This report describes and explains the refrigerants market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global refrigerants market reached a value of nearly $23.1 billion in 2022, having increased at a compound annual growth rate (CAGR) of 5.5% since 2017. The market is expected to grow from $23.1 billion in 2022 to $35.3 billion in 2027 at a rate of 8.9%. The market is then expected to grow at a CAGR of 10.0% from 2027 and reach $56.8 billion in 2032.
Growth in the historic period resulted from strong economic growth in emerging markets, supportive government initiatives, and increased demand for air conditioners. Factors that negatively affected growth in the historic period were rising producer price inflation and stringent environmental regulations against fluorocarbon refrigerants.
Going forward, the phasing out of ozone-depleting substances, rising urbanization, rising global temperatures, and the rising demand for electric vehicles will drive the market. Factors that could hinder the growth of the refrigerants market in the future include economic instability in some advanced countries.
The refrigerants market is segmented by type into halocarbons, inorganic, hydrocarbons, and other types. The halocarbons market was the largest segment of the refrigerants market by type, accounting for 47.7% of the total market in 2022. The inorganic market is expected to be the fastest-growing segment going forward at a CAGR of 13.1%.
The refrigerants market is segmented by application into air conditioning, refrigeration, and other applications. The air conditioning market was the largest segment of the refrigerants market by application, accounting for 51.5% of the total market in 2022. The air conditioning market is expected to be the fastest-growing segment going forward at a CAGR of 9.2%.
Asia Pacific was the largest region in the refrigerants market, accounting for 40.9% of the global market in 2022. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the refrigerants market will be Asia Pacific and South America, where growth will be at CAGRs of 10.5% and 8.6% respectively from 2022-2027.
The refrigerants market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 20.40% of the total market in 2022. The Chemours Company was the largest competitor with 5.86% share of the market, followed by The Linde Group with 3.14%, Dongyue Group with 2.86%, Honeywell International Inc with 2.33%, Arkema S A with 1.57%, Orbia with 1.04%, SRF Limited with 0.94%, Asahi Glass Co, Inc (AGC) with 0.93%, Gujarat Fluorochemicals Ltd. with 0.90%, and Daikin Industries Ltd with 0.83%.
The top opportunities in the refrigerants market by type will arise in hydrocarbons market, which will gain $6.6 billion of global annual sales by 2027. The top opportunities in the refrigerants market by application will arise in the air conditioning market, which will gain $6.6 billion of global annual sales by 2027. The refrigerants market size will gain the most in the USA at $3.4 billion.
Market-trend-based strategies for the refrigerants market include focus on shifting towards low global warming potential (GWP) refrigerants, increasing investments, partnerships and collaborations, and focus on natural refrigerants.
Player-adopted strategies in the refrigerants industry include strengthening operational capabilities and enhancing business operations through new product launches.
To take advantage of the opportunities, the recommends the refrigerants companies to focus on increasing investments in production capacities, focus on transition to low-GWP refrigerants, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events, continue to target fast-growing applications, and focus on urban population.
The global refrigerants market reached a value of nearly $23.1 billion in 2022, having increased at a compound annual growth rate (CAGR) of 5.5% since 2017. The market is expected to grow from $23.1 billion in 2022 to $35.3 billion in 2027 at a rate of 8.9%. The market is then expected to grow at a CAGR of 10.0% from 2027 and reach $56.8 billion in 2032.
Growth in the historic period resulted from strong economic growth in emerging markets, supportive government initiatives, and increased demand for air conditioners. Factors that negatively affected growth in the historic period were rising producer price inflation and stringent environmental regulations against fluorocarbon refrigerants.
Going forward, the phasing out of ozone-depleting substances, rising urbanization, rising global temperatures, and the rising demand for electric vehicles will drive the market. Factors that could hinder the growth of the refrigerants market in the future include economic instability in some advanced countries.
The refrigerants market is segmented by type into halocarbons, inorganic, hydrocarbons, and other types. The halocarbons market was the largest segment of the refrigerants market by type, accounting for 47.7% of the total market in 2022. The inorganic market is expected to be the fastest-growing segment going forward at a CAGR of 13.1%.
The refrigerants market is segmented by application into air conditioning, refrigeration, and other applications. The air conditioning market was the largest segment of the refrigerants market by application, accounting for 51.5% of the total market in 2022. The air conditioning market is expected to be the fastest-growing segment going forward at a CAGR of 9.2%.
Asia Pacific was the largest region in the refrigerants market, accounting for 40.9% of the global market in 2022. It was followed by North America, Western Europe and the other regions. Going forward, the fastest growing regions in the refrigerants market will be Asia Pacific and South America, where growth will be at CAGRs of 10.5% and 8.6% respectively from 2022-2027.
