Global Refrigerants
Market Report
2025
The global refrigerants market size will be USD 6415.2 million in 2024. Increased demand for energy-efficient cooling solutions and global growth of cold storage facilities are projected to elevate sales to USD 10301.4 million by 2031, with a Compound Annual Growth Rate (CAGR) of 7% from 2024 to 2031.
The base year for the calculation is 2024 and 2021 to 2024 will be historical period. The year 2025 will be estimated one while the forecasted data will be from year 2025 to 2033. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, the global refrigerants market size will be USD 6415.2 million in 2024. It will rise at a compound annual growth rate (CAGR) of 7% between 2024 and 2031.
2019 | 2024 | 2025 | 2032 | 2033 | CAGR | |
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Global Refrigerants Market Sales Revenue | 121212 | $ 6415.2 Million | 121212 | 121212 | 121212 | 7% |
North America Refrigerants Market Sales Revenue | 121212 | $ 2566.1 Million | 121212 | 121212 | 121212 | 5.2% |
Mexico Refrigerants Market Sales Revenue | 121212 | $ 233.5 Million | 121212 | 121212 | 121212 | 5.7% |
Canada Refrigerants Market Sales Revenue | 121212 | $ 307.9 Million | 121212 | 121212 | 121212 | 6% |
United States Refrigerants Market Sales Revenue | 121212 | $ 2024.6 Million | 121212 | 121212 | 121212 | 5% |
Europe Refrigerants Market Sales Revenue | 121212 | $ 1924.6 Million | 121212 | 121212 | 121212 | 5.5% |
Italy Refrigerants Market Sales Revenue | 121212 | $ 165.5 Million | 121212 | 121212 | 121212 | 4.9% |
Germany Refrigerants Market Sales Revenue | 121212 | $ 381.1 Million | 121212 | 121212 | 121212 | 5.7% |
France Refrigerants Market Sales Revenue | 121212 | $ 177.1 Million | 121212 | 121212 | 121212 | 4.7% |
Spain Refrigerants Market Sales Revenue | 121212 | $ 157.8 Million | 121212 | 121212 | 121212 | 4.6% |
United Kingdom Refrigerants Market Sales Revenue | 121212 | $ 323.3 Million | 121212 | 121212 | 121212 | 6.3% |
Russia Refrigerants Market Sales Revenue | 121212 | $ 298.3 Million | 121212 | 121212 | 121212 | 4.5% |
Rest of Europe Refrigerants Market Sales Revenue | 121212 | $ 298.3 Million | 121212 | 121212 | 121212 | 4.2% |
Asia Pacific Refrigerants Market Sales Revenue | 121212 | $ 1475.5 Million | 121212 | 121212 | 121212 | 9% |
Korea Refrigerants Market Sales Revenue | 121212 | $ 147.5 Million | 121212 | 121212 | 121212 | 8.1% |
Japan Refrigerants Market Sales Revenue | 121212 | $ 203.6 Million | 121212 | 121212 | 121212 | 7.5% |
China Refrigerants Market Sales Revenue | 121212 | $ 664 Million | 121212 | 121212 | 121212 | 8.5% |
Australia Refrigerants Market Sales Revenue | 121212 | $ 76.7 Million | 121212 | 121212 | 121212 | 8.7% |
India Refrigerants Market Sales Revenue | 121212 | $ 177.1 Million | 121212 | 121212 | 121212 | 10.8% |
Rest of APAC Refrigerants Market Sales Revenue | 121212 | $ 104.8 Million | 121212 | 121212 | 121212 | 8.8% |
South America Refrigerants Market Sales Revenue | 121212 | $ 320.8 Million | 121212 | 121212 | 121212 | 6.4% |
Brazil Refrigerants Market Sales Revenue | 121212 | $ 137.3 Million | 121212 | 121212 | 121212 | 7% |
Chile Refrigerants Market Sales Revenue | 121212 | $ 23.1 Million | 121212 | 121212 | 121212 | 6.7% |
Peru Refrigerants Market Sales Revenue | 121212 | $ 26.3 Million | 121212 | 121212 | 121212 | 6.6% |
Colombia Refrigerants Market Sales Revenue | 121212 | $ 28.5 Million | 121212 | 121212 | 121212 | 6.2% |
Argentina Refrigerants Market Sales Revenue | 121212 | $ 53.9 Million | 121212 | 121212 | 121212 | 7.3% |
Rest of South America Refrigerants Market Sales Revenue | 121212 | $ 51.6 Million | 121212 | 121212 | 121212 | 5.5% |
Middle East and Africa Refrigerants Market Sales Revenue | 121212 | $ 128.3 Million | 121212 | 121212 | 121212 | 6.7% |
Egypt Refrigerants Market Sales Revenue | 121212 | $ 13.5 Million | 121212 | 121212 | 121212 | 7% |
Turkey Refrigerants Market Sales Revenue | 121212 | $ 11.03 Million | 121212 | 121212 | 121212 | 6.2% |
Rest of MEA Refrigerants Market Sales Revenue | 121212 | $ 15.1 Million | 121212 | 121212 | 121212 | 5.7% |
Base Year | 2024 |
Historical Data Time Period | 2021-2024 |
Forecast Period | 2025-2033 |
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List of Competitors |
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Regional Analysis |
