Global Refrigerant Market Overview

The market was valued at USD 21.5 billion in 2020. The refrigerant market is estimated to grow at a compound annual growth rate CAGR of about 7% over the current forecast period (2021-2028). A refrigerant is referred to a heat carrier that changes phase from gas to liquid and back to gas during the refrigeration cycle. In other words, it is a medium of heat transfer where it absorbs heat by evaporating at a low temperature and pressure and transfers it back upon condensation at a higher temperature and pressure. The global refrigerant market is expected to observe an impressive CAGR during the forecast period.

The report by Market Research Future (MRFR) has analyzed various factors that are impacting the functioning of the global refrigerant market over the assessment period  There are two types of refrigerants, i.e., natural refrigerants and synthetic refrigerants. While natural refrigerants have lower levels of GWP, they are highly flammable and toxic in nature. On the other hand, synthetic refrigerants have higher GWP but are non-flammable and non-toxic in nature. Owing to the rising awareness towards environment-friendly adoptions, synthetic refrigerants have been banned, or their use has been limited due to their high Ozone Depletion Potential (ODP).

Increasing disposable income and changing lifestyle of consumers across the globe are primary factors driving the global refrigerant market during the forecast period. Further, an upscaling transport sector is likely to lead to ascension in demand for refrigerants over the forecast period. Moreover, upcoming domestic and commercial projects are also leading to higher consumption of refrigerants, driving sizeable growth to the global refrigerants market. Also, growing industrialization across the globe is likely to fuel growth in the global refrigerants market.

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Key Players
Daikin Industries, Ltd.(Japan),The Chemours Company. (the U.S.),Honeywell International Inc. (U.S.),Arkema S.A. (France),Dongyue Group Co. Ltd (China),Asahi Glass Co., Ltd. (Japan),Sinochem Group (China),,Mexichem S.A.B. de C.V. (Mexico),The Linde Group (Germany),SRF Limited (India),DowDuPont Inc. (U.S.).

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Refrigerant Market    - Segments:

The global refrigerant market report by MRFR includes a detailed study of the different types and applications of refrigerants. Different kinds of refrigerants studied in the report include natural refrigerants and synthetic refrigerants. There are different types of natural refrigerants, including organic/hydrocarbons and inorganic refrigerants. Different types of hydrocarbons include propane, iso-butane, and n-butane. Inorganic refrigerant types include CO2, ammonia, and water. Different types of synthetic refrigerants/fluorocarbons are pure fluorocarbons and fluorocarbon blends. Pure fluorocarbons come in different types viz chlorofluorocarbons (CFCs), hydrofluorocarbons (HFCs), hydrochlorofluorocarbons, and hydrofluoric olefins (HFO).

Different applications of refrigerants, as analyzed in the Market Research Future (MRFR) report include air conditioners, refrigerators, and chillers/heat pumps. Different types of refrigerators include domestic freezers, commercial refrigerators, transport refrigerator, and industrial & supermarket refrigerator. Air conditioners (AC) have different types of split AC, centralized AC, window AC, hybrid AC, and portable AC. Air conditioners are anticipated to demand the highest level of refrigerants during the forecast period. This can be attributed to a higher demand of refrigerators owing to a rising disposable income, rapid technological advancements, an upscaling standard of living, and upcoming infrastructural projects on transport networks, as well as, commercial and residential projects in developing countries.

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Global Refrigerant Market   - Regional Analysis

The global refrigerant market has been studied for various regions such as Europe, North America, Latin America, Asia Pacific (APAC), and the Middle East & Africa (MEA). Among these, the APAC is expected to be the largest consumer of refrigerants in the global market. This can be owed to the high demand for refrigerators and air conditioners due to the rising disposable income and snowballing purchasing power of consumers. Further, rapid ingression of industrialization is expected to boost the demand for chiller/heat pumps over the review period.  The Middle East & Africa is likely to showcase a surge in demand over the assessment period. North America and Europe are anticipated to showcase steady growth, followed by Latin America.  

Industry Update

June 2019: The Chemours Company recently inaugurated the new Opteon production facility in Texas. The production facility is likely to triple the capacity of Opteon, a hydrofluoro olefin (HFO)-based refrigerant, which is used in millions of vehicles and thousands of retail stores across the globe.

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