The refrigerants market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 20.40% of the total market in 2022. The Chemours Company was the largest competitor with 5.86% share of the market, followed by The Linde Group with 3.14%, Dongyue Group with 2.86%, Honeywell International Inc with 2.33%, Arkema S A with 1.57%, Orbia with 1.04%, SRF Limited with 0.94%, Asahi Glass Co, Inc (AGC) with 0.93%, Gujarat Fluorochemicals Ltd. with 0.90%, and Daikin Industries Ltd with 0.83%.
The top opportunities in the refrigerants market by type will arise in hydrocarbons market, which will gain $6.6 billion of global annual sales by 2027. The top opportunities in the refrigerants market by application will arise in the air conditioning market, which will gain $6.6 billion of global annual sales by 2027. The refrigerants market size will gain the most in the USA at $3.4 billion.
Market-trend-based strategies for the refrigerants market include focus on shifting towards low global warming potential (GWP) refrigerants, increasing investments, partnerships and collaborations, and focus on natural refrigerants.
Player-adopted strategies in the refrigerants industry include strengthening operational capabilities and enhancing business operations through new product launches.
To take advantage of the opportunities, the recommends the refrigerants companies to focus on increasing investments in production capacities, focus on transition to low-GWP refrigerants, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships and collaborations, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events, continue to target fast-growing applications, and focus on urban population.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure19. Competitive Landscape and Company Profiles
6. Introduction And Market Characteristics
7. Major Market Trends
8. Refrigerants Market - Macro Economic Scenario
9. Global Market Size and Growth
10. Global Refrigerants Market Segmentation
11. Refrigerants Market, Regional and Country Analysis
12. Asia-Pacific Market
13. Western Europe Market
14. Eastern Europe Market
15. North America Market
16. South America Market
17. Middle East Market
18. Africa Market
20. Company Profiles
21. Key Mergers and Acquisitions
22. Opportunities And Strategies
23. Refrigerants Market, Conclusions And Recommendations
24. Appendix
Executive Summary
Refrigerants Global Market Opportunities And Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global refrigerants market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
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Description:
Where is the largest and fastest-growing market for refrigerants? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider refrigerants market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics: Brief introduction to the segmentations covered in the market, definitions and explanations about the refrigerants market.
- Key Trends: Highlights the major trends shaping the global refrigerants market. This section also highlights likely future developments in the market.
- Macro Economic Scenario: The report provides an analysis of the impact of the Russia -Ukraine war, impact of the COVID-19 pandemic and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the refrigerants market.
- Global Market Size And Growth: Global historic (2017-2022) and forecast (2022-2027, 2032F) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis: Historic (2017-2022) and forecast (2022-2027, 2032F) market values and growth and market share comparison by region and country.
- Market Segmentation: Contains the market values (2017-2022) (2022-2027, 2032F) and analysis for each segment by type and by application in the market.
- Regional Market Size And Growth: Regional market size (2022), historic (2017-2022) and forecast (2022-2027, 2032F) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape: Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers And Acquisitions: Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies: Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations: This section includes recommendations for refrigerants providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix: This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
- 1) By Type: Halocarbons; Inorganic; Hydrocarbons; Other Types
- 2) By Deployment: Air Conditioning; Refrigeration; Other Applications
Companies Mentioned:
The Chemours Company; The Linde Group; Dongyue Group; Honeywell International Inc; Arkema S ACountries:
China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; RussiaRegions:
Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; AfricaTime-series:
Five years historic and ten years forecast.Data:
Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; refrigerants indicators comparison.Data segmentations:
country and regional historic and forecast data; market share of competitors; market segments.Sourcing and Referencing:
Data and analysis throughout the report is sourced using end notes.Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- The Chemours Company
- The Linde Group
- Dongyue Group
- Honeywell International Inc
- Arkema S A
- Orbia
- SRF Limited
- Asahi Glass Co, Inc (AGC)
- Gujarat Fluorochemicals Ltd.
- Daikin Industries, Ltd
- Zhejiang Fotech International Co.,Ltd.
- Changshu 3F Zhonghao New Chemical Materials Co., Ltd.
- Tazzetti S.p.A
- AGC Inc.
- Sinochem Group Co. Ltd.
- GEA Group AG
- Frigopoint
- Quimobásicos
- S.A. De C.V.
- Grupo CLIMSA
- Mexichem Flúor, S.A. de C.V.
- DuPont
- Hudson Technologies
- National Refrigerants Inc
- The Bluon Energy
- Cheminova Brasil Ltda
- Climafrío S.A.S
- Gulf Cryo
- Abdullah Hashim Industrial Gases & Equipment Co. Ltd
- National Gas Company (NGC)
- El-Sewedy Electrometer
- Tasqeef
- AIR LIQUIDE SA
- Sinochem Group Co. Ltd.
- Asahi Glass Co.
- Hychill
- Hess Corporation
- A-gas International
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 241 |
| Published | November 2023 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value ( USD | $ 23.1 Billion |
| Forecasted Market Value ( USD | $ 56.8 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
