Refrigerant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Refrigerant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global refrigerant market size reached US$ 18.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.6 Billion by 2028, exhibiting a growth rate (CAGR) of 9.76% during 2023-2028.

Refrigerants are chemical mixtures of fluids and gases that function as a cooling agent in refrigeration cycles and heat pumps. They are most commonly used in freezers and air conditioners across various sectors including residential, commercial and automotive. They work on the concept of phase transition that involves the transformation of liquid to gas at adjustable operating temperatures and vice versa. They can be used either as primary solutions in condensation, compression, evaporation and expansion or as secondary solutions to transport thermal energy from one medium to another.

The rapid growth of the consumer electronics sector and increasing demand for domestic air conditioning systems are among the key factors driving the global market. Growing energy demand along with the awareness regarding the adverse effects of refrigerants on the environment has led to the development of energy-efficient cooling systems in domestic and industrial sectors. This has led to a significant change in the composition of refrigerant gases. For instance, conventionally, chlorofluorocarbons (CFCs) were used as refrigerants but owing to their ozone depleting effects they are increasingly being replaced by sulfur dioxide ammonia and non-halogenated hydrocarbons that are considered more environment-friendly. In addition to this, the rising demand for air conditioning systems in automobiles is also driving the market further. Moreover, the increasing requirement of deep freezers and refrigerators from the cold chain market has augmented the demand for refrigerants in the food and beverage industry. Other factors influencing the market growth include rapid industrialization and infrastructural development along with the improved standards of living.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global refrigerant market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product type and application.

Breakup by Product Type:

Fluorocarbon
Inorganic
Hydrocarbon
Others

Breakup by Application:

Commercial
Industrial
Domestic
Others

Breakup by Region:

Europe
North America
Asia Pacific
Middle East and Africa
Latin America

Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Honeywell International Inc., Daikin Industries Ltd, Arkema S A, Dongyue Group, The Chemours Company, Orbia Advance Corporation S.A.B. de CV, Sinochem Group, Air Liquide, AGC Group, Linde Group, SRF Limited, Gujarat Fluorochemicals Limited, etc.

IMARC Group’s latest report provides a deep insight into the global refrigerant market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global refrigerant market in any manner.

Key Questions Answered in This Report
1. What was the size of the global refrigerant market in 2022?
2. What is the expected growth rate of the global refrigerant market during 2023-2028?
3. What are the key factors driving the global refrigerant market?
4. What has been the impact of COVID-19 on the global refrigerant market?
5. What is the breakup of the global refrigerant market based on the product type?
6. What are the key regions in the global refrigerant market?
7. Who are the key players/companies in the global refrigerant market?