Refrigerant Market

Best Price Guarantee	Length	Publisher	Published Date	SKU
from $4,900	173 Pages	TechSci Research	October, 2023	TCSI18239820

Best Price Guarantee
Price	from $4,900
Length	173 Pages
Publisher	TechSci Research
Published Date	October, 2023
SKU	TCSI18239820

Refrigerant Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Fluorocarbons, Hydrocarbons, Inorganic Refrigerants, Others), By Application (Refrigeration System, Chillers, Air Conditioning Systems, Others), By Company, By Geography, Forecast & Opportunities, 2028

The Global Refrigerant Market was valued at USD 5.71 billion in 2022 and is projected to experience strong growth in the forecast period, with a Compound Annual Growth Rate (CAGR) of 5.33% through 2028 and is expected to reach at USD 7.65 billion by 2028. Refrigerants are fluid mixtures used in heat pump or refrigeration cycles to act as coolants. During the refrigeration cycle, they undergo a phase change from liquid to gas. They are chosen for their non-corrosive nature, high heat vaporization, moderate density in liquid form, and high density in gaseous form. Various chemicals, such as hydrochlorofluorocarbons (HCFCs), hydrofluorocarbons (HFCs), chlorofluorocarbons (CFCs), and other inorganic compounds, are utilized as refrigerants.

The demand for air conditioners has surged due to urbanization and improvements in lifestyle, thereby driving the growth of the refrigerant market. Technological advancements and the widespread use of freezing techniques in the food and transportation industries also contribute to this growth. The production of automobiles, which extensively use refrigerants in air conditioning systems, further boosts the demand for refrigerants. Moreover, the increasing production of electric vehicles plays a significant role in energy conservation and fuels the refrigerant market. The commercial sector has also witnessed substantial growth worldwide, with the proliferation of offices, shopping malls, and other infrastructure. These establishments are equipped with heating, ventilation, and air conditioning (HVAC) systems, making refrigerants a crucial component. Thus, the rapid expansion of the commercial sector drives the growth of the refrigerant market.

The rise in living standards and per capita income in India has led to changes in individual preferences. The country is experiencing significant development, accompanied by an increased purchase of health and wellness food products, including organic food that requires cold storage, such as peas, corn, and packaged frozen food items like dairy, baby food, and confectionery products. This trend further contributes to the growth of the refrigerant market. The increasing demand for packaged frozen food presents lucrative opportunities for market expansion.

Key Market Drivers

Growing Demand for Refrigerants in the Pharmaceutical Industry

The pharmaceutical industry relies heavily on refrigeration and cooling systems to maintain the quality and effectiveness of temperature-sensitive products. Refrigerants play a crucial role in meeting stringent regulatory guidelines and ensuring the integrity of vaccines, medications, biologics, and other pharmaceutical products. The distribution of vaccines, especially those requiring ultra-low temperatures, has gained prominence due to global vaccination efforts. The COVID-19 pandemic has highlighted the critical importance of refrigerants in maintaining the cold chain and preserving vaccine efficacy during transport and storage. Moreover, the pharmaceutical industry is witnessing a surge in the development and production of biologics and specialty drugs, which require precise temperature control throughout their lifecycle.

Growth in Technological Advancements

Technological advancements are optimizing cooling system designs and components, resulting in enhanced energy efficiency. Improved compressor technologies, advanced heat exchangers, and optimized system controls contribute to systems that deliver equivalent or superior cooling performance while consuming less energy. Intelligent sensors, real-time monitoring, and data analytics enable remote diagnostics, predictive maintenance, and system performance optimization. Cryogenic technologies and emerging applications such as magnetic refrigeration are advancing cooling technology. Innovative refrigerant blending techniques are generating solutions with improved properties and efficiency.

Key Market Challenges

Flammability and Safety Concerns

The transition to more environmentally friendly refrigerants introduces challenges related to flammability and safety. Many alternative refrigerants possess varying degrees of flammability, requiring adjustments to equipment, components, and system designs to ensure safe operation. Specialized training is required for technicians and operators handling systems with flammable refrigerants.

Transition to Low-GWP Alternatives

Transitioning to low-GWP refrigerants requires careful consideration of technical compatibility, availability, and training. Retrofitting or replacing systems with new refrigerants can be complex and costly, and skilled personnel are needed to manage these transitions.

Key Market Trends

Growing Demand for Natural Refrigerants

The demand for natural refrigerants is driven by their low or zero global warming potential (GWP) and environmental benefits. Natural refrigerants are gaining prominence as alternatives to high-GWP synthetic refrigerants due to regulatory changes and environmental concerns. They offer energy efficiency and improved system performance.

Segmental Insights

Type Insights

In 2022, the fluorocarbons segment dominated the refrigerant market, with halocarbons like HFCs and HCFCs being widely used in refrigeration and air conditioning systems.

Application Insights

The refrigeration system segment dominated the market in 2022, driven by the widespread use of refrigeration and cooling appliances in residential, commercial, and industrial settings.

