Refrigerant Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Refrigerants Market
The refrigerants market size was valued at USD 24.20 billion in 2023, and the market is now projected to grow from USD 26.11 billion in 2024 to USD 47.98 billion by 2032, exhibiting a CAGR of 7.9% during the forecast period of 2024-2032.
The materials are widely applied in several business and production industries. The world-over, COVID-19 affected industrial activities through supply chain disruptions and delays due to lockdowns, restrictions on travel, and economic instability in many countries. It has been faced with effects like shortage of labor, raw material constraints, transportation problems, and unpredictability that has seen many production units pausing or shutting down, hence the slowdown of the refrigerants market growth.
The application of the concept of cold chain entails a requirement that medicines, food, and any other perishable goods have to be refrigerated all the time while in their life cycle. Refrigerated trailers, containers, and truck systems maintain these supplies’ freshness during transport and protect the products from the time of production to delivery. Nowadays there is a demand for frozen foods, pharma goods and new therapies which have provided the cold chain solution that has resulted in the demand for refrigerated transportation. Refrigerants are important in both household and industrial applications, these include; home ice boxes, air conditioning systems, cold storage, domestic deep freezes, and many more. Also, advancement in the construction industry has positively contributed to the commercial air conditioning market, thus, in turn, benefiting the refrigerants market demand. As more consumers demand environmentally friendly products there has been a rise in many manufacturers who come up with sustainable products and workable solutions. These and many others help to extend the refrigerants market share in the total stock of the equipment.
In the recent past, the effects of the traditional usages of refrigerants have emerged as a major concern since they have been realized to have negative impacts on the environment such as impairing the quality of the ozone layer and exacerbating global warming since they contain fluids that deplete the said layer. Thus, natural refrigerants are synthesized naturally in chemical and biological cycles within the natural environment and not by human beings. Transferring from artificial refrigerants is easier since it will help minimize deleterious impacts such as those from the release of greenhouse gases and at the same time foster the sustainable development of the environment.
Comprehensive Analysis of Refrigerants Market
The use of grain-oriented electrical steel covering fluorocarbons, hydrocarbons, and inorganic refrigerants is explained for both their qualities and applications. Concerning the applications, the analysis also covers air conditioning, refrigeration, and some other fields; it also emphasizes the universality of the material. Moreover, a market analysis with the industrial, commercial, and domestic sectors is done to define the demand and application needs of grain-oriented electrical steel.
Looking at the geographical segment, it is expected that North America will occupy the largest market share in the forthcoming years up to USD 7.4 billion in 2023. Higher disposable income in the economy will help the growth of the market as a result of increased application of air conditioning in domestic and industrial areas. The automotive and transportation industry is anticipated to increase the demand for the market in the region in the future.
Air Liquide Advanced Technologies (France), Linde plc (Ireland), A-Gas (England), The Chemours Company (U.S.), Tazzetti S.p.A. (Piedmont), AGC Inc. (Japan), DuPont (U.S.), Honeywell International Inc. (U.S.), Arkema (France), and DAIKIN INDUSTRIES, Ltd.s (Japan) are some major players in this industry. These groups of companies who are leaders within the discipline offer a stage playing field for all their competitors as they guarantee increase and set requirements for the arena.
In February 2023, Linde, a worldwide multinational chemical company, declared that it invested USD 1.8 billion and signed a settlement to provide clean hydrogen and different business gases to OCI's new global-scale blue ammonia facility in Beaumont, Texas.
