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Global Refrigerant Market – Industry Trends and Forecast to 2029

  • Chemical and Materials
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Refrigerant Market – Industry Trends and Forecast to 2029

Market Size in USD Billion

CAGR - % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 22.98 Billion
Diagram Market Size (Forecast Year) USD 42.22 Billion
Diagram CAGR %

Global Refrigerant Market, By Type (HCFCs, HFCs, HFOs, Isobutane, Propane, Ammonia, Carbon Dioxide, Others), Application (Refrigerators, Large-Scale Refrigerators, Chillers, Air Conditioners, Heat Pumps, Others), End User (Domestic Household Refrigeration, Light Commercial Refrigeration, Commercial Racks and Condensing Units, Industrial Refrigeration) – Industry Trends and Forecast to 2029

Market Analysis and Size

Refrigerant is a chemical substance which commonly used in your air conditioner and freeze. In refrigerants include, sulfur dioxide, chlorofluorocarbons, ammonia and hydrocarbons, like propane which are fluids and are used in refrigeration cycle and heat pump. They find in many applications in industrial, residential, and commercial sectors. Refrigerants are also generally used in the automotive industry.

Data Bridge Market Research analyses that the refrigerant market was valued at USD 22.98 billion in 2021 and is expected to reach USD 42.22 billion by 2029, registering a CAGR of 7.90% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.     

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Type (HCFCs, HFCs, HFOs, Isobutane, Propane, Ammonia, Carbon Dioxide, Others), Application (Refrigerators, Large-Scale Refrigerators, Chillers, Air Conditioners, Heat Pumps, Others), End User (Domestic Household Refrigeration, Light Commercial Refrigeration, Commercial Racks and Condensing Units, Industrial Refrigeration

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Arkema (France), Dongyue Group Co. Ltd. (China), Honeywell International Inc. (US), The Chemours Company (US), Linde Plc (Ireland), Air Liquide (France), Sinochem Lantian Co. Ltd. (China), Daikin Industries LTD, (Japan), Mexichem (Mexico), AGC Inc, (Japan). Gas Servei (Spain), Gujarat Fluorochemicals Ltd. (India), Quimobasicos (Mexico), Zhejiang Fotech International Co.Ltd. (China), Tazzetti S.p.A. (Italy), SRF Limited (India), Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd (China), Shandong Yue'an Chemical Co., Ltd, (China)

Market Opportunities

  • Increase in the number of emerging markets
  • Increasing number of product innovations
  • Growing demand for Natural Refrigerants
  • Increase the demand in commercial sector

Market Definition

Refrigerant is a compound normally found in either a gaseous or fluid state. It willingly absorbs heat from the environment and provides air conditioning or refrigeration when combined with other components like evaporators and compressors. A refrigerant is a substance which is used in a heat cycle to transfer heat from one area to another. Generally a gas at room temperature. Found in pretty much the whole thing that cools, and after sometimes in things that heat, most commonly refrigerants are used in freezers, air conditioners, fridges, and vehicle air conditioners.

 Refrigerant Market Dynamics

Drivers

  • Increase the usage in transportation

During the transportation of food and food and other delicate supplies which has shipped at long distances need cooling in the transportation trucks, ships and train. Some refrigerants such as R134A and R1234yf are applied to transportation cooling. So, the higher demand in transportation sector are expected to drive the growth of the refrigerant market.

  • Usage in pharmaceutical industry

Several medicine needs cooling due to the presence of crucial components in the medicine, which needs preservation. Two of the most common cooling refrigerant in pharmaceutical may be R134A and R1234ze. Also R448A, R449A, R450A, R507A, R404A, R407A, R407F, R422D, R513A can be useful for warehouse cooling purposes. But there are some limitations with high GWP refrigerants when it comes to use inside European Union.

  • Highly used in refrigeration systems

Refrigeration systems are extremely used in industrial and commercial refrigeration purposes for retaining the temperature level. In the food industry, refrigeration systems are used to maintain the freshness of food in store, domestic houses, and other areas where food is handled. It is also used in chemical industries for the handling of chemicals. The increasing demand for refrigeration systems for domestic use increases the demand for refrigerants in the market.

Opportunities

  • Increase the demand in commercial sector

There is a distinct increase in demand in the commercial sector with large number of malls, offices, and other infrastructures globally. These buildings are integrated with HVAC equipment like air conditioners. Due to the rapid growth of the commercial sector is leading the demand in the refrigerant market as refrigerants and create lucrative opportunities for the market growth rate.