Regional Insights

The Asia-Pacific region, particularly China and India, dominates the refrigerant market due to rapid urbanization, economic growth, and increased demand for refrigerants in various sectors.

Key Market Players

Honeywell International Inc.
Daikin Industries Ltd
Arkema S.A.
Dongyue Group
The Chemours Company
Mexichem SAB de CV
Sinochem Group
Linde Group
SRF Limited
Gujarat Fluorochemicals Limited

Report Scope:

In this report, the Global Refrigerant Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Refrigerant Market, By Type:
Fluorocarbons
Hydrocarbons
Inorganic Refrigerants
Others
Refrigerant Market, By Application:
Refrigeration System
Chillers
Air Conditioning Systems
Others
Global Refrigerant Market, By region:
North America
United States
Canada
Mexico
Asia-Pacific
China
India
South Korea
Australia
Japan
Europe
Germany
France
United Kingdom
Spain
Italy
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Refrigerant Market.

Available Customizations:

Global Refrigerant Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Please Note: Report will be updated with the latest data and delivered to you within 3-5 working days of order. Single User license will be delivered in PDF format without printing rights

1. Product Overview: 1.1. Market Definition; 1.2. Scope of the Market; 1.2.1. Markets Covered; 1.2.2. Years Considered for Study; 1.2.3. Key Market Segmentations
2. Research Methodology: 2.1. Objective of the Study; 2.2. Baseline Methodology; 2.3. Key Industry Partners; 2.4. Major Association and Secondary Sources; 2.5. Forecasting Methodology; 2.6. Data Triangulation & Validation; 2.7. Assumptions and Limitations
3. Executive Summary: 3.1. Overview of the Market; 3.2. Overview of Key Market Segmentations; 3.3. Overview of Key Market Players; 3.4. Overview of Key Regions/Countries; 3.5. Overview of Market Drivers, Challenges, Trends
4. Voice of Customer
5. Global Refrigerant Market Outlook: 5.1. Market Size & Forecast; 5.1.1. By Value & Volume; 5.2. Market Share & Forecast; 5.2.1. By Type (Fluorocarbons, Hydrocarbons, Inorganic Refrigerants, Others); 5.2.2. By Application (Refrigeration System, Chillers, Air Conditioning Systems, Others); 5.2.3. By Company (2022); 5.2.4. By Region; 5.3. Product Market Map
6. North America Refrigerant Market Outlook: 6.1. Market Size & Forecast; 6.1.1. By Value & Volume; 6.2. Market Share & Forecast; 6.2.1. By Type; 6.2.2. By Application; 6.2.3. By Country; 6.3. North America: Country Analysis; 6.3.1. United States Refrigerant Market Outlook; 6.3.1.1. Market Size & Forecast; 6.3.1.1.1. By Value & Volume; 6.3.1.2. Market Share & Forecast; 6.3.1.2.1. By Type; 6.3.1.2.2. By Application; 6.3.2. Mexico Refrigerant Market Outlook; 6.3.2.1. Market Size & Forecast; 6.3.2.1.1. By Value & Volume; 6.3.2.2. Market Share & Forecast; 6.3.2.2.1. By Type; 6.3.2.2.2. By Application; 6.3.3. Canada Refrigerant Market Outlook; 6.3.3.1. Market Size & Forecast; 6.3.3.1.1. By Value & Volume; 6.3.3.2. Market Share & Forecast; 6.3.3.2.1. By Type; 6.3.3.2.2. By Application
7. Europe Refrigerant Market Outlook: 7.1. Market Size & Forecast; 7.1.1. By Value & Volume; 7.2. Market Share & Forecast; 7.2.1. By Type; 7.2.2. By Application; 7.2.3. By Country; 7.3. Europe: Country Analysis; 7.3.1. France Refrigerant Market Outlook; 7.3.1.1. Market Size & Forecast; 7.3.1.1.1. By Value & Volume; 7.3.1.2. Market Share & Forecast; 7.3.1.2.1. By Type; 7.3.1.2.2. By Application; 7.3.2. Germany Refrigerant Market Outlook; 7.3.2.1. Market Size & Forecast; 7.3.2.1.1. By Value & Volume; 7.3.2.2. Market Share & Forecast; 7.3.2.2.1. By Type; 7.3.2.2.2. By Application; 7.3.3. United Kingdom Refrigerant Market Outlook; 7.3.3.1. Market Size & Forecast; 7.3.3.1.1. By Value & Volume; 7.3.3.2. Market Share & Forecast; 7.3.3.2.1. By Type; 7.3.3.2.2. By Application; 7.3.4. Italy Refrigerant Market Outlook; 7.3.4.1. Market Size & Forecast; 7.3.4.1.1. By Value & Volume; 7.3.4.2. Market Share & Forecast; 7.3.4.2.1. By Type; 7.3.4.2.2. By Application; 7.3.5. Spain Refrigerant Market Outlook; 7.3.5.1. Market Size & Forecast; 7.3.5.1.1. By Value & Volume; 7.3.5.2. Market Share & Forecast; 7.3.5.2.1. By Type; 7.3.5.2.2. By Application
