Aerosol Refrigerants Market

Market Overview:

The global aerosol refrigerants market size reached US$ 1.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1.6 Billion by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032. The increasing emphasis on environmental sustainability, the rapid urbanization, the rising disposable incomes, the stringent regulations, technological advancements, growing e-commerce, and retrofitting requirements are few of the factors shaping the industry's trajectory.

An aerosol refrigerant is a type of refrigerant that is dispersed in the form of tiny droplets suspended in a gas, typically air. It operates on the same basic principle as conventional refrigerants by absorbing heat from the surrounding environment when they evaporate, releasing it when they condense. Aerosol refrigerants function by allowing the liquid refrigerant to vaporize and absorb heat and then facilitating the re-condensation of the vapor to release that heat. This process enables the transfer of thermal energy, leading to cooling effects within a system. One of the notable advantages of aerosol refrigerants is their potential to enhance heat transfer efficiency due to increased surface area and improved distribution. They can also contribute to better heat exchange and temperature control. There are various types of aerosol refrigerants, including hydrofluorocarbons (HFCs), hydrocarbons (HCs), and natural refrigerants like carbon dioxide (CO2) and ammonia (NH3).

The global aerosol refrigerants industry is influenced by the escalating need for environmentally friendly solutions that has propelled the demand for low-global warming potential (GWP) refrigerants. Additionally, the surging demand for efficient cooling systems across various industries, such as automotive, food and beverage, and electronics, has spurred the adoption of aerosol refrigerants, which is accelerating the market growth. Moreover, rapid urbanization and increasing disposable incomes have led to a surge in the sales of consumer appliances, further bolstering the market growth. In line with this, stringent regulations and international agreements aimed at phasing out high-GWP refrigerants have compelled manufacturers to shift towards aerosol refrigerants, which is boosting the industry growth.

Aerosol Refrigerants Market Trends/Drivers:

Environmental concerns and low-GWP solutions

The aerosol refrigerants industry is strongly influenced by environmental concerns, particularly the need to mitigate the adverse effects of high-global warming potential (GWP) refrigerants. This driver is compelling industries to adopt aerosol refrigerants with low-GWP properties as an essential step towards reducing carbon emissions and minimizing environmental impact. The demand for alternatives to traditional refrigerants, such as hydrofluorocarbons (HFCs), is intensifying due to international agreements like the Kigali Amendment to the Montreal Protocol, which aims to phase out high-GWP refrigerants. As a result, manufacturers are actively investing in research and development (R&D) to formulate innovative, environmentally friendly aerosol refrigerants that comply with regulatory standards and offer effective cooling performance.

Growing demand for efficient cooling systems

The surging requirement for efficient cooling systems across diverse industries is a prominent driver in the aerosol refrigerants market. Industries such as automotive, food and beverage, electronics, and healthcare rely heavily on cooling technologies to maintain operational efficiency and product quality. As these sectors expand, the need for reliable and energy-efficient refrigeration solutions becomes more critical. Aerosol refrigerants, with their ability to deliver effective cooling while adhering to environmental regulations, have emerged as a preferred choice. This driver is further augmented by the increasing consumer demand for products with extended shelf life, which necessitates advanced refrigeration technologies to preserve freshness and quality.

Urbanization and consumer appliance sales

Rapid urbanization and the subsequent rise in disposable incomes, particularly in emerging economies, contribute significantly to the aerosol refrigerants industry growth. As urban populations expand, the demand for consumer appliances such as air conditioners, refrigerators, and freezers increase. These appliances require reliable and efficient cooling systems, driving the adoption of aerosol refrigerants. Furthermore, the growing middle-class population seeks enhanced comfort and convenience, which, in turn, is boosting the sales of cooling appliances. This driver aligns with the need for sustainable and eco-friendly solutions, prompting manufacturers to develop aerosol refrigerants that align with both environmental concerns and consumer demands. The urbanization trend, coupled with the expanding consumer base, solidifies this driver's impact on the market's expansion.

Aerosol Refrigerants Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global aerosol refrigerants market report, along with forecasts at the global, regional and country levels for 2024-2032. Our report has categorized the market based on the product, container type, and end use sector.

Breakup by Product:

• HFC-143a
• HFC-32
• HFC-125
• SF6
• Others
   

HFC-134a dominates the market

The report has provided a detailed breakup and analysis of the market based on the product. This includes HFC-143a, HFC-32, HFC-125, SF6, and others. According to the report, HFC-134a represented the largest segment.

The growth of the HFC-134a segment is primarily driven by several key factors, such as its relatively low ozone depletion potential (ODP) and moderate global warming potential (GWP) compared to other refrigerants. In line with this, its excellent thermodynamic properties and compatibility with existing equipment further enhance its appeal. Moreover, regulatory frameworks mandating the phase-out of high-GWP refrigerants in certain regions have prompted industries to transition to HFC-134a due to its compliance with current environmental standards, thereby favoring the industry growth. The robust demand for automotive vehicles, coupled with the increasing need for efficient and eco-friendly cooling solutions, has also fueled the growth of the HFC-134a segment. As industries continue to balance performance and sustainability, HFC-134a's attributes align closely with the evolving market requirements, substantiating its positive growth trajectory.

