The Global Refrigerants Market Size was valued at USD 21,398 Million in 2021 and is predicted to be worth USD 40,757 Million by 2030, with a CAGR of 7.6% from 2022 to 2030.
Rapid urbanization, as well as lifestyle developments, has resulted in a significant demand for air conditioners, which is driving the refrigerants market growth. The rising spending on consumer appliances such as air conditioning and refrigeration equipment, as well as the expanding cold storage sector, are the primary drivers for the refrigerant market. Increases in the structured retail environment, a move towards farming systems, and expansion in the packaged food sector have all contributed to refrigerant consumption.
A refrigerant is a working fluid that is used in the refrigeration system of air conditioning units and heating systems, where it typically undergoes a periodic phase transition from liquid to gas and back. A refrigeration system's thermodynamics effectiveness is mostly determined by its temperature applications. A refrigerant is a chemical compound that is typically found in air conditioners and freezers. Among the fluids utilized in the refrigeration system and heating system are sulfur dioxide, ammonia, chlorofluorocarbons, and hydrocarbons such as propane. They are used in a variety of industrial, home, and commercial applications. Refrigerants are commonly used in the manufacturing industry as well. However, critical practical factors such as system design, size, starting and ongoing costs, safety, dependability, serviceability, and so on are heavily influenced by the type of refrigerant chosen for a specific application.
Global Refrigerants Market DRO’s
|Market Size 2021||USD 21,398 Million|
|Market Forecast 2030||USD 40,757 Million|
|CAGR During 2022 - 2030||7.6%|
|Analysis Period||2018 - 2030|
|Forecast Data||2022 - 2030|
|Segments Covered||By Type, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Honeywell International Inc., Air Liquide, Arkema Group, Sinochem Group, Mexichem SAB de CV, The Chemours Company, Linde Group, Dongyue Group, SRF Limited, Daikin Industries Ltd., and Gujarat Fluorochemicals Limited.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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Refrigerants Market Dynamics
Rapid urbanization, growing living standards and increasing per capita expenditure modify needs and preferences, resulting in strong demand for air conditioners, which supports the expansion of the refrigerants market value. Technological developments and widespread use of refrigerating in food and industrial applications drive the refrigerants market growth. Popularity for refrigerants is growing owing to growth in vehicle manufacturing, as refrigerants are used in automobile air conditioning systems. Furthermore, a surge in the manufacture of electric mobility is predicted to play a critical role in conserving energy. The refrigerant industry benefits from an expansion in the manufacturing of electric or hybrid vehicles. Moreover, the proliferation of new workplaces, retail spaces, as well as other infrastructures around the world has caused a noteworthy increase in the commercial industry. These structures include heating, ventilation, and air conditioning (HVAC) technology such as air-conditioning systems. As the refrigerant is a crucial element of HVAC systems, the explosive development of the commercial industry promotes the growth of the refrigerants market trends.
The global COVID-19 epidemic has impacted almost every industry around the globe. The overall supply chain interruptions have had a remarkable influence on the refrigerant industry. Germany is a significant exporter and industrial output market. As a result, development projects were hampered by stringent shutdowns in the country's largest provinces. The emergence of COVID-19 caused a dramatic drop in sales of manufacturing machinery throughout the first quarters of 2020. Europe has been one of the world’s largest producers of refrigerants. However, problems with raw material sourcing have hampered refrigerants development throughout this region.
Refrigerants Market Segmentation
The global refrigerants market segmentation based on the type, application and geographical region.
Market by Type
In terms of type, the fluorocarbon segment is predicted to have the largest market share in 2021. They are widely utilized in residential and industrial heating and ventilation systems. Hydrofluorocarbons (HFCs) are commonly used in air conditioning systems because they are less damaging to the environment than other fluorocarbon refrigerants. They are also the most prominent replacements for phased-out chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs). Emerging economies are gradually phasing out fluorocarbon fluids and are aiming to phase out HCFCs. As a result, there will be a significant demand for HFCs over the world.
Furthermore, according to the refrigerants market forecast, the hydrocarbon segment is expected to grow significantly in the industry over the next few years. Hydrocarbons are thermally efficient, relatively inexpensive, and environmentally beneficial, which are boosting their desire. Because of their low cost and ease of availability, they are also becoming a popular replacement for fluorocarbon-based refrigerant processes and equipment.
Market by Application
According to the refrigerants industry analysis, the air-conditioning segment is expected to grow at the fastest rate in the market over the next few years. The air-conditioning segment is further subdivided into stationary air conditioning, chillers, and heat pumps. The middle class's increasing purchasing capacity for household appliances such as cooling systems has led to the expansion of this market. Market growth for refrigeration systems has been boosted by rapid urbanization and industrialization, decreasing climatic conditions, and increased production of household appliances.
Refrigerants Market Regional Outlook
The Middle East & Africa (MEA)
Rising Consumer Spending Capability in Asia-Pacific, Drives Geographic Market Growth
The Asia-Pacific region is predicted to grow significantly in the global refrigerant market in the coming years. The prominence of manufacturing and other industries such as transportation, automotive, and pharmaceuticals that use refrigerants in systems such as air conditioning, refrigeration systems, and cooling systems is a significant driver of refrigerant demand in the Asia-Pacific region. Aspects such as a strong manufacturing economy, rising expendable income, industrialization, and changing consumer preferences are responsible for driving the refrigerant market in many application domains, making Asia-Pacific the biggest and strongest market.
Refrigerants Market Players
Some of the prominent global refrigerants market companies are Honeywell International Inc., Air Liquide, Arkema Group, Sinochem Group, Mexichem SAB de CV, The Chemours Company, Linde Group, Dongyue Group, SRF Limited, Daikin Industries Ltd., and Gujarat Fluorochemicals Limited.
The global refrigerants market size in 2021 was accounted to be USD 21,398 Million.
The projected CAGR of refrigerants during the analysis period of 2022 to 2030 is 7.6%.
The prominent players of the global refrigerants market involve Honeywell International Inc., Air Liquide, Arkema Group, Sinochem Group, Mexichem SAB de CV, The Chemours Company, Linde Group, Dongyue Group, SRF Limited, Daikin Industries Ltd., and Gujarat Fluorochemicals Limited.
Asia-Pacific held the dominating share for refrigerants during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for refrigerants during the analysis period of 2022 to 2030.
Rapid expansion of the automotive sector, rising demand for household appliances, and widespread use in refrigeration and air-conditioning systems are the prominent factors that fuel the growth of global refrigerants market.
Based on type, fluorocarbons segment held the maximum share for refrigerants market in 2021.