8. Asia-Pacific Refrigerant Market Outlook: 8.1. Market Size & Forecast; 8.1.1. By Value & Volume; 8.2. Market Share & Forecast; 8.2.1. By Type; 8.2.2. By Application; 8.2.3. By Country; 8.3. Asia-Pacific: Country Analysis; 8.3.1. China Refrigerant Market Outlook; 8.3.1.1. Market Size & Forecast; 8.3.1.1.1. By Value & Volume; 8.3.1.2. Market Share & Forecast; 8.3.1.2.1. By Type; 8.3.1.2.2. By Application; 8.3.2. India Refrigerant Market Outlook; 8.3.2.1. Market Size & Forecast; 8.3.2.1.1. By Value & Volume; 8.3.2.2. Market Share & Forecast; 8.3.2.2.1. By Type; 8.3.2.2.2. By Application; 8.3.3. South Korea Refrigerant Market Outlook; 8.3.3.1. Market Size & Forecast; 8.3.3.1.1. By Value & Volume; 8.3.3.2. Market Share & Forecast; 8.3.3.2.1. By Type; 8.3.3.2.2. By Application; 8.3.4. Japan Refrigerant Market Outlook; 8.3.4.1. Market Size & Forecast; 8.3.4.1.1. By Value & Volume; 8.3.4.2. Market Share & Forecast; 8.3.4.2.1. By Type; 8.3.4.2.2. By Application; 8.3.5. Australia Refrigerant Market Outlook; 8.3.5.1. Market Size & Forecast; 8.3.5.1.1. By Value & Volume; 8.3.5.2. Market Share & Forecast; 8.3.5.2.1. By Type; 8.3.5.2.2. By Application
9. South America Refrigerant Market Outlook: 9.1. Market Size & Forecast; 9.1.1. By Value & Volume; 9.2. Market Share & Forecast; 9.2.1. By Type; 9.2.2. By Application; 9.2.3. By Country; 9.3. South America: Country Analysis; 9.3.1. Brazil Refrigerant Market Outlook; 9.3.1.1. Market Size & Forecast; 9.3.1.1.1. By Value & Volume; 9.3.1.2. Market Share & Forecast; 9.3.1.2.1. By Type; 9.3.1.2.2. By Application; 9.3.2. Argentina Refrigerant Market Outlook; 9.3.2.1. Market Size & Forecast; 9.3.2.1.1. By Value & Volume; 9.3.2.2. Market Share & Forecast; 9.3.2.2.1. By Type; 9.3.2.2.2. By Application; 9.3.3. Colombia Refrigerant Market Outlook; 9.3.3.1. Market Size & Forecast; 9.3.3.1.1. By Value & Volume; 9.3.3.2. Market Share & Forecast; 9.3.3.2.1. By Type; 9.3.3.2.2. By Application
10. Middle East and Africa Refrigerant Market Outlook: 10.1. Market Size & Forecast; 10.1.1. By Value & Volume; 10.2. Market Share & Forecast; 10.2.1. By Type; 10.2.2. By Application; 10.2.3. By Country; 10.3. MEA: Country Analysis; 10.3.1. South Africa Refrigerant Market Outlook; 10.3.1.1. Market Size & Forecast; 10.3.1.1.1. By Value & Volume; 10.3.1.2. Market Share & Forecast; 10.3.1.2.1. By Type; 10.3.1.2.2. By Application; 10.3.2. Saudi Arabia Refrigerant Market Outlook; 10.3.2.1. Market Size & Forecast; 10.3.2.1.1. By Value & Volume; 10.3.2.2. Market Share & Forecast; 10.3.2.2.1. By Type; 10.3.2.2.2. By Application; 10.3.3. UAE Refrigerant Market Outlook; 10.3.3.1. Market Size & Forecast; 10.3.3.1.1. By Value & Volume; 10.3.3.2. Market Share & Forecast; 10.3.3.2.1. By Type; 10.3.3.2.2. By Application
11. Market Dynamics: 11.1. Drivers; 11.2. Challenges
12. Market Trends & Developments: 12.1. Recent Developments; 12.2. Product Launches; 12.3. Mergers & Acquisitions
13. PESTLE Analysis
14. Porter’s Five Forces Analysis: 14.1. Competition in the Industry; 14.2. Potential of New Entrants; 14.3. Power of Suppliers; 14.4. Power of Customers; 14.5. Threat of Substitute Product
15. Competitive Landscape: 15.1. Business Overview; 15.2. Company Snapshot; 15.3. Products & Services; 15.4. Financials (In case of listed companies); 15.5. Recent Developments; 15.6. SWOT Analysis; 15.6.1. Honeywell International Inc.; 15.6.2. Daikin Industries Ltd; 15.6.3. Arkema S.A.; 15.6.4. Dongyue Group; 15.6.5. The Chemours Company; 15.6.6. Mexichem SAB de CV; 15.6.7. Sinochem Group; 15.6.8. Linde Group; 15.6.9. SRF Limited; 15.6.10. Gujarat Fluorochemicals Limited
16. Strategic Recommendations