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Refrigerants Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Refrigerants are substances used in cooling mechanisms to absorb heat and provide refrigeration and air conditioning. These chemicals facilitate the heat exchange process in various applications, including commercial refrigeration, HVAC systems, and industrial cooling. Refrigerants can be classified into several categories, including hydrofluorocarbons (HFCs), hydrocarbon refrigerants, ammonia, and natural refrigerants like carbon dioxide and water. Governments worldwide are implementing stringent regulations to phase out high-GWP refrigerants, driving a transition towards more environmentally friendly alternatives. This shift opens market opportunities for manufacturers of low-GWP refrigerants. Innovations in refrigeration technologies, such as improved energy efficiency and the development of new refrigerants, are further enhancing system performance and supporting market growth.
In January 2022, Honeywell introduced an innovative, new, low-global-warming-potential (GWP) refrigerant used for industrial and commercial refrigeration that is specifically designed for supermarkets. The product fulfills the needs of grocers and retailers looking for low-carbon solutions ahead of upcoming regulatory changes. (Source:https://www.honeywell.com/us/en/press/2022/01/honeywell-introduces-new-low-global-warming-potential-refrigerant-for-supermarket-industry)
The increasing global demand for air conditioning and refrigeration systems in both residential and commercial sectors is a main driver of the refrigerants market. Rapid urbanization, population growth, and rising living standards, especially in developing countries, are pushing the demand for cooling solutions. As economies expand, the need for temperature-controlled environments in retail, hospitality, and transportation also grows, fueling the need for refrigerants. Rising temperatures due to climate change are intensifying the requirement for air conditioning systems. This trend is evident across various industries, including food processing, pharmaceuticals, and electronics, where maintaining optimal temperature is crucial. As these industries expand globally, the need for reliable, efficient refrigerants becomes even more critical to ensure the smooth functioning of cooling systems.
Governments and regulatory bodies worldwide are imposing strict regulations aimed at reducing the environmental impact of refrigerants with high global warming potential (GWP) and ozone-depleting potential (ODP). The Kigali Amendment to the Montreal Protocol, for instance, mandates the phasedown of hydrofluorocarbons (HFCs), leading to a growing demand for low-GWP alternatives such as hydrofluoroolefins (HFOs), natural refrigerants (ammonia, CO2), and other eco-friendly solutions. This shift is driving innovation in the global market, with companies investing in R&D to create sustainable refrigerant technologies that meet regulatory requirements. As environmental awareness grows, customers and industries are also leaning towards adopting green solutions, further accelerating the shift toward low-GWP refrigerants. This regulatory pressure is transforming the market landscape, offering opportunities for companies that can develop compliant and efficient refrigerant products.
One of the key restraints in the refrigerants market is the higher costs associated with transitioning from traditional high-GWP refrigerants to more eco-friendly alternatives. The shift to sustainable refrigerants often requires substantial investment in new technologies and infrastructure. Existing cooling systems may need to be retrofitted or replaced entirely to accommodate these new refrigerants, which can be prohibitively expensive for many businesses, particularly small and medium-sized enterprises. Moreover, the development and production of low-GWP refrigerants involve advanced technologies and processes that can increase manufacturing costs. These costs may be passed on to consumers, which makes eco-friendly refrigerants less attractive compared to traditional options that have lower upfront costs.
The COVID-19 pandemic had a mixed impact on the refrigerants market. During the initial phases, the market experienced disruptions in the supply chain due to lockdowns, restrictions on manufacturing activities, and reduced availability of raw materials, which slowed down production and distribution. The decline in commercial activities, such as the closure of hotels, restaurants, and retail spaces, led to a temporary dip in the demand for refrigerants used in commercial refrigeration and HVAC systems. However, certain sectors, such as the pharmaceutical and food industries, saw an increased demand for cold storage and refrigeration solutions to store essential goods like vaccines and perishable food products. This surge in demand for temperature-controlled logistics helped offset the negative impact in other segments.
