According to the latest report by IMARC Group, titled “Refrigerant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global refrigerant market size reached US$ 18.7 Billion in 2022. 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$ 30.6 Billion by 2028, expanding at a CAGR of 9.76% during 2023-2028.
- 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.
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Product Type
|Product Types Covered
||Fluorocarbon, Inorganic, Hydrocarbon, Others
||Commercial, Industrial, Domestic, Others
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||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.
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