Segmentation Table
Global Refrigerants Market Scope
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 7.9% from 2024 to 2032
Unit Value (USD Billion), Volume (Kiloton)
By Type
Fluorocarbons
Hydrocarbons
Inorganic Refrigerants
By Application
Air Conditioning
Refrigeration
Others
By End-Use Industry Industrial
Commercial
Domestic
By Region North America (By Type; By Application; By End-Use Industry; By Country)
- U.S. (By End-Use Industry)
- Canada (By End-Use Industry)
Europe (By Type; By Application; By End-Use Industry; By Country)
- Germany (By End-Use Industry)
- U.K. (By End-Use Industry)
- France (By End-Use Industry)
- Italy (By End-Use Industry)
- Rest of Europe (By End-Use Industry)
Asia Pacific (By Type; By Application; By End-Use Industry; By Country)
- China (By End-Use Industry)
- Japan (By End-Use Industry)
- India (By End-Use Industry)
- ASEAN (By End-Use Industry)
- Rest of Asia Pacific (By End-Use Industry)
Latin America (By Type; By Application; By End-Use Industry; By Country)
- Brazil (By End-Use Industry)
- Mexico (By End-Use Industry)
- Rest of Latin America (By End-Use Industry)
Middle East & Africa (By Type; By Application; By End-Use Industry; By Country)
- Saudi Arabia (By End-Use Industry)
- South Africa (By End-Use Industry)
- Rest of Middle East & Africa (By End-Use Industry)
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of COVID-19
- 3.3.1. Short-term Impact
- 3.3.2. Long-term Impact
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Food Processing and Handling Equipment Market Key Players Market Share Insights and Analysis, 2022
- 4.4. Business Performance Dashboard of Key Players
- 5. Global Food Processing and Handling Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 5.1. Key Findings
- 5.2. By Equipment Type (USD)
- 5.2.1. Processing Equipment
- 5.2.1.1. Pre-processing Equipment
- 5.2.1.2. Processing Equipment
- 5.2.2. Packaging Equipment
- 5.2.2.1. Filling
- 5.2.2.2. Bottling
- 5.2.2.3. Case Cartooning
- 5.2.2.4. Labelling
- 5.2.2.5. Palletizing
- 5.2.3. Service Equipment
- 5.2.3.1. Cooking & Preparation Equipment
- 5.2.3.2. Refrigeration Equipment
- 5.2.3.3. Ware washing Equipment
- 5.2.3.4. Storage & Handling Equipment
- 5.2.3.5. Others (Serving Equipment, etc.)
- 5.3. By Application (USD)
- 5.3.1. Bakery & Confectionery Products
- 5.3.2. Meat & Poultry Products
- 5.3.3. Dairy Products
- 5.3.4. Beverages
- 5.3.5. Others (Grain, Fruit, and Nut & Vegetable)
- 5.4. By Region (USD)
- 5.4.1. North America
- 5.4.2. Latin America
- 5.4.3. Europe
- 5.4.4. Middle East & Africa
- 5.4.5. Asia Pacific
- 6. North America Food Processing and Handling Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 6.1. Key Findings
- 6.2. By Equipment Type (USD)
- 6.2.1. Processing Equipment
- 6.2.1.1. Pre-processing Equipment
- 6.2.1.2. Processing Equipment
- 6.2.2. Packaging Equipment
- 6.2.2.1. Filling
- 6.2.2.2. Bottling
- 6.2.2.3. Case Cartooning
- 6.2.2.4. Labelling
- 6.2.2.5. Palletizing
- 6.2.3. Service Equipment
- 6.2.3.1. Cooking & Preparation Equipment
- 6.2.3.2. Refrigeration Equipment
- 6.2.3.3. Ware washing Equipment
- 6.2.3.4. Storage & Handling Equipment
- 6.2.3.5. Others (Serving Equipment, etc.)
- 6.3. By Application (USD)
- 6.3.1. Bakery & Confectionery Products
- 6.3.2. Meat & Poultry Products
- 6.3.3. Dairy Products
- 6.3.4. Beverages
- 6.3.5. Others (Grain, Fruit, and Nut & Vegetable)
- 6.4. By Country (USD)
- 6.4.1. United States
- 6.4.1.1. By Application (USD)
- 6.4.1.1.1. Bakery & Confectionery Products
- 6.4.1.1.2. Meat & Poultry Products
- 6.4.1.1.3. Dairy Products
- 6.4.1.1.4. Beverages
- 6.4.1.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 6.4.2. Canada
- 6.4.2.1. By Application (USD)
- 6.4.2.1.1. Bakery & Confectionery Products
- 6.4.2.1.2. Meat & Poultry Products
- 6.4.2.1.3. Dairy Products
- 6.4.2.1.4. Beverages
- 6.4.2.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 7. Latin America Food Processing and Handling Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 7.1. Key Findings
- 7.2. By Equipment Type (USD)
- 7.2.1. Processing Equipment
- 7.2.1.1. Pre-processing Equipment
- 7.2.1.2. Processing Equipment
- 7.2.2. Packaging Equipment
- 7.2.2.1. Filling
- 7.2.2.2. Bottling
- 7.2.2.3. Case Cartooning
- 7.2.2.4. Labelling
- 7.2.2.5. Palletizing
- 7.2.3. Service Equipment
- 7.2.3.1. Cooking & Preparation Equipment
- 7.2.3.2. Refrigeration Equipment
- 7.2.3.3. Ware washing Equipment
- 7.2.3.4. Storage & Handling Equipment
- 7.2.3.5. Others (Serving Equipment, etc.)
