Global Refrigerant Market, By Type; By Application-Estimation & Forecast, 2017-2030

Global Refrigerant Market Forecast till 2030: Market Value to Reach US$ 34.79 Bn, Growing at a CAGR of 7.30% from 2023-2030

The Global Refrigerant Market plays a pivotal role in the overall climate control scenario, with applications spanning various sectors. As of 2022, the market value stood at US$ 20.33 Bn and the market volume was 2,280.3 Kilo Tons. Based on current growth trends, the market value is projected to reach US$ 34.79 Bn by 2030, with a Value CAGR of 7.30%. The volume growth is expected at a CAGR of 7.99% during the same period.

Growth Influencers:

The key driver for the global refrigerant market's growth is the robust expansion of the Cold Chain Market, with increasing demand for temperature-controlled storage and transportation facilities for food, medical products, and other perishable goods. Despite these promising growth prospects, certain challenges lie ahead. Strict regulations against the use of fluorocarbon refrigerants due to their potential environmental impacts pose a significant restraint. These regulations mandate the reduction of fluorocarbon use, urging industries to seek more eco-friendly alternatives.

Segment Overview:

The refrigerant market is segmented on the basis of type, Application, Sales Channel.

By Type

• HCFCs
• HFCs
• HFOs
• Isobutane
• Propane
• Ammonia
• Carbon Dioxide
• Others
• Air
• Water
• Propene
• Isopentane

The refrigerant market is varied, featuring several types such as HCFCs, HFCs, HFOs, Isobutane, Propane, and Ammonia, with Ammonia holding a growth opportunity of more than US$ 4,250 Mn for 2022-2030.

By Application

• Refrigeration
• Domestic
• Commercial
• Industrial
• Chillers
• Air conditioning systems
• Window
• Split Acs
• VRF
• Heat Pumps
• Others
• Packaged Terminal
• Packaged Rooftop

From the application perspective, Refrigeration holds more than 35% of the market share in 2022, signifying its dominant role in the market. Further, the Air conditioning systems segment is poised to cross the mark of US$ 8,600 Mn by 2028.

By Sales Channel

• Domestic Household Refrigeration
• Light Commercial Refrigeration
• Commercial Racks and Condensing Units
• Industrial Refrigeration

On the Sales Channel front, Commercial Racks and Condensing Units hold the largest market share, accounting for close to 40% in 2022.

Regional Overview:

Geographically, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America

• US
• Canada
• Mexico

Europe

• Western Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Russia
• Poland
• Rest of Eastern Europe

Asia Pacific

• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific

Middle East & Africa

• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

South America

• Brazil
• Argentina
• Rest of South America

North America held the largest market share of more than 35% in 2022, projected to expand at the fastest CAGR of over 7.5%.

Competitive Landscape:

The market shows a concentrated competitive landscape with major players such as Asahi Glass Corporation, Daikin Industries Ltd., and Honeywell International, Inc. spearheading the market. These players, along with seven others, constitute about 70% of the market. An example of their strategic initiatives is Honeywell International's partnership with Trane Technologies in June 2021 to accelerate the transition to a next-generation, environmentally preferable refrigerant.

Report Insight:

• Comprehensive market analysis, focusing on key growth influencers
• Detailed segmentation overview with significant data points
• In-depth regional overview considering market share and growth rate
• Extensive profiling of major market players and their strategies

Questions to be Answered:

• What are the growth prospects of the global refrigerant market from 2023-2030?
• What are the key market segments and their characteristics?
• How does the regulatory landscape influence the market?
• Who are the major players in the market and what strategic initiatives do they undertake?