Refrigerants Market Report 2026

The refrigerants market size has grown rapidly in recent years. It will grow from $29.3 billion in 2025 to $32.28 billion in 2026 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to growth in refrigeration and air conditioning demand, expansion of food cold storage infrastructure, rising urbanization, increased industrial cooling needs, availability of halocarbon refrigerants.

The refrigerants market size is expected to see strong growth in the next few years. It will grow to $46.65 billion in 2030 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to stricter environmental regulations, growth of cold chain logistics, rising demand for energy efficient cooling, expansion of electric vehicles thermal management, development of next generation refrigerants. Major trends in the forecast period include increasing adoption of low gwp refrigerants, rising demand for natural refrigerants, growing use of refrigerants in cold chain systems, expansion of air conditioning applications, increasing transition from hfcs to hfos.

The rising demand for electric vehicles is expected to support the growth of the refrigerants market. The increasing adoption of electric vehicles (EVs), which use electric motors powered by batteries instead of internal combustion engines, is creating a greater need for refrigerants in the automotive industry. EVs require refrigeration systems for purposes such as battery thermal management and power electronics cooling. For instance, in April 2024, according to the International Energy Agency (IEA), a France-based intergovernmental organization, new electric car registrations in China reached 8.1 million in 2023, marking a 35% increase compared to 2022. Therefore, the rising demand for electric vehicles is driving the refrigerants market.

Major companies operating in the refrigerants market are focusing on developing energy-efficient, low-GWP cooling solutions that rely on natural refrigerants such as CO₂ to meet sustainability goals and comply with increasingly strict environmental regulations. For instance, in December 2024, Enex Technologies, an Italy-based energy technology company, introduced two new natural-refrigerant products, SENNA XS and KUBE, marking a significant advancement in sustainable HVAC and refrigeration systems. The SENNA XS is a compact CO₂ transcritical booster with a 50-400 kW capacity range, designed for supermarkets and commercial installations, offering high efficiency, simplified maintenance, and retrofit-friendly dimensions. The KUBE CO₂ subcritical rack (10-270 kW) targets industrial refrigeration, providing flexible condenser configurations, strong reliability, and straightforward servicing. These systems replace traditional refrigerants with eco-friendly CO₂, reducing greenhouse-gas impact and improving energy efficiency while supporting the shift toward sustainable cooling technologies.

In June 2024, Hudson Technologies, a US-based chemical manufacturing company, acquired USA Refrigerants for $20.7 million. Through this acquisition, Hudson aims to strengthen its refrigerant sourcing capabilities, expand access to recovered and reclaimed refrigerants, and enhance purchasing scale as regulatory phase-downs increase demand for higher-margin reclaimed products. USA Refrigerants is a US-based provider specializing in refrigerants.

Major companies operating in the refrigerants market are The Chemours Company, Honeywell International Inc., Arkema S.A., Daikin Industries Ltd., Orbia, SRF Limited, AGC Inc., Gujarat Fluorochemicals Limited, Dongyue Group Limited, Sinochem Group Co., Ltd., Zhejiang Juhua Co., Ltd., Meilan Chemical Co., Ltd., TCI Chemicals (India) Pvt. Ltd., Navin Fluorine International Limited, Koura Global plc, Mexichem Fluor S.A. de C.V., Asahi Glass Co., Ltd., Harbin Zhonghao Chemical Co., Ltd., Shandong Dongyue Chemical Co., Ltd., A-Gas International.

Asia-Pacific was the largest region in the refrigerants market in 2025. Asia-Pacific is predicted to record the fastest growth in the refrigerants market in the forecast period. The regions covered in the refrigerants market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the refrigerants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The refrigerants market consists of sales of hydrocarbons, water and ammonia. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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