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The global refrigerants market is highly competitive, with a diverse range of participants, including large multinational organizations and smaller specialized firms. Key market participants are continually engaged in strategic activities such as mergers & acquisitions, partnerships, and collaborations to improve their product offerings and market reach. Moreover, corporations are actively investing in R&D to invent and introduce ecologically friendly refrigerants that meet growing regulatory demands.
In June 2023, Honeywell announced that its energy-efficient, ultra-low-global-warming-potential (GWP) hydrofluoroolefin (HFO) Solstice® ze (R-1234ze) refrigerant will be used in Ireland's first low-carbon district heating network in Tallaght, Dublin. The project is currently operating and will help Ireland meet its renewable energy targets for 2030 and 2050, as well as the European Union's decarbonization programs, such as REPowerEU. (Source:https://refindustry.com/news/market-news/ireland-s-first-low-carbon-district-heating-network-employs-honeywell-solstice-ze-refrigerant/) In May 2023, The Chemours Company, an internationally recognized chemistry company with strong positions in the market in Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials, announced a capacity investment in its low-GWP Opteon™ 1100 foam blowing agent and Opteon™ SF33 specialty fluid. The expansion will increase the capacity of the ultra-low GWP hydrofluoroolefin (HFO) solution, allowing customers and value chain partners to address the growing demand for environmentally friendly and efficient HFO-1336mzzZ-based fluids. (Source:https://www.chemours.com/en/news-media-center/all-news/press-releases/2023/chemours-announces-opteon-1100-and-opteon-sf33-capacity-expansion-to-meet-long-term-customer-needs-f)
Top Companies Market Share in Refrigerants Industry: (In no particular order of Rank)
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According to Cognitive Market Research, North America holds a majority share in the global refrigerants market revenue due to the advanced industrial infrastructure and higher demand for refrigeration and air conditioning systems across various regional sectors. The presence of major manufacturers and suppliers, coupled with substantial investments in R&D activities, drives innovation and the adoption of advanced refrigerant technologies. Besides, stringent environmental regulations in the U.S. and Canada encourage the transition to low-GWP refrigerants, further boosting market growth. The robust cold chain logistics sector, supported by a thriving food and pharmaceutical industry, also contributes to the high demand for refrigerants across this region.
Asia Pacific stands out as the fastest-growing region in the global refrigerants market due to rapid urbanization, industrialization, and an expanding middle class, which collectively propels the demand for refrigeration and air conditioning systems. Countries like China and India are witnessing significant growth in their manufacturing sectors and increasing consumption of consumer goods, necessitating enhanced refrigeration capabilities. Moreover, government initiatives promoting energy-efficient and eco-friendly refrigerants are further fueling market expansion. The rise of the cold chain logistics sector, particularly in food distribution and pharmaceuticals, is also contributing to the heightened demand for refrigerants in this region, which makes it a key area for future growth.
The current report Scope analyzes Refrigerants Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, the global refrigerants market size was estimated at USD 6415.2 million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 2566.1 million in 2024 and will climb at a CAGR of 5.2% from 2024 to 2031.
According to Cognitive Market Research, the global refrigerants market size was estimated at USD 6415.2 million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 1924.6 million in 2024 and will grow at a CAGR of 5.5% from 2024 to 2031.
According to Cognitive Market Research, the global refrigerants market size was estimated at USD 6415.2 million, out of which Asia Pacific held the market share of nearly 23% of the global revenue with a market size of USD 1475.5 million in 2024 and will emerge at a CAGR of 9% from 2024 to 2031.
According to Cognitive Market Research, the global refrigerants market size was estimated at USD 6415.2 million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 320.8 million in 2024 and will climb at a CAGR of 6.4% from 2024 to 2031.
According to Cognitive Market Research, the global refrigerants market size was estimated at USD 6415.2 million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 128.3 million in 2024 and will climb at a CAGR of 6.7% from 2024 to 2031.
Global Refrigerants Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Refrigerants Industry growth. Refrigerants market has been segmented with the help of its Type Outlook:, Application Outlook: , and others. Refrigerants market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
How are Segments Performing in the Global Refrigerants Market?
