Global Refrigerants market to reach at USD 8.4 billion in 2027

Refrigerants market is expected to reach at USD 8.4 billion in 2027 at a CAGR of 6.2% during the forecast period. The most used natural refrigerants are ammonia, carbon dioxide, and HCs such as propane and isobutene. Technological advancements in cooling equipment are replacing traditional refrigerants such as HCFC and HFC with natural ones. This has increased the market share of natural refrigerants in applications such as air conditioning, refrigeration, and heating systems.

By type, carbon dioxide accounted for second-largest market share for refrigerants market, in terms of volume, in 2021

Carbon dioxide is gaining popularity as a refrigerant as it is inflammable and non-toxic. Because of these characteristics, it is now widely used as a refrigerant for commercial spaces such as supermarkets and retail stores. However, it has a remaining danger to human health. Since it is an odorless gas and heavier than air, it can cause a narcotic and asphyxiating effect at high concentrations in enclosed environments. Therefore, leak detectors should be present to avoid any potential risk.

Air conditioning system is expected to be the second-fastest growing application for refrigerants market during the forecast period, in terms of value

Air conditioners are used to cool single or multiple rooms in residential or commercial areas. This application segment is further segmented into window AC, split AC, variable refrigerant flow, and ducted, packaged, and rooftop ACs based on application and capacity. R-407C, HCFC-22, and R-410A are the most commonly used refrigerants in these applications.

Based on region, Asia Pacific region was the largest market for refrigerants in 2021, in terms of volume

Asia Pacific dominates the refrigerants market due to the rapid economic growth, particularly in the consumer goods and automobile industries in the region. The rapid urbanization in Asia Pacific, coupled with the improved living standards, is driving the market. The emerging economies, including China, Japan, and India, are the major refrigerants markets in the region.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:

  • By Company Type: Tier 1 – 69%, Tier 2 – 23%, and Tier 3 – 8%
  • By Designation: C-Level – 23%, Director Level – 37%, and Others – 40%
  • By Region: North America – 32%, Europe – 21%, APAC – 28%, Middle East & Africa – 12%, and South America – 7%

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), among others.

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