“According to a new report published by Introspective Market Research, titled, Refrigerants Market by Type, Application, and End-Use Industry, The Global Refrigerants Market Size Was Valued at USD 26.11 Billion in 2024 and is Projected to Reach USD 60.26 Billion by 2035, Growing at a CAGR of 7.9% From 2025–2035.”
The refrigerants market plays a critical role in enabling cooling, refrigeration, and air-conditioning systems across residential, commercial, and industrial sectors. Refrigerants are specialized chemical compounds used in refrigeration cycles to absorb and release heat, ensuring efficient temperature control in appliances, HVAC systems, cold storage, and industrial cooling equipment. Compared to traditional cooling agents, modern refrigerants offer enhanced energy efficiency, improved safety profiles, and reduced environmental impact when aligned with regulatory standards.
Increasing urbanization, rising global temperatures, and the expansion of cold chain infrastructure are driving demand for advanced refrigerant solutions. The market has also witnessed a shift toward low-global-warming-potential (GWP) and environmentally friendly refrigerants, including natural and next-generation synthetic alternatives, as industries respond to stringent environmental regulations and sustainability goals worldwide.
Furthermore, rapid growth in food processing, pharmaceuticals, data centers, and automotive air-conditioning systems has significantly boosted refrigerant consumption. Continuous technological advancements and regulatory-driven innovation are reshaping the competitive landscape, positioning refrigerants as a vital component in modern climate-control and preservation technologies.
Market Segmentation
The Refrigerants Market is segmented into Type, Application, and End-Use Industry. By Type, the market is categorized into Hydrofluorocarbons (HFCs), Hydrochlorofluorocarbons (HCFCs), Hydrocarbons, and Inorganic & Natural Refrigerants. By Application, the market is categorized into Air Conditioning, Refrigeration, and Heat Pumps. By End-Use Industry, the market is categorized into Residential, Commercial, Industrial, Automotive, and Others.
Growth Driver
One of the primary growth drivers of the refrigerants market is the rapid expansion of the global HVAC and refrigeration industry. Rising urban populations, increasing construction activities, and improving living standards have led to higher adoption of air conditioners and refrigeration systems, particularly in emerging economies. Additionally, climate change and rising average temperatures have intensified the need for efficient cooling solutions. This surge in demand directly translates into increased consumption of refrigerants across residential, commercial, and industrial applications, supporting steady market growth over the forecast period.
Market Opportunity
A major opportunity in the refrigerants market lies in the transition toward low-GWP and environmentally sustainable refrigerants. Stringent international regulations such as the Kigali Amendment to the Montreal Protocol are accelerating the phase-out of high-GWP refrigerants, creating strong demand for next-generation alternatives. Manufacturers investing in natural refrigerants, HFOs, and energy-efficient solutions can capitalize on this shift. Moreover, innovation in refrigerant recovery, recycling, and reclamation technologies presents additional growth avenues, particularly in developed markets focused on circular economy practices.
Detailed Segmentation
Refrigerants Market, Segmentation
The Refrigerants Market is segmented on the basis of Type, Application, and End-Use Industry.
Type
The Type segment is further classified into Hydrofluorocarbons (HFCs), Hydrochlorofluorocarbons (HCFCs), and Natural Refrigerants. Among these, the HFCs sub-segment accounted for the highest market share in 2024. HFCs are widely used due to their high cooling efficiency, chemical stability, and compatibility with existing refrigeration systems. Despite growing regulatory pressure, HFCs continue to dominate because of their extensive installed base in air-conditioning and commercial refrigeration applications, especially in developing economies.
Application
The Application segment is further classified into Air Conditioning, Refrigeration, and Heat Pumps. Among these, the Air Conditioning sub-segment accounted for the highest market share in 2024. The dominance of air conditioning is attributed to rising global temperatures, increasing disposable incomes, and rapid urban development. Demand from residential and commercial buildings, along with automotive air-conditioning systems, has significantly contributed to the strong position of this segment in the global market.
Some of The Leading/Active Market Players Are-
• Honeywell International Inc. (U.S.)
• The Chemours Company (U.S.)
• Daikin Industries Ltd. (Japan)
• Arkema S.A. (France)
• Linde plc (Ireland)
• Air Liquide S.A. (France)
• Dongyue Group (China)
• Sinochem Group (China)
• SRF Limited (India)
• AGC Inc. (Japan)
• Orbia (Mexico)
• Gujarat Fluorochemicals Ltd. (India)
• Navin Fluorine International Ltd. (India)
• Tazzetti S.p.A. (Italy)
• A-Gas Group (U.K.)
and other active players.
Key Industry Developments
In March 2024, a leading refrigerant manufacturer announced the expansion of its low-GWP refrigerant production facility to meet rising global demand.
The expansion aims to strengthen supply chains for environmentally friendly refrigerants and support industries transitioning away from high-GWP substances in compliance with international regulations.
In July 2024, a major HVAC company partnered with a chemical producer to develop next-generation refrigerants with improved energy efficiency.
This collaboration focuses on reducing carbon emissions from cooling systems while maintaining high performance, aligning with global sustainability and energy-efficiency goals.
Key Findings of the Study
• HFCs and air conditioning applications dominate the global refrigerants market
• Asia-Pacific leads the market due to rapid urbanization and industrial growth
• Regulatory-driven transition to low-GWP refrigerants is a key growth driver
• Rising HVAC demand and cold chain expansion remain major market trends
