Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane), Application (Refrigeration System, Air Conditioning System, Chillers, MAC) and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2027

Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane), Application (Refrigeration System, Air Conditioning System, Chillers, MAC) and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 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.

Research Coverage

This report segments the market for refrigerants market on the basis of type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for refrigerants market.

Key benefits of buying this report

This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the refrigerants market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on refrigerants market offered by top players in the global refrigerants market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the refrigerants market

Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for refrigerants market across regions

Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global refrigerants market

Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the refrigerants market

Impact of COVID-19 on refrigerants market