According to Cognitive Market Research, Isobutane holds the highest revenue share in the global refrigerants market due to its widespread use in domestic refrigeration and small commercial applications. Its low global warming potential (GWP) and ozone depletion potential (ODP) make it an eco-friendly option compared to older refrigerants like R-134a. Isobutane is also highly efficient in terms of cooling performance, especially in household refrigerators and freezers. Its wider adoption is further supported by strict environmental regulations encouraging the shift toward greener refrigerants, especially in developed regions like Europe and North America.
Propane is emerging as the fastest-growing segment in the global refrigerants market, owing to its excellent thermodynamic properties and environmental sustainability. With ultra-low GWP and ODP, propane (R-290) is gaining popularity in commercial and industrial refrigeration systems. Its high energy efficiency, coupled with the growing push for eco-friendly refrigerants in the HVAC sector, is accelerating market demand, especially in regions transitioning to greener alternatives. As more companies adopt sustainable refrigeration practices, propane is expected to see rapid growth, particularly in Asia Pacific and developing economies.
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According to Cognitive Market Research, refrigeration systems hold the dominant application category in the global refrigerants market due to their extensive use across various sectors, including food and beverage, pharmaceuticals, and industrial processes. The persistent need for effective temperature control and preservation of perishable goods propels continuous demand for refrigeration systems, which makes them essential for supply chain efficiency.
Air conditioning systems represent a rapidly developing segment within the refrigerants market, primarily due to rising temperatures and increased demand for comfortable indoor environments. The global trend toward urbanization and the growing number of residential and commercial buildings are propelling the need for efficient air conditioning solutions. Moreover, the shift towards more sustainable and energy-efficient technologies is fostering innovation in this category, with manufacturers increasingly adopting low-GWP refrigerants.
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Conclusion
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Type Outlook: | HFC, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide, Others |
Application Outlook: | Refrigeration System, Domestic Refrigeration, Commercial Refrigeration, Industrial Refrigeration, Chillers, Air Conditioning Systems, Window AC, Split AC, VRF, Ducted, Packaged & Rooftop ACs, MAC |
List of Competitors | Honeywell International Inc. (U.S.), The Chemours Company (U.S.), Daikin Industries Ltd. (Japan), Linde plc (Ireland), Air Liquide (France), Arkema S.A. (France), Dongyue Group Co. Ltd. (China), Sinochem Group Co. Ltd. (China), Mexichem S.A.B. de C.V. (Mexico), Asahi Glass Co. Ltd. (Japan) |
This chapter will help you gain GLOBAL Market Analysis of Refrigerants. Further deep in this chapter, you will be able to review Global Refrigerants Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
This chapter will help you gain North America Market Analysis of Refrigerants. Further deep in this chapter, you will be able to review North America Refrigerants Market Split by various segments and Country Split.
Chapter 2 North America Market Analysis
This chapter will help you gain Europe Market Analysis of Refrigerants. Further deep in this chapter, you will be able to review Europe Refrigerants Market Split by various segments and Country Split.
Chapter 3 Europe Market Analysis
This chapter will help you gain Asia Pacific Market Analysis of Refrigerants. Further deep in this chapter, you will be able to review Asia Pacific Refrigerants Market Split by various segments and Country Split.
Chapter 4 Asia Pacific Market Analysis
This chapter will help you gain South America Market Analysis of Refrigerants. Further deep in this chapter, you will be able to review South America Refrigerants Market Split by various segments and Country Split.
Chapter 5 South America Market Analysis
This chapter will help you gain Middle East and Africa Market Analysis of Refrigerants. Further deep in this chapter, you will be able to review Middle East and Africa Refrigerants Market Split by various segments and Country Split.
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
This chapter provides an in-depth analysis of the market share among key competitors of Refrigerants. The analysis highlights each competitor's position in the market, growth trends, and financial performance, offering insights into competitive dynamics, and emerging players.
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
This chapter would comprehensively cover market drivers, trends, restraints, opportunities, and various in-depth analyses like industrial chain, PESTEL, Porter’s Five Forces, and ESG, among others. It would also include product life cycle, technological advancements, and patent insights.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Outlook: Analysis 2019 -2031, will provide market size split by Type Outlook:. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Outlook: Analysis 2021 - 2033
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Outlook: Analysis 2021 - 2033
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Refrigerants market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why HFC have a significant impact on Refrigerants market? |
What are the key factors affecting the HFC and HFO of Refrigerants Market? |
What is the CAGR/Growth Rate of Refrigeration System during the forecast period? |
By type, which segment accounted for largest share of the global Refrigerants Market? |
Which region is expected to dominate the global Refrigerants Market within the forecast period? |
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