- 7.3. By Application (USD)
- 7.3.1. Bakery & Confectionery Products
- 7.3.2. Meat & Poultry Products
- 7.3.3. Dairy Products
- 7.3.4. Beverages
- 7.3.5. Others (Grain, Fruit, and Nut & Vegetable)
- 7.4. By Country (USD)
- 7.4.1. Brazil
- 7.4.1.1. By Application (USD)
- 7.4.1.1.1. Bakery & Confectionery Products
- 7.4.1.1.2. Meat & Poultry Products
- 7.4.1.1.3. Dairy Products
- 7.4.1.1.4. Beverages
- 7.4.1.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 7.4.2. Mexico
- 7.4.2.1. By Application (USD)
- 7.4.2.1.1. Bakery & Confectionery Products
- 7.4.2.1.2. Meat & Poultry Products
- 7.4.2.1.3. Dairy Products
- 7.4.2.1.4. Beverages
- 7.4.2.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 7.4.3. Rest of Latin America
- 8. Europe Food Processing and Handling Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 8.1. Key Findings
- 8.2. By Equipment Type (USD)
- 8.2.1. Processing Equipment
- 8.2.1.1. Pre-processing Equipment
- 8.2.1.2. Processing Equipment
- 8.2.2. Packaging Equipment
- 8.2.2.1. Filling
- 8.2.2.2. Bottling
- 8.2.2.3. Case Cartooning
- 8.2.2.4. Labelling
- 8.2.2.5. Palletizing
- 8.2.3. Service Equipment
- 8.2.3.1. Cooking & Preparation Equipment
- 8.2.3.2. Refrigeration Equipment
- 8.2.3.3. Ware washing Equipment
- 8.2.3.4. Storage & Handling Equipment
- 8.2.3.5. Others (Serving Equipment, etc.)
- 8.3. By Application (USD)
- 8.3.1. Bakery & Confectionery Products
- 8.3.2. Meat & Poultry Products
- 8.3.3. Dairy Products
- 8.3.4. Beverages
- 8.3.5. Others (Grain, Fruit, and Nut & Vegetable)
- 8.4. By Country (USD)
- 8.4.1. UK
- 8.4.1.1. By Application (USD)
- 8.4.1.1.1. Bakery & Confectionery Products
- 8.4.1.1.2. Meat & Poultry Products
- 8.4.1.1.3. Dairy Products
- 8.4.1.1.4. Beverages
- 8.4.1.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 8.4.2. Germany
- 8.4.2.1. By Application (USD)
- 8.4.2.1.1. Bakery & Confectionery Products
- 8.4.2.1.2. Meat & Poultry Products
- 8.4.2.1.3. Dairy Products
- 8.4.2.1.4. Beverages
- 8.4.2.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 8.4.3. France
- 8.4.3.1. By Application (USD)
- 8.4.3.1.1. Bakery & Confectionery Products
- 8.4.3.1.2. Meat & Poultry Products
- 8.4.3.1.3. Dairy Products
- 8.4.3.1.4. Beverages
- 8.4.3.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 8.4.4. Italy
- 8.4.4.1. By Application (USD)
- 8.4.4.1.1. Bakery & Confectionery Products
- 8.4.4.1.2. Meat & Poultry Products
- 8.4.4.1.3. Dairy Products
- 8.4.4.1.4. Beverages
- 8.4.4.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 8.4.5. Rest of Europe
- 9. Asia Pacific Food Processing and Handling Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 9.1. Key Findings
- 9.2. By Equipment Type (USD)
- 9.2.1. Processing Equipment
- 9.2.1.1. Pre-processing Equipment
- 9.2.1.2. Processing Equipment
- 9.2.2. Packaging Equipment
- 9.2.2.1. Filling
- 9.2.2.2. Bottling
- 9.2.2.3. Case Cartooning
- 9.2.2.4. Labelling
- 9.2.2.5. Palletizing
- 9.2.3. Service Equipment
- 9.2.3.1. Cooking & Preparation Equipment
- 9.2.3.2. Refrigeration Equipment
- 9.2.3.3. Ware washing Equipment
- 9.2.3.4. Storage & Handling Equipment
- 9.2.3.5. Others (Serving Equipment, etc.)
