According to a new report published by Introspective Market Research, titled, Refrigerant Market by Type, Application, and End User, The Global Refrigerant Market Size Was Valued at USD 24.26 Billion in 2023 and is Projected to Reach USD 44.98 Billion by 2032, Growing at a CAGR of 7.10%. The global Refrigerant Market is witnessing significant growth driven by rising demand for cooling solutions across residential, commercial, and industrial sectors. Refrigerants, essential for air conditioning, refrigeration, and heat pump systems, are undergoing rapid transformation due to stringent environmental regulations and the shift toward low-global-warming-potential (GWP) alternatives.
Traditional refrigerants such as hydrofluorocarbons (HFCs) are being gradually replaced with eco-friendly options like hydrofluoroolefins (HFOs), natural refrigerants, and blends that meet global sustainability goals. Additionally, the rapid growth of urban infrastructure, increasing adoption of HVAC systems in emerging economies, and booming cold chain logistics are accelerating the adoption of advanced refrigerant technologies.
A key growth driver of the Refrigerant Market is the surging demand for HVAC systems across the globe. Rising temperatures, urbanization, and lifestyle improvements have accelerated the need for air conditioning in both developed and developing countries. Simultaneously, the expansion of the cold chain for food and pharmaceutical industries is boosting the consumption of refrigerants. With governments promoting energy-efficient and climate-friendly cooling technologies, the market is steadily transitioning toward sustainable refrigerant solutions, further driving growth.
A major opportunity for the refrigerant market lies in the adoption of next-generation, low-GWP refrigerants to comply with international environmental regulations such as the Kigali Amendment. Manufacturers are investing in developing innovative, eco-friendly refrigerant blends that deliver high performance while minimizing climate impact. Growing demand for green buildings, energy-efficient appliances, and electric vehicles with advanced cooling systems further opens avenues for refrigerant producers. This shift positions the industry to capture long-term growth opportunities while addressing environmental concerns.
Refrigerant Market, Segmentation
The Refrigerant Market is segmented on the basis of Type, Application, and End User.
Type
- The Type segment is further classified into HCFCs, HFCs, HFOs, Natural Refrigerants, and Others. Among these, the HFCs sub-segment accounted for the highest market share in 2024. Despite growing restrictions, HFCs continue to dominate due to their widespread use in existing HVAC and refrigeration systems. Their availability, efficiency, and compatibility with current infrastructure sustain demand, though their share is expected to gradually decline as HFOs and natural refrigerants gain momentum.
Application
- The Application segment is further classified into Refrigeration, Air Conditioning, Heat Pumps, and Others. Among these, the Air Conditioning sub-segment accounted for the highest market share in 2024. The surge in residential and commercial air conditioning demand, coupled with rising global temperatures and urban expansion, has strengthened this segment. Increasing investments in smart and energy-efficient cooling technologies further support its growth, making it the dominant application area for refrigerants.
Some of The Leading/Active Market Players Are-
- Honeywell International Inc. (United States)
- Daikin Industries, Ltd. (Japan)
- The Chemours Company (United States)
- Arkema S.A. (France)
- Linde plc (Ireland)
- Air Liquide S.A. (France)
- Sinochem Holdings Corporation (China)
- Gujarat Fluorochemicals Ltd. (India)
- SRF Limited (India)
- Mexichem S.A.B. de C.V. (Orbia) (Mexico)
- Asahi Glass Co., Ltd. (Japan)
- Navin Fluorine International Ltd. (India)
- A-Gas International (United Kingdom)
- Dongyue Group (China)
and other active players.
Key Industry Developments
In March 2024, Honeywell launched a new line of HFO-based refrigerants designed for commercial refrigeration systems.
This launch reflects Honeywell’s focus on providing sustainable and energy-efficient alternatives in response to tightening global climate regulations.
In July 2024, Daikin Industries announced plans to expand its HFO production capacity in Japan.
The expansion supports rising global demand for eco-friendly refrigerants and strengthens Daikin’s leadership in next-generation cooling solutions.
Key Findings of the Study
- HFCs held the largest share in 2024 but are gradually being replaced by eco-friendly alternatives.
- Air conditioning remained the dominant application segment.
- Asia-Pacific leads due to rapid urbanization and cold chain expansion.
- Growing demand for low-GWP refrigerants is reshaping the market.
- Regulations and sustainability initiatives are key growth enablers.
