Refrigerant Market Size, Share, Opportunities, And Trends By Type (Fluorocarbons, Hydrochlorofluorocarbons (HCFC), Hydrofluorocarbons (HFC), Inorganics, Ammonia, Carbon Dioxide, Other Inorganics), Hydrocarbons (Isobutane, Propane, Other Hydrocarbons), Other Types), By Application (Refrigeration (Domestic, Commercial, Transportation, Industrial), Air-conditioning, (Stationary, Chiller, Mobile), Other Applications), And By Geography - Forecasts From 2025 To 2030

Refrigerant Market Size:

The refrigerant market is expected to grow at a CAGR of 4.64%, reaching a market size of US$11.363 billion in 2030 from US$9.057 billion in 2025.

The refrigerant market is a very vital portion of the global economy, primarily concentrated on substances used in refrigeration and air conditioning systems. Refrigerants work by taking in the heat at low temperatures and pressures and letting it out at higher temperatures and pressures. This thermodynamic cycle is basic to the functioning of refrigerators, air conditioners, chillers, and heat pumps. The types of refrigerants could further be segmented into hydrofluorocarbons (HFCs), hydrofluoroolefins, ammonia, and hydrocarbons such as propane and isobutane. Each type has specific properties that are set up for particular applications. For example, HFCs are extensively used because they are more efficient, while natural refrigerants are gaining wider uptake since they have a much reduced environmental impact.

Refrigerant Market Trends:

The main driver for this market’s expansion is the growing demand for refrigeration in food transportation and storage, particularly with the wider globalization of food supply chains. Refrigerants play a critical role in maintaining the integrity of perishable goods while in transit and storage in cold chain logistics. In fact, pharmaceuticals also heavily rely on refrigeration in the storage of very sensitive drugs, which must be subject to very strict temperature control. Disposable incomes and urbanization could also contribute to increasing the demand for residential air-conditioning.

It is driven by the commercial sector, too. There is an increased need for efficient HVAC systems in the increasing population and commercial buildings. Depending on each system's type, these systems employ numerous types of refrigerants for maintaining the comfort level indoors. The important note is the environmental benignity because the regulatory framework continues tightening around the high GWP substances. In response to this trend, manufacturers are being forced to innovate and resort to natural refrigerants that have minimal impacts on the environment.

Refrigerant Market Growth Drivers:

• Increasing Demand for Energy-Efficient Cooling Solutions

One major growth factor in the refrigerant market is the increased demand for energy-efficient cooling solutions. The rapid growth in global temperatures and increased urbanization make way for efficient refrigeration and air conditioning systems in all types of markets and industries.

This trend is more evident in developing economies, where rapid industrialization and elevated disposable incomes lead to higher consumer expenditures on cooling appliances. It involves perishables, such as food and pharmaceuticals; maintaining these items requires the refrigeration sector to preserve them. Therefore, efficient cooling solutions for supply chains end.

The environmental regulations that lean towards a strict approach to reducing greenhouse gas emissions are pushing forward the implementation of energy-efficient technologies. Natural refrigerants like hydrocarbons and ammonia are currently picking up steam because they cause zero or minimal environmental harm compared with the traditional HFC. This transition makes it easier to comply with regulatory standards and appeals to environment-conscious consumers and businesses seeking to improve their sustainability profiles.

The commercial sector also remains an important contributor to this trend, as firms are willing to invest in energy-efficient HVAC systems to lower their operational costs and achieve a higher rate of sustainability. Greater consumer awareness of the benefits of conserving energy also drives demand for advanced cooling technologies utilizing eco-friendly refrigerants. In such a scenario, research and development activities by manufacturers are mainly shifted towards innovation in new products or solutions that meet the trends, thus supporting them to maintain their superiority in an unrelenting market.

Refrigerant Market Segment Analysis:

• The Asia Pacific region will dominate the refrigerant market during the forecast period.

The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries.

Strong factors of rapid urbanization, a surging disposable income level, and high demand for air conditioning systems are driving the refrigerant market growth in the Asia-Pacific region. The main contributor to this growth is the strongly growing residential air conditioning market in India, estimated at around 10 million units in FY24 and expected to grow to 11.5 million units in the following year. This upsurge correlates with the growing demand for cooling solutions associated with rising temperatures and enhanced living standards.

The rising commercial sector has also contributed to the ever-growing demand for refrigerants, as air-conditioning units become ineluctable instruments in making offices, retail space, and hospitality venues friendly. With the world continually urbanizing, the demand for effective HVAC systems becomes a top priority, especially among densely populated cities where heat retention is a concern. China and India are heavily investing in infrastructure building, with a higher proportion of new commercial buildings requiring advanced refrigeration and air conditioning technologies. Only 8% of Indian households in 300 million households own air conditioners, with some having multiple units, thus making India the world’s fastest-growing AC market. Of the 170 million units sold globally last year, China made a total purchase of 90 million while India bought 12 million. Furthermore, the International Energy Agency (IEA), a Paris-based energy think tank, predicts a nine-fold rise in home air conditioner ownership in the country by 2050, outpacing growth in ownership of all other household appliances, including TVs, refrigerators, and washing machines.

