Refrigerants Market - Global Forecast to 2027

The report "Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane), Application (Refrigeration System, Air Conditioning System, Chillers, MAC) and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2027", is projected to reach USD 8.4 billion by 2027, at a CAGR of 6.2% from USD 6.2 billion in 2022.

The major factors contributing to the growth of the global refrigerants market are the increasing demand for consumer appliances, especially in Asia Pacific, and the growing pharmaceutical industry. The growing use of natural refrigerants is expected to act as an opportunity for stakeholders to grow in the refrigerants market. Natural refrigerants are likely to be in high demand in the coming years, driven by the multiplying demand from domestic, industrial, and chiller applications.

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Refrigerants Market Ecosystem

“HFC & Blends was the largest type of refrigerants market in 2021, in terms of volume”

HFC & blends accounted for the largest market share, followed by carbon dioxide in terms of volume, in 2021. Following the phase-out of chlorofluorocarbons (CFCs) and later HCFCs, which were also greenhouse gases, HFC & blends became popular. Although HFCs are greenhouse gases but not as potent as CFCs or HCFCs. Following the phase-out of CFCs and HCFCs, demand for HFCs has risen rapidly and further increased with the expansion of air conditioning in developing countries.

“HFO is projected to grow at fastest CAGR during the forecast period”

HFOs are much safer than other fluorocarbon refrigerants such as HCFCs and HFCs due to their low GWP. Europe is estimated to dominate the HFO refrigerants market, in terms of volume, in 2022. This dominance can also be attributed to the ban on HCFCs and HFCs. HFC refrigerants are made up of hydrogen, fluorine, and carbon atoms joined together by single bonds. HFO refrigerants compose at least one double bond between the carbon atoms and are made up of hydrogen, fluorine, and carbon atoms.

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“Asia Pacific was the largest market for refrigerants in 2021, in terms of volume.”

Asia Pacific is the largest refrigerants market, followed by North America and Europe in 2021. The key factor driving the demand for refrigerants in the Asia Pacific region is the presence of manufacturing and other industries that use refrigerants in applications such as refrigeration systems, air conditioning, and chillers. Factors such as a huge industrial base, increasing disposable income, increasing urbanization, and changing lifestyles are expected to drive the market for refrigerants in different application segments and make Asia Pacific the largest and fastest-growing market.

Key Market Players:

The key players in this market are Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Ireland), Air Liquide (France), Daikin Industries Ltd. (Japan), Sinochem Group (China), Arkema S.A. (France), and Orbia (Mexico). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of refrigerants have opted for new product launches to sustain their market position. They are introducing several products and investing substantially to increase their production capacity of refrigerants.

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