  • Growing demand for Natural Refrigerants

The natural refrigerants are carbon dioxide, ammonia, and HCs like isobutene and propane are most commonly used in the market. Due to the Technological advancements in cooling equipment it is replacing traditional refrigerants with natural refrigerant. This has led to an upsurge in the market share of natural refrigerants in several applications like refrigeration, air conditioning, and heating systems.

Restraints/ Challenges

Several governments and agencies are imposing regulations to limit the use of hydrocarbon refrigerants Due to the severe damage. The chlorofluorocarbon refrigerants cause to the ozone layer. Numerous countries have decided to phase out the use of HFCs and HCFCs by imposing restriction on the consumption through several rules and protocols. These regulations hamper the growth of the refrigerant market.

This  refrigerant market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the refrigerant market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Refrigerant Market

The COVID-19 outbreak has impacted several sectors but the demand for the refrigerants from end-user applications declined for a short-term period. Numerous industries witnessed setbacks in the starting of 2020, which led to a resultant decline the demand for refrigerants. As a result, the refrigerant market is anticipated to witness the negative growth during pandemic. However, demand is anticipated to recover from 2021 forward and continue during the forecast period. 

Global Refrigerant Market Scope

The refrigerant market is segmented on the basis type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

  • HCFCs
  • HFCs
  • HFOs
  • Isobutane
  • Propane
  • Ammonia
  • Carbon Dioxide
  • Others

Application

  • Refrigerators
  • Large-Scale Refrigerators
  • Chillers
  • Air Conditioners
  • Heat Pumps
  • Others

End User

  • Domestic Household Refrigeration
  • Light Commercial Refrigeration
  • Commercial Racks and Condensing Units
  • Industrial Refrigeration

Refrigerant Market Regional Analysis/Insights

The refrigerant market is analysed and market size insights and trends are provided by country, type, application and end-user as referenced above.

The countries covered in the  refrigerant market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the refrigerant market in terms of market share during the forecast period. This is due to the increasing demand for refrigerant in this region. The Asia-Pacific region leads the refrigerant market due to the increasing disposable income of the rising population along with rapid urbanization and industrialization in this region.

During the projected period, North America is anticipated to be the fastest developing region due to the increasing number of technological advancement along with growing concern regarding food wastage in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Refrigerant Market Share Analysis

The refrigerant market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to refrigerant market.

Some of the major players operating in the refrigerant market are:

  • Arkema (France)
  • Dongyue Group Co. Ltd. (China)
  • Honeywell International Inc. (US)
  • The Chemours Company (US)
  • Linde Plc (Ireland)
  • Air Liquide (France)
  • Sinochem Lantian Co. Ltd. (China)
  • Daikin Industries LTD, (Japan)
  • Mexichem (Mexico)
  • AGC Inc, (Japan)
  • Gas Servei (Spain)
  • Gujarat Fluorochemicals Ltd. (India)
  • Quimobasicos (Mexico)
  • Zhejiang Fotech International Co.Ltd. (China)
  • Tazzetti S.p.A. (Italy)
  • SRF Limited (India)
  • Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd (China)
  • Shandong Yue'an Chemical Co., Ltd, (China)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Customization Available:

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The refrigerant market size will be worth USD 42.22 billion by 2029.
The growth rate of the refrigerant market is 7.90% in the forecast by 2029.
Increasing usage in transportation & usage in the pharmaceutical industry are the growth drivers of the refrigerant market.
The major companies in the refrigerant market are Arkema (France), Dongyue Group Co. Ltd. (China), Honeywell International Inc. (US), The Chemours Company (US), Linde Plc (Ireland), Air Liquide (France), Sinochem Lantian Co. Ltd. (China), Daikin Industries LTD, (Japan), Mexichem (Mexico), AGC Inc, (Japan). Gas Servei (Spain), Gujarat Fluorochemicals Ltd. (India), Quimobasicos (Mexico), Zhejiang Fotech International Co.Ltd. (China), Tazzetti S.p.A. (Italy), SRF Limited (India), Changshu Sanaifu Zhonghao Chemical New Material Co., Ltd (China), Shandong Yue'an Chemical Co., Ltd, (China).
Type, application and end-user are the factors on which the refrigerant market research is based.
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