Another important transformation witnessed in Asia-Pacific is the embrace of environment-friendly refrigerants. The high-GWP substances are being phased out, with governments setting regulations to force manufacturers to generate other sustainable alternatives. This strategy has been helpful in connection with the global efforts to fight climate change and curb carbon footprint. Rising consumer demand for cooling solutions, regulatory pressures for sustainability, and ongoing infrastructure investment throughout the Asia-Pacific region are likely to make the refrigerant market boom shortly. It thus emerges as a very important area of focus for industry stakeholders and investors alike.

• The refrigerant market by application is segmented into refrigeration, air conditioning, and others.

By Application, the refrigerants are sub-segments further segmented into domestic, commercial, transportation, and industrial. With the growing economies of Asia and Africa, the demand for refrigerants is also growing in the air-conditioning field, which is further segmented into stationary, chiller, and mobile.

Refrigerant Market Key Developments:

• In January 2023, the Chemours Company, which is regarded as a global chemistry company, began taking orders from North American customers for its Opteon™ XL41 (R-454B) hydrofluoroolefin (HFO) refrigerant.

Refrigerant Market Scope:

Report Metric	Details
Refrigerant Market Size in 2025	US$9.057 billion
Refrigerant Market Size in 2030	US$11.363 billion
Growth Rate	CAGR of 4.64%
Study Period	2020 to 2030
Historical Data	2020 to 2023
Base Year	2024
Forecast Period	2025 – 2030
Forecast Unit (Value)	USD Billion
Segmentation	Type Application Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in Refrigerant Market	Honeywell International Inc. Hudson Technologies Koura Global Navin Fluorine International Limited SRF Limited
Customization Scope	Free report customization with purchase

 

The refrigerant market is analyzed into the following segments:

• By Type
  • Fluorocarbons
    • Hydrochlorofluorocarbons (HCFC)
    • Hydrofluorocarbons (HFC)
  • Inorganics
    • Ammonia
    • Carbon Dioxide
    • Other Inorganics
  • Hydrocarbons
    • Isobutane
    • Propane
    • Other Hydrocarbons
  • Other Types
• By Application
  • Refrigeration
    • Domestic
    • Commercial
    • Transportation
    • Industrial
  • Air-conditioning
    • Stationary
    • Chiller
    • Mobile
  • Other Applications
• By Geography
  
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Rest of the Middle East and Africa
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. Expansion of the Global Cold Chain Market

4.1.2. Increasing Demand from the Construction Sector for HVAC Systems

4.2. Market Restraints

4.2.1. Stringent Environmental Regulations against Fluorocarbon Refrigerants

4.2.2. Continous Amendments in the Montreal Protocol

4.2.3. Threats from Substitutes

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. REFRIGERANT MARKET BY TYPE

5.1. Introduction

5.2. Fluorocarbons

5.2.1. Hydrochlorofluorocarbons (HCFC)

5.2.2. Hydrofluorocarbons (HFC)

5.3.  Inorganics

5.3.1. Ammonia

5.3.2. Carbon Dioxide

5.3.3. Other Inorganics

5.4. Hydrocarbons

5.4.1. Isobutane

5.4.2. Propane

5.4.3. Other Hydrocarbons

5.5. Other Types 

6. REFRIGERANT MARKET BY APPLICATION

6.1. Introduction

6.2. Refrigeration

6.2.1. Domestic

6.2.2. Commercial

6.2.3. Transportation

6.2.4. Industrial

6.3. Air-conditioning

6.3.1. Stationary

6.3.2. Chiller

6.3.3. Mobile

6.4. Other Applications 

7. REFRIGERANT MARKET BY GEOGRAPHY

7.1. Global Overview

7.2. North America

7.2.1. United States

7.2.2. Canada

7.2.3. Mexico

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Rest of South America

7.4. Europe

7.4.1. United Kingdom

7.4.2. Germany

7.4.3. France

7.4.4. Italy

7.4.5. Spain

7.4.6. Rest of Europe

7.5. Middle East and Africa

7.5.1. Saudi Arabia

7.5.2. United Arab Emirates

7.5.3. Rest of the Middle East and Africa

7.6. Asia-Pacific

7.6.1. China

7.6.2. India

7.6.3. Japan

7.6.4. South Korea

7.6.5. Taiwan

7.6.6. Thailand

7.6.7. Indonesia

7.6.8. Rest of Asia-Pacific

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. Arkema Group (Bostik SA)

9.2. DAIKIN INDUSTRIES Ltd

9.3. Dongyue Group

9.4. Harp International Ltd

9.5. Honeywell International Inc.

9.6. Hudson Technologies

9.7. Koura Global

9.8. Navin Fluorine International Limited

9.9. SRF Limited

Arkema Group (Bostik SA) 

DAIKIN INDUSTRIES Ltd 

Dongyue Group 

Harp International Ltd 

Honeywell International Inc. 

Hudson Technologies 

Koura Global 

Navin Fluorine International Limited 

SRF Limited