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Refrigerant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global refrigerant market size reached US$ 18.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.6 Billion by 2028, exhibiting a growth rate (CAGR) of 9.76% during 2023-2028.

Refrigerants are chemical mixtures of fluids and gases that function as a cooling agent in refrigeration cycles and heat pumps. They are most commonly used in freezers and air conditioners across various sectors including residential, commercial and automotive. They work on the concept of phase transition that involves the transformation of liquid to gas at adjustable operating temperatures and vice versa. They can be used either as primary solutions in condensation, compression, evaporation and expansion or as secondary solutions to transport thermal energy from one medium to another.

 

 
 

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The rapid growth of the consumer electronics sector and increasing demand for domestic air conditioning systems are among the key factors driving the global market. Growing energy demand along with the awareness regarding the adverse effects of refrigerants on the environment has led to the development of energy-efficient cooling systems in domestic and industrial sectors. This has led to a significant change in the composition of refrigerant gases. For instance, conventionally, chlorofluorocarbons (CFCs) were used as refrigerants but owing to their ozone depleting effects they are increasingly being replaced by sulfur dioxide ammonia and non-halogenated hydrocarbons that are considered more environment-friendly. In addition to this, the rising demand for air conditioning systems in automobiles is also driving the market further. Moreover, the increasing requirement of deep freezers and refrigerators from the cold chain market has augmented the demand for refrigerants in the food and beverage industry. Other factors influencing the market growth include rapid industrialization and infrastructural development along with the improved standards of living.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global refrigerant market report, along with forecasts at the global and regional  level from 2023-2028. Our report has categorized the market based on product type and application.

Breakup by Product Type:

 

 
 

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  • Fluorocarbon 
  • Inorganic
  • Hydrocarbon
  • Others
     

Breakup by Application:

  • Commercial
  • Industrial
  • Domestic
  • Others
     

Breakup by Region:

 

 
 

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  • Europe
  • North America
  • Asia Pacific
  • Middle East and Africa
  • Latin America
     

Competitive Landscape:

The report has also analysed the competitive landscape of the market 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, etc.

IMARC Group’s latest report provides a deep insight into the global refrigerant market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global refrigerant market in any manner.

Report Coverage:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2022
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Product Type, Application, Region
Region 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
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)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Refrigerant Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Product Type
    5.5    Market Breakup by Application
    5.6    Market Breakup by Region
    5.7    Market Forecast
6   Market Breakup by Product Type
    6.1    Fluorocarbon
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Inorganic
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    Hydrocarbon
        6.3.1    Market Trends
        6.3.2    Market Forecast
    6.4    Others
        6.4.1    Market Trends
        6.4.2    Market Forecast
7   Market Breakup by Application
    7.1    Commercial
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Industrial
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Domestic
        7.3.1    Market Trends
        7.3.2    Market Forecast
    7.4    Others
        7.4.1    Market Trends
        7.4.2    Market Forecast
8   Market Breakup by Region
    8.1    Europe
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    North America
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Asia Pacific
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Middle East and Africa
        8.4.1    Market Trends
        8.4.2    Market Forecast
    8.5    Latin America
        8.5.1    Market Trends
        8.5.2    Market Forecast
9   SWOT Analysis
    9.1    Overview
    9.2    Strengths
    9.3    Weaknesses
    9.4    Opportunities
    9.5    Threats
10  Value Chain Analysis
11  Porters Five Forces Analysis

    11.1    Overview
    11.2    Bargaining Power of Buyers
    11.3    Bargaining Power of Suppliers
    11.4    Degree of Competition
    11.5    Threat of New Entrants
    11.6    Threat of Substitutes
12  Price Analysis
    12.1    Price Indicators
    12.2    Price Structure
    12.3    Margin Analysis
13  Competitive Landscape
    13.1    Market Structure
    13.2    Key Players
    13.3    Profiles of Key Players
        13.3.1    Honeywell International Inc.
        13.3.2    Daikin Industries Ltd
        13.3.3    Arkema S A
        13.3.4    Dongyue Group
        13.3.5    The Chemours Company
        13.3.6    Orbia Advance Corporation S.A.B. de CV
        13.3.7    Sinochem Group
        13.3.8    Air Liquide
        13.3.9    AGC Group
        13.3.10      Linde Group
        13.3.11      SRF Limited
        13.3.12      Gujarat Fluorochemicals Limited

List of Figures

Figure 1: Global: Refrigerant Market: Major Drivers and Challenges
Figure 2: Global: Refrigerant Market: Sales Value (in Billion US$), 2017 - 2022
Figure 3: Global: Refrigerant Market: Breakup by Product Type (in %), 2022
Figure 4: Global: Refrigerant Market: Breakup by Application (in %), 2022
Figure 5: Global: Refrigerant Market: Breakup by Region (in %), 2022
Figure 6: Global: Refrigerant Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 7: Global: Refrigerant Industry: SWOT Analysis
Figure 8: Global: Refrigerant Industry: Value Chain Analysis
Figure 9: Global: Refrigerant Industry: Porter’s Five Forces Analysis
Figure 10: Global: Refrigerant (Fluorocarbon) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Refrigerant (Fluorocarbon) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Refrigerant (Inorganic) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Refrigerant (Inorganic) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Refrigerant (Hydrocarbon) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Refrigerant (Hydrocarbon) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Refrigerant (Other Product Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Refrigerant (Other Product Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Refrigerant (Commercial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Refrigerant (Commercial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Refrigerant (Industrial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Refrigerant (Industrial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Refrigerant (Domestic) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Refrigerant (Domestic) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Refrigerant (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Refrigerant (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Europe: Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Europe: Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: North America: Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: North America: Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Asia Pacific: Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Asia Pacific: Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Middle East and Africa: Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Middle East and Africa: Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Latin America: Refrigerant Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Latin America: Refrigerant Market Forecast: Sales Value (in Million US$), 2023-2028

List of Tables

Table 1: Global: Refrigerant Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Refrigerant Market Forecast: Breakup by Product Type (in Million US$), 2023-2028
Table 3: Global: Refrigerant Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 4: Global: Refrigerant Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: Refrigerant Market Structure
Table 6: Global: Refrigerant Market: Key Players


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Key Questions Answered in This Report

The global refrigerant market was valued at US$ 18.7 Billion in 2022.

We expect the global refrigerant market to exhibit a CAGR of 9.76% during 2023-2028.

The advent of energy-efficient cooling systems across the domestic and industrial sectors, owing to the rising consumer awareness towards the adverse effects of refrigerants on the environment, is primarily driving the global refrigerant market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for refrigerants.

Based on the product type, the global refrigerant market can be bifurcated into fluorocarbon, inorganic, hydrocarbon, and others. Currently, fluorocarbon exhibits a clear dominance in the market.

On a regional level, the market has been classified into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.

Some of the major players in the global refrigerant market include 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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