Industry

Refrigerants Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

The refrigerants can be used as primary working fluids in absorption refrigeration systems or as secondary fluids to transmit thermal energy from one medium to the other. A refrigerant is a chemical blend of fluids that serves as a cooling agent in heat pumps and refrigeration cycles. It operates on the concept of phase transition, which converts liquid to gas and vice versa at varying temperatures.

Sizing and Forecast

The refrigerants market size has grown strongly in recent years. It will grow from $25.04 billion in 2023 to $27.4 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to strong economic growth in emerging markets, supportive government initiatives, and increased demand for air conditioners.

The refrigerants market size is expected to see strong growth in the next few years. It will grow to $39.4 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to the phasing out of ozone-depleting substances, rising urbanization, rising global temperatures, and the rising demand for electric vehicles. Major trends in the forecast period include the phasing out of ozone-depleting substances, rising urbanization, rising global temperatures, and the rising demand for electric vehicles.

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Segmentation & Regional Insights

The refrigerants market covered in this report is segmented –

1) By Type: Halocarbons, Inorganic, Hydrocarbons, Other Types
2) By Deployment: Air Conditioning, Refrigeration, Other Applications

Asia-Pacific was the largest region in the refrigerants market in 2023. 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, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising demand for air conditioning is expected to drive the growth of the refrigerants market in the coming years. The increasing temperature globally increased the demand for cooling systems. According to the World Meteorological Organization (WMO), in 2020, the average temperature across the globe was 1.2 °C higher than the above pre-industrial era (1880) temperatures. This drives the demand for air conditioning, hence refrigerants. A refrigerant is a chemical compound that is found in air conditioners. It absorbs heat from the surroundings and releases cool air after passing through air conditioners and evaporators. For instance, according to the International Energy Agency (IEA) estimates, by 2050 around two-thirds of the world’s households will have an air conditioner. Developing economies such as India, China, and Indonesia together will account for half of the total number of air conditioners. Therefore, the increasing temperature globally increases demand for air conditioning and is expected to propel the market for refrigerants market.

Key Industry Players

Major companies operating in the refrigerants market report are 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, Hychill, Hess Corporation, A-gas International

The refrigerants market report table of contents includes:

1. Executive Summary

2. Refrigerants Market Characteristics

3. Refrigerants Market Trends And Strategies

4. Refrigerants Market – Macro Economic Scenario

5. Global Refrigerants Market Size and Growth

…

32. Global Refrigerants Market Competitive Benchmarking

33. Global Refrigerants Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Refrigerants Market

35. Refrigerants Market Future Outlook and Potential Analysis

36. Appendix