORINE INTERNATIONAL LIMITED 287
11.2.4 PUYANG ZHONGWEI FINE CHEMICAL CO., LTD. 288
11.2.5 SHANDONG YUEAN CHEMICAL INDUSTRY CO., LTD. 289
11.2.6 HARP INTERNATIONAL LTD 290
11.2.7 QUIMOBÁSICOS, S.A. DE C.V. 291
11.2.8 TAZZETTI S.P.A. 292
11.2.9 GAS SERVEI 293
11.2.10 ZHEJIANG FOTECH INTERNATIONAL CO. 294
11.2.11 REFRIGERANT SERVICES INC. 295
11.2.12 BROTHERS GAS 296
11.2.13 ECO-FREEZE INTERNATIONAL 296
11.2.14 ENGAS AUSTRALASIA 297
11.2.15 NATIONAL REFRIGERANTS LTD 298
12 ADJACENT AND RELATED MARKETS 299
12.1 INTRODUCTION 299
12.2 LIMITATIONS 299
12.3 INDUSTRIAL REFRIGERATION SYSTEM MARKET 299
12.3.1 MARKET DEFINITION 299
12.3.2 MARKET OVERVIEW 299
12.4 INDUSTRIAL REFRIGERATION SYSTEM MARKET, BY REGION 300
13 APPENDIX 303
13.1 DISCUSSION GUIDE 303
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 307
13.3 CUSTOMIZATION OPTIONS 309
13.4 RELATED REPORTS 309
13.5 AUTHOR DETAILS 310