Refrigerant Market Size, Share, Growth, And Industry Analysis By Type (HCFC, HFC, HC, And Other) By Application (Air Condition, Automotive Air Conditioner, Refrigerator, And Others) Regional Forecast By 2031

Updated On: 13 November 2023

Refrigerant Market Report Overview

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The global refrigerant market size was USD 3925.9 million in 2022, as per our research, the market is expected to reach USD 7,340.85 million in 2031, exhibiting a CAGR of 3.3% during the forecast period. 

 The global COVID-19 pandemic has been unprecedented and staggering, with refrigerant market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

A refrigerant cooling substance is utilized in many different cooling systems, including refrigerators and air conditioners. It is a chemical that can be found in either a gaseous form or a liquid form; it is very useful in producing a synthetic chilling environment inside machinery such as a freezer. When refrigerant is injected into the compressor of a cooling machine, it begins to absorb the heat in the air and cools the entire atmosphere inside the machinery. The chemical is used as a combustion stroke to transfer energy from one area to another. The refrigerator and air conditioner compressors found in our homes are where the coolant chemical is used most frequently.

The main factor driving the refrigerant-market is the rising demand for air conditioners among customers, both for their homes and for their cars. The demand for energy-efficient cooling systems has also propelled the growth of the refrigerant-market as the chemical of refrigerant itself is harmful to the environment. The demand for the product has grown dramatically over time as a result of the development of coefficient cooling systems. The refrigerant market growth can also be attributed to the cold chain industry. The extensive cold chain market has resulted in a strong demand for a variety of deep freezers and climate-controlled storage units.

COVID-19 Impact: Market Progress Hindered Due To Global Supply Chain Disruption

The COVID-19 outbreak's negative impacts have been felt globally since the beginning of the year 2020. To stop the sickness from spreading further, governments worldwide had to enforce complete or partial lockdowns in their nations. Many sectors experienced losses as a result of the lockdown since the manufacturing process came to a halt and the worldwide supply chain was upset. Similar to the lockdown period, the pandemic had a negative impact on the refrigerant-market. Due to the closure of the industries, there was a significant decline in demand for the vast number of deep freezers and air conditioners, which harmed the refrigerant-market. The market is expected to see a surge in sales after COVID-19 as industrial operations have begun across the world.

Latest Trends

"Adoption Of Natural Refrigerants To Augment Product Demand"

Due to their widespread use worldwide, general refrigerants, or the traditionally used chemical for cooling, have long been linked to their negative effects on the environment. As a result, the need for natural refrigerants has been driving the growth of the product industry. Chemicals such as ammonia, isobutane, propane, and carbon dioxide are natural refrigerants. Since natural coolants are effective at converting heat from the air into a cool breeze while using less energy, the industry may experience significant growth as a result of this.

Refrigerant Market Segmentation

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• By Type Analysis

The market can be divided into HCFC, HFC, HC, and other categories according on type. Among them, HCFC is anticipated to rule the market by type during the anticipated time frame.

• By Application Analysis

The market can be classified into categories such as refrigerator, air conditioner, and automobile air conditioner based on application. For the predicted market years of 2022–2031, the air conditioning segment is projected to dominate the market by application.

Driving Factors

"Changing Living Standards To Drive The Market Development"

The global shift in civilizational living standards has significantly fueled the refrigerant market's growth. Food goods need to be stored longer and more securely if they are to be consumed frozen, organic, or as health and wellness supplements. The need for refrigerators, freezers for household use, and cold storage units for everyday essentials has helped steer the refrigerant-market's expansion in the correct direction.

"Increasing Usage In Pharmaceutical Businesses To Proliferate Market Progress"

Many different forms of medicine require cooling systems during storage and transit to remain safe for consumption for prolonged periods. Vaccines and diabetes medications must be kept fresh for a very long time, necessitating sizable cold storage facilities. As a result, the refrigerant-market will immediately profit from the growth of the pharmaceutical business.

Restraining Factors

"Flammability Of Chemicals Impedes Market Growth"

Many refrigerants, whether natural or conventional CFCs are very combustible and toxic, which greatly slows the market's expansion. Some coolants are also corrosive. When ammonia is put close to copper, a reaction with it can cause corrosion, while carbon dioxide use can cause solidification as dry ice when it comes into contact with air. Additionally, due to the characteristics mentioned earlier, changing the metal component utilized with these chemicals may be necessary. Handling the chemicals may increase manufacturing costs, which may impede market growth.

Refrigerant Market Regional Insights

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"Rising Industrialization And Urbanization Lead Asia Pacific To Dominate The Market "

Since there is such a strong demand for cooling and refrigeration systems in Asia, the market for those products is quite competitive. The Asia Pacific region is experiencing an increase in population, changing lifestyles, and rising disposable incomes, which has accelerated industrialization and urbanization and directly benefits the region's industry of the product.

In second place after Asia Pacific, North America holds most of the refrigerant market share. The market is expanding significantly in the region as a result of developments and improvements in the cold chain storage industry. The establishment of numerous supermarkets throughout the region is also assisting in boosting the market growth. The region is witnessing an increase in worry about the preservation of food and beverages to retain their freshness for longer.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Chemours (U.S.)
• Honeywell (U.S.)
• Mexichem (India)
• Daikin (Japan)
• Arkema (France)
• Linde (Ireland)
• Navin Fluorine International (India)
• GFL (India)
• Dongyue Group (China)
• Zhejiang Juhua (China)
• Meilan Chemical (China)
• Sanmei (China)
• 3F (Singapore)
• Yuean Chemical (China)
• Ying Peng Chemical (China)
• Yonghe Refrigerant (China)
• Limin Chemicals (China)
• China Fluoro Technology (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors such as segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.