- 9.3. By Application (USD)
- 9.3.1. Bakery & Confectionery Products
- 9.3.2. Meat & Poultry Products
- 9.3.3. Dairy Products
- 9.3.4. Beverages
- 9.3.5. Others (Grain, Fruit, and Nut & Vegetable)
- 9.4. By Country (USD)
- 9.4.1. Japan
- 9.4.1.1. By Application (USD)
- 9.4.1.1.1. Bakery & Confectionery Products
- 9.4.1.1.2. Meat & Poultry Products
- 9.4.1.1.3. Dairy Products
- 9.4.1.1.4. Beverages
- 9.4.1.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 9.4.2. China
- 9.4.2.1. By Application (USD)
- 9.4.2.1.1. Bakery & Confectionery Products
- 9.4.2.1.2. Meat & Poultry Products
- 9.4.2.1.3. Dairy Products
- 9.4.2.1.4. Beverages
- 9.4.2.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 9.4.3. India
- 9.4.3.1. By Application (USD)
- 9.4.3.1.1. Bakery & Confectionery Products
- 9.4.3.1.2. Meat & Poultry Products
- 9.4.3.1.3. Dairy Products
- 9.4.3.1.4. Beverages
- 9.4.3.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 9.4.4. Rest of Asia Pacific
- 10. Middle East & Africa Food Processing and Handling Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
- 10.1. Key Findings
- 10.2. By Equipment Type (USD)
- 10.2.1. Processing Equipment
- 10.2.1.1. Pre-processing Equipment
- 10.2.1.2. Processing Equipment
- 10.2.2. Packaging Equipment
- 10.2.2.1. Filling
- 10.2.2.2. Bottling
- 10.2.2.3. Case Cartooning
- 10.2.2.4. Labelling
- 10.2.2.5. Palletizing
- 10.2.3. Service Equipment
- 10.2.3.1. Cooking & Preparation Equipment
- 10.2.3.2. Refrigeration Equipment
- 10.2.3.3. Ware washing Equipment
- 10.2.3.4. Storage & Handling Equipment
- 10.2.3.5. Others (Serving Equipment, etc.)
- 10.3. By Application (USD)
- 10.3.1. Bakery & Confectionery Products
- 10.3.2. Meat & Poultry Products
- 10.3.3. Dairy Products
- 10.3.4. Beverages
- 10.3.5. Others (Grain, Fruit, and Nut & Vegetable)
- 10.4. By Country (USD)
- 10.4.1. South Africa
- 10.4.1.1.
- 10.4.1.1.1. By Application (USD)
- 10.4.1.1.2. Bakery & Confectionery Products
- 10.4.1.1.3. Meat & Poultry Products
- 10.4.1.1.4. Dairy Products
- 10.4.1.1.5. Beverages
- 10.4.1.1.6. Others (Grain, Fruit, and Nut & Vegetable)
- 10.4.2. GCC Countries
- 10.4.2.1. By Application (USD)
- 10.4.2.1.1. Bakery & Confectionery Products
- 10.4.2.1.2. Meat & Poultry Products
- 10.4.2.1.3. Dairy Products
- 10.4.2.1.4. Beverages
- 10.4.2.1.5. Others (Grain, Fruit, and Nut & Vegetable)
- 10.4.3. Rest of MEA
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Buhler Ag (Switzerland)
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. JBT (U.S.)
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. I.M.A. INDUSTRIA MACCHINE AUTOMATICHE S.p.A. (Italy)
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Tetra Pak International S.A. (Tetra Laval) (Switzerland)
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. The Middleby Corporation (U.S.)
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Welbilt (U.S.)
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Krones AG (Germany)
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. GEA Group Aktiengesellschaft (Germany)
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. ALFA LAVAL (Sweden)
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Dover Corporation (U.S.)
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Development
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