Refrigerant Market to Grow with a CAGR of 5.33% through 2030
Growing demand of
refrigerant in automotive industry and rise in disposable income are the major
drivers for the Global Refrigerant Market.
According to TechSci Research
report, “Refrigerant Market –Global Industry Size, Share, Trends, Competition,
Opportunity and Forecast, 2020-2030F”, the Global
Refrigerant Market was valued at USD 6.13 billion in 2024 and is expected to reach USD 8.29 Billion by 2030 with a CAGR of 5.33%.
The rising pace of modern lifestyles and the growing focus on convenience have significantly fueled the demand for frozen food products, creating a cascading impact on the global refrigerant market. This trend is particularly evident in the increased adoption of frozen and ready-to-eat meals that cater to time-constrained consumers. The globalization of food culture has also contributed to this surge, with frozen food serving as a critical medium for delivering diverse international cuisines while maintaining their authenticity and nutritional integrity. The expansion of large-scale retail chains and the exponential growth of e-commerce platforms have further increased the accessibility of frozen food products. Supermarkets, hypermarkets, and online grocery portals now serve as vital distribution channels, making frozen foods available to a broader consumer base. Simultaneously, advances in freezing technologies and food preservation methods have elevated the quality, safety, and shelf life of frozen items, enhancing consumer trust in their nutritional value and hygiene standards.
This surge in demand directly translates into increased consumption of refrigerants, which are essential for maintaining cold storage and transportation logistics within the frozen food supply chain. Furthermore, growing environmental awareness and stringent regulatory frameworks are accelerating the shift toward low-global warming potential (GWP) refrigerants. Manufacturers are investing in sustainable refrigerant technologies to comply with evolving environmental mandates and support global climate goals. Beyond the food industry, the automotive sector is emerging as another major driver of refrigerant demand. Regulatory emphasis on reducing greenhouse gas emissions and improving vehicle fuel efficiency is pushing automakers to adopt more environmentally friendly HVAC systems. Modern refrigerants contribute significantly to these efforts by enabling energy-efficient cooling solutions while aligning with low-emission targets. As both consumer behavior and industry regulations evolve, the demand for advanced, sustainable refrigerants is set to grow. This presents significant opportunities for innovation across food retail, automotive, and refrigeration equipment sectors, further propelling the global refrigerant market forward.
The rise of electric vehicles (EVs) presents unique challenges in terms of cooling. Efficient cooling systems are required to manage battery temperatures and maintain optimal performance in EVs. Refrigerants play a critical role in managing the thermal conditions of EVs, contributing to battery longevity, safety, and overall efficiency. As economies expand and consumer purchasing power grows, there is a significant increase in the demand for refrigerants, cooling appliances, and air conditioning systems. This surge is attributed to the rise in disposable income, which is linked to evolving lifestyles and preferences. Consumers now prioritize convenience, comfort, and quality of life, thereby driving the demand for cooling solutions that rely on refrigerants. The higher levels of disposable income enable consumers to invest in advanced and energy-efficient cooling solutions, thereby compelling manufacturers to innovate and develop new technologies. The development of new refrigerant solutions frequently necessitates access to specialized resources, facilities, and expertise.
Collaborative research endeavors are indispensable for the creation of innovative technologies and the resolution of intricate challenges. Through the consolidation of resources and the exchange of insights, partners can expedite the pace of research and development, leading to more rapid advancements in refrigerant technology. Chemours and BOHN have collaborated to innovate the cold food chain by launching the first low-GWP (Global Warming Potential) solution. This collaboration includes the adoption of new Opteon™ XL40, Opteon™ XL20, and Opteon™ XL10 refrigerants for BOHN Ecoflex commercial refrigeration equipment. OR (Institute of Refrigeration) has expanded its partnership with a global ammonia refrigeration body to enhance the sharing of information and expertise between cooling experts in the UK and the US.
Browse over XX market data Figures and spread through XX Pages and an in-depth TOC on "Global Refrigerant Market.”
The Global Refrigerant Market segmentation is based on type, application, company, and region.
In 2024, the fluorocarbons is expected to be fastest growing segment and is predicted to continue expanding over the coming years in refrigerant. Halocarbons are fluorinated aliphatic chemical derivatives of saturated hydrocarbons that are widely used in domestic and industrial refrigeration systems. These include HFCs, HCFCs, and CFCs. The molecular structure of halocarbons consists of halogen atoms such as carbon, fluorine, hydrogen, chlorine, or bromine. Halocarbons are considered specialty chemicals with significant applications in refrigeration and air conditioning units. The Asia-Pacific region, particularly China and India, has witnessed a notable increase in demand for refrigerants. This can be attributed to the rise in per capita income and the development of domestic standards and automobile industries.
Based on region, the Asia Pacific region is expected to witness the fastest growth in the global refrigerant market over the coming years. This rapid expansion is primarily driven by increasing urbanization, rising disposable incomes, and growing demand for air conditioning and refrigeration systems across residential, commercial, and industrial sectors. Countries like China, India, Japan, and South Korea are experiencing a surge in infrastructure development, retail expansion, and food processing industries, all of which require advanced refrigeration solutions. Favourable government policies, rising awareness regarding energy-efficient systems, and expanding automotive production further support the growth of the refrigerant market in the region. The availability of low-cost manufacturing and increasing investments from global players also contribute to the Asia Pacific’s leading growth trajectory.
Some
of the major companies operating in the Global
Refrigerant Market include:
·
Honeywell
International Inc.
·
Daikin
Industries Ltd
·
Arkema
S.A.
·
Dongyue
Group
·
The
Chemours Company
·
Mexichem
SAB de CV
·
Sinochem
Group
·
Linde
Group
·
SRF
Limited
·
Gujarat
Fluorochemicals Limited
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“The global refrigerants market is witnessing robust growth, driven by rising demand for HVAC systems across residential, commercial, and industrial sectors. Increasing urbanization, rapid industrialization, and climate change are fueling the need for efficient cooling solutions. The growing consumption of frozen and packaged foods, expansion of data centers, and rising automotive production, especially of electric vehicles, are further accelerating market demand. Technological advancements and regulatory shifts toward low-GWP and environmentally friendly refrigerants are reshaping the industr", said Mr.
Karan Chechi, Research Director, TechSci Research, a research-based Global
management consulting firm.
"Refrigerant Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Fluorocarbons, Hydrocarbons, Inorganic Refrigerants, Others), By Application (Refrigeration System, Chillers, Air Conditioning Systems, Others), By Region and Competition 2020-2030F", has evaluated the future growth potential of Global Refrigerant Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Refrigerant Market.
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