Breakup by Container Type:

• Steel
• Aluminum
   

Aluminum dominates the market

The report has provided a detailed breakup and analysis of the market based on the container type. This includes steel and aluminum. According to the report, aluminum represented the largest segment.

The growth of the aluminum segment is underpinned by several key factors, such as the expanding construction and infrastructure sector globally. Aluminum's lightweight yet robust properties make it an ideal choice for various structural components. Additionally, the automotive industry's increasing shift towards lightweight materials to improve fuel efficiency has boosted demand for aluminum in vehicle manufacturing. The soaring demand for consumer electronics has also propelled the use of aluminum in casings and components due to its favorable attributes of conductivity and malleability. Moreover, aluminum's eco-friendly nature, as it is recyclable and energy-efficient to produce, aligns with the growing sustainability drive across industries. In line with this, advancements in aluminum processing technologies are enhancing its range of applications and further driving its segment growth.

Breakup by End Use Sector:

• Residential
• Commercial
• Industrial
   

Residential dominates the market

The report has provided a detailed breakup and analysis of the market based on the end use sector. This includes residential, commercial, and industrial. According to the report, residential represented the largest segment.

The growth of the residential segment in the aerosol refrigerants industry is driven by escalating global urbanization rates, leading to increased demand for residential spaces and the need for efficient and eco-friendly cooling solutions. Rising urban populations have intensified the requirement for air conditioning and refrigeration systems, promoting the adoption of aerosol refrigerants compliant with environmental regulations. Consumer awareness of sustainable living practices is fostering a preference for eco-friendly alternatives, including low-global warming potential aerosol refrigerants. This shift towards environmentally responsible solutions, coupled with government regulations and incentives targeting high-GWP refrigerants in homes, is propelling the residential segment's expansion in the aerosol refrigerants market.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance, accounting for the largest aerosol refrigerants market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. According to the report, Asia Pacific accounted for the largest market share.

The Asia Pacific region is witnessing significant growth in the aerosol refrigerants market due to rapid urbanization and industrialization, driving demand for cooling solutions in manufacturing, construction, and consumer sectors. Increasing populations and higher living standards are amplifying the need for air conditioning, refrigeration, and cold storage facilities, leading to the adoption of aerosol refrigerants. Stringent environmental regulations and agreements like the Kigali Amendment are compelling Asia Pacific governments and industries to transition to low-global warming potential (GWP) refrigerants, aligning with emission reduction goals. The rising middle-class population in countries like China, India, and Southeast Asian nations is further boosting the demand for consumer appliances, solidifying the region's role as a key growth hub in the aerosol refrigerants market, presenting expansion and innovation opportunities for manufacturers and stakeholders.

Competitive Landscape:

The aerosol refrigerants market is witnessing substantial growth driven by a convergence of factors. The increasing global focus on sustainable practices and environmental conservation has prompted a shift towards low-global warming potential (GWP) refrigerants, propelling the demand for aerosol refrigerants. As industries and consumers alike seek energy-efficient and eco-friendly cooling solutions, the market experiences a surge in demand across sectors such as automotive, food and beverage, electronics, and healthcare.

The urbanization trend, particularly prominent in emerging economies, contributes significantly to market expansion. Urban populations' rising disposable incomes drive the adoption of consumer appliances like air conditioners and refrigerators, further amplifying the demand for aerosol refrigerants.

Stringent regulatory frameworks and international agreements aimed at reducing high-GWP refrigerants' usage drive manufacturers to innovate and develop environmentally compliant solutions. The market's growth trajectory is also shaped by technological advancements, such as smart refrigeration systems, enhancing efficiency and convenience. These combined factors position the aerosol refrigerants market for continued growth and evolution across the global landscape.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• A-Gas 
• Arkema S.A.
• Baltic Refrigeration Group
• Daikin Industries Ltd.
• Dongyue Group
• Fastenal Company
• Groupe Gazechim
• Honeywell International Inc.
• Navin Fluorine International Limited
• Sinochem Corporation
• SRF Limited (Kama Holdings Ltd.)
• Technical Chemical Company
• The Chemours Company

Recent Developments:

• In August 2023, Fastenal Co. entered into an agreement with Virginia-based Trex Co. to supply it with polyethylene (PE) film scrap for use in its production of railing, wood-alternative composite decking, and other outdoor building products.
• In May 2023, Daikins India becomes a billion dollar company and plans to double its business in three years.
• In May 2023, Arkema SA (Colombes, France) acquired Polytec PT, a company specialized in adhesives for batteries and electronics.

Aerosol Refrigerants Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the aerosol refrigerants market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global aerosol refrigerants market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the aerosol refrigerants industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.