Global Refrigerant Market to Reach US$ 39.6 Billion by 2032, Stimulated by Rising Environmental Concerns

February 19, 2020 | Chemical & Materials

According to the latest report by IMARC Group, titled “Refrigerant Market Report by Product Type (Fluorocarbon, Inorganic, Hydrocarbon, and Others), Application (Commercial, Industrial, Domestic, and Others), and Region 2024-2032,” the global refrigerant market size reached US$ 20.3 Billion in 2023. Refrigerants are essential compounds used in refrigeration and air conditioning systems to facilitate the cooling and heat transfer processes. These substances undergo a cyclic process of evaporation and condensation within a closed system, allowing them to absorb heat from the surroundings and release it elsewhere. The primary function of a refrigerant is to transfer heat energy from a lower temperature area to a higher temperature one, thus enabling the cooling of a space or object. Some commonly used refrigerants include chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), and natural refrigerants, such as ammonia, carbon dioxide, and hydrocarbons.

Global Refrigerant Market Trends:

The global market is primarily driven by rising environmental concerns, regulatory shifts, technological advancements, and the growing demand for cooling solutions across various industries. In the wake of heightened awareness about global climate change and the detrimental effects of traditional refrigerants on the ozone layer and greenhouse gas emissions, there has been a strong push towards more environmentally friendly alternatives. This has prompted governments and international agreements to enforce stricter regulations. The rise of digitalization and the Internet of Things (IoT) has further propelled the refrigerant market, enabling smart and connected cooling solutions that optimize performance and reduce environmental impact. As urbanization and middle-class expansion continue globally, the demand for refrigeration and air conditioning in emerging markets is expanding, further amplifying the need for sustainable refrigerants. Manufacturers and researchers are working towards developing low-GWP refrigerants with improved thermodynamic properties that can enhance the overall energy efficiency of cooling systems, spanning from residential air conditioning to commercial refrigeration and automotive air conditioning. Looking forward, the market value is projected to reach US$ 39.6 Billion by 2032, expanding at a CAGR of 7.5% during 2024-2032.

Market Summary:

  • Based on the product type, the market has been segmented into fluorocarbon, inorganic, hydrocarbon, and others.
  • On the basis of the application, the market has been divided into commercial, industrial, domestic and others.
  • Region-wise, the market has been segmented into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined, with some of the key players being Honeywell International Inc., Daikin Industries Ltd, Arkema S A, Dongyue Group, The Chemours Company, Orbia Advance Corporation S.A.B. de CV, Sinochem Group, Air Liquide, AGC Group, Linde Group, SRF Limited, Gujarat Fluorochemicals Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Product Type
  • Application
  • Region
Product Types Covered Fluorocarbon, Inorganic, Hydrocarbon, Others
Applications Covered Commercial, Industrial, Domestic, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Honeywell International Inc., Daikin Industries Ltd, Arkema S A, Dongyue Group, The Chemours Company, Orbia Advance Corporation S.A.B. de CV, Sinochem Group, Air Liquide, AGC Group, Linde Group, SRF Limited, Gujarat Fluorochemicals Limited, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Refrigerant Market to Reach US$ 39.6 Billion by 2032, Stimulated by Rising Environmental Concerns
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-713-2163


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More