Refrigerants Market Size Expected to Reach $42.0 Billion by 2030

According to a new report published by Allied Market Research, titled, "Refrigerants Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030,"

The global refrigerants market was valued at $20.6 billion in 2020, and is projected to reach $42.0 billion by 2030, growing at a CAGR of 7.4% from 2021 to 2030.

Refrigerant is chemical mixture of fluids used in heat pumps & refrigeration cycles, which acts as coolant. It works on the principle of phase transition,  which converts liquid to gas and gas to liquid at variable operating temperatures. Refrigerants can be used either as primary working fluids in absorption refrigeration systems or as secondary fluids to transport thermal energy from one medium to another. The need for refrigerants rapidly increased in industrial and commercial sectors post its discovery and utilization.  

The global refrigerants market players have wide range of opportunities, owing to rapid growth in global economy and disposable income. Increase in use of refrigerants in automobiles & food products and surge in living standards are key factors accelerating the growth of the global refrigerants market. Demand for cooling equipment is high in developing countries, owing to rapid industrialization and rise in inclination of industrialists toward efficient cooling systems. Moreover, increase in per capita disposable incomes in developing countries, including China, India, and Indonesia led to upsurge in use of air conditioning systems. In addition, surge in  demand for better maintenance of industrial equipment that require cold surroundings across various manufacturing units coupled with rise in demand for absorption chillers in oil & gas refineries drive the growth of the global refrigerants market. Furthermore, increase in demand for domestic air conditioning systems, owing to significant rise in per capita disposable incomes especially in developing economies is another key element bolstering the growth of the global refrigerants market.

Environmental issues associated with use of toxic refrigerants, including global warming and ozone layer depletion resulted in the formulation of stringent norms, regulations, and protocols especially on the use of CFCs and HCFCs in new refrigeration & air conditioning appliances. The above mentioned major factors hinder the development of the market growth. The global refrigerants market is segmented on the basis of type, application, and region.

Depending on type, it is classified into halocarbons, azeotropes, zeotropes, inorganic refrigerants, and hydrocarbons. The halocarbons segment is fragmented into hydrofluorocarbon (HFCs), chlorofluorocarbons (CFCs), and hydrochlorofluorocarbons (HCFCs). The halocarbons segment dominated the global market in 2020, and is anticipated to maintain its dominance throughout the forecast period. According to application, the market is classified into AC and refrigeration. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for more than 40% share of the total revenue in 2020, followed by North America and Europe. Increase in adoption of refrigerants products bolster the refrigerants market size, due to the presence of huge population base and many developing countries.

The key players operating in the global refrigerants market are Akrema S.A, Daikin Industries, Ltd., Solvay S.A., Honeywell International Inc., Mexichem S.A.B. DE. C.V., Dongyue Group, SRF Limited, Navin Fluorine International Limited, and Sinochem Group. Other players in the value chain include The Chemours Company, The Linde Group, Airgas Inc., Tazzetti SPA, Deepfreeze Refrigerants Inc., Hess Corporation, General Utilities, Hychill, Engas Australasia, Shandong Yaun Chemical Company Limited, A-Gas International, and Puyang Zongwei Fine Chemical Co. Ltd.. are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the Refrigerants market in the forecast period.

Impact Of Covid-19 On The Global Refrigerants Market

• Emergence of COVID-19 had less impact on growth of the global refrigerants market during the pandemic outbreak period.
• This impact is mostly attributed to significant disruptions in raw material transportation, unavailability of labor, shutdown of many manufacturing industries.
• The decrease in demand for many non-essential products and shut down of construction industries created a negative impact on the development of global refrigerants market.

Key findings of the study

• By region, Asia-Pacific accounted for the largest market share in 2020.
• Depending on type, halocarbons segment held the largest market share in 2020.
• According to application, AC segment held the largest market share in 2020.