Refrigerant Market is Set to Experience a Significant Growth of 5.2% CAGR from 2022 To 2031

The global Refrigerant Market is anticipated to witness a healthy CAGR of 5.2% during the review period of 2022 to 2031.

The growth in consumer durable and automobile industry is driving the demand in refrigerant industry. Additionally, the major suppliers are responding towards the phase out of HCFCs by providing a wide range of alternative refrigerants and maintaining their supply globally. The primary application of refrigerants is in the manufacturing of refrigeration and air conditioning equipments. Some of its others, but significant, uses are in solvents, foam blowing agents, pharmaceuticals, food stuff, plastics, electronics etc.

The refrigerant market has great growth potential. The market is expected to grow at a compound annual growth rate of 5.2%, over the next five years and reach 1.6 million metric tons by 2031. Asia-Pacific, with its thriving economies and rapidly expanding manufacturing bases, is expected to experience highest consumption during the next five years.

The growing demand for cooling equipment and high growth in Asia-Pacific region is expected to remain the driving force for refrigerants demand in long run. However the frequent change in Montreal Protocol with respect to choice in refrigerant is restraining the market growth. The use of traditional refrigerant such as CFC and HFCF is causing greenhouse effects, so its use is being restricted. Hence, the demand for natural or green refrigerants is emerging in the refrigerant market.

This report studies and forecasts the refrigerant market till 2031. The market is further segmented and forecasted for major geographic regions such as: Americas, Europe, Asia-Pacific, and Rest of the World that include key growth regions like China, and India. Major countries with the volumes and revenues are covered for each of the region. Market estimations have been provided in terms of consumption volume (metric ton) and market revenue (USD). The global as well as regional markets have been segmented by applications such as refrigeration (domestic, commercial, transportation, and industrial), and AC (stationary or air to air AC, chillers & hydronic heat humps and Mobile AC).

Market has also been segmented on the basis of product types where major product types such as fluorocarbons (HCFC and HFC), inorganic refrigerants (ammonia, carbon dioxide), hydrocarbon (propane and iso-butane), and other refrigerants have been discussed in detail and a comprehensive view and forecast is provided for each category with the market volumes and revenues.

We have also profiled leading players of this industry with their recent developments and other strategic industry activities. Key participants in the global refrigerant market include France based Arkema SA, Japan based Daikin Industries Ltd., E.I. du Pont de Nemours & Co (U.S.), Honeywell International (U.S.), Mexico based Mexichem Fluor S.A. de C.V., and Belgium based Solvay SA. China based Dongyue Group., India based Navin Fluorine International Ltd, Gujarat Fluorochemicals Ltd and SRF Ltd.

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We have used various secondary sources such as Companys Annual Reports, Organisational Websites and Databases to identify and collect information useful for this extensive commercial study of refrigerants. The primary sources – selected experts from related industries and selected suppliers have been interviewed to obtain and verify critical information as well as to assess the future prospects of refrigerants.

Scope of the report:

This research report categorizes the global market for refrigerants on the basis of applications, product type and geography; forecasting volumes and revenues and analyzing trends in each of the submarkets.

On the basis of applications:

The refrigerant market is segmented on the basis of applications as Domestic, Commercial and Industrial. Each application is further described in detail in the report with volumes and revenues forecasted for each application.

On the basis of product type:

Fluorocarbons, Inorganic, Hydrocarbon and others.

On the basis of geography:

Americas, Europe, Asia Pacific, and Africa & Middle East.

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