Global Refrigerant Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Refrigerant Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A refrigerant is a substance or mixture, usually a fluid, used in a heat pump and refrigeration cycle. In most cycles it undergoes phase transitions from a liquid to a gas and back again. Many working fluids have been used for such purposes. Fluorocarbons, especially chlorofluorocarbons, became commonplace in the 20th century, but they are being phased out because of their ozone depletion effects. Other common refrigerants used in various applications are ammonia, sulfur dioxide, and non-halogenated hydrocarbons such as propane.

Market Overview:

The latest research study on the global Refrigerant market finds that the global Refrigerant market reached a value of USD 11573.27 million in 2022. It’s expected that the market will achieve USD 14794.61 million by 2028, exhibiting a CAGR of 4.18% during the forecast period.

Market Risk

Due to the continuous discharge of CFCs and other chemical wastes from all over the world, they enter the atmosphere, form chlorine, bromide ions, float around, and combine with oxygen ions. The oxygen ions in the atmosphere gradually decrease, causing the ozone layer to be destroyed. It will increase the amount of ultraviolet radiation reaching the earth by 5% to 10%, causing direct damage to humans, animals and plants. At the same time, CFCs, HCFCs and HFCs refrigerants are considered greenhouse gases.
The US Environmental Protection Agency (EPA) has introduced regulations to phase out certain HFCs refrigerants in many applications. Some regulations based on the SNAP policy have been formally implemented, and more regulations will be fully implemented in the next few years. Therefore, the US HVAC industry is continuing to study safety equipment using new refrigerants

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

Honeywell, Chemours, Linde, Zhejiang Juhua and Arkema are the five key players in the global Refrigerant market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Refrigerant market in the past 5 years.

Honeywell, Inc. designs, manufactures, and supplies home and building, industrial, and space and aviation control products. The company offers control products for heating, ventilation, humidification, and air conditioning equipment; security and fire alarm systems; home automation systems; lighting controls; building management systems; and home comfort consumer products.

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through three segments: Fluoroproducts, Chemical Solutions, and Titanium Technologies. The Fluoroproducts segment offers fluorochemicals, including refrigerants, industrial coolers, air conditionings, foam blowing agents, propellants, and fire suppression products under the Freon and Opteon brand names; and fluoropolymers, such as industrial resins, specialty products, and coatings under the Teflon, Viton, Krytox, and Nafion brands.

Segmentation Overview:

Among different product types, HFC segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Air Condition segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Refrigerant market covered in Chapter 3:

Mexichem
Chemours
Meilan Chemical
Sanmei
Dongyue Group
Sinochem Group
Zhejiang Juhua
Arkema
Linde
Honeywell
Daikin

In Chapter 4 and Chapter 14.2, on the basis of types, the Refrigerant market from 2018 to 2029 is primarily split into:

HCFC
HFC
HFO
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Refrigerant market from 2018 to 2029 covers:

Air Condition
Chillers
Refrigerator
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)