Refrigerant Market To Reach $19.65 Billion By 2030 | CAGR 4.7%

Refrigerant Market Growth & Trends

The global refrigerant market is expected to reach USD 19.65 billion by 2030, registering a CAGR of 4.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. The increasing development of environmentally friendly alternatives, driven by environmental policies focused on mitigating ODS and GHG emissions, constitutes a significant factor fueling market growth.

Regulations implemented across the EU, Asia Pacific, and the U.S. have encouraged a consumer shift towards hydrocarbon & inorganic refrigerants, with their demand projected to increase substantially throughout the forecast period. In 2024, the fluorocarbons segment dominated over 53.3% of the total consumption.

The inorganic product segment held the second-largest position in terms of revenue. The thermal efficiency of inorganic refrigerants has facilitated their adoption across various industrial applications. Their low cost, ease of procurement, and environmentally benign properties contribute to their increasing demand within industrial sectors.

The Asia Pacific refrigerant market has demonstrated robust demand in recent periods. The expansion of industrial activity and productivity in China and India is expected to continue driving the need for refrigeration across residential, industrial, and commercial domains.

Companies consistently endeavor to strengthen their market presence through strategies encompassing product development, regional expansion, and application diversification. Offering innovative and cost-effective products that satisfy end-user requirements and regulatory standards is crucial for establishing a competitive advantage.

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Refrigerant Market Report Highlights

• The UNFCCC has been instrumental in establishing regulations concerning the utilization of refrigerant products, thereby compelling industry stakeholders to pursue the development of alternative sources.

• Europe constitutes the largest consumer market, with the mobile air conditioning, industrial refrigeration, and commercial refrigeration sectors demonstrating significant demand. A uniform environmental policy across the European Union has motivated regional manufacturers to invest substantially in research and development activities.

• In January 2025, new regulations in the U.S. and EU phased out high-GWP refrigerants. This is expected to increase demand for low-GWP options like R-32 and R-454B, creating opportunities for manufacturers, distributors, and service providers to supply and upgrade systems.

• The hydrocarbon refrigerant segment is expected to witness the highest CAGR of 7.1% over the forecast period. Energy efficiency, low cost, and ecofriendly nature of the product are key traits positively influencing demand.

• Stationary air conditioning, heat pumps, chillers segment dominated the market in terms of revenue in 2024

• Key players operating in the refrigerant market include Honeywell International Inc.; DAIKIN INDUSTRIES, Ltd.; Arkema; DONGYUE GROUP; The Chemours Company; Orbia; SINOCHEM GROUP CO., LTD.; Linde PLC; Air Liquide; SRF Limited; Gujarat Fluorochemicals Limited; AGC Inc.

• In March 2025, Honeywell expanded its operations in Uzbekistan by establishing Honeywell Industrial Automation LLC. This development signifies an expansion of the company's presence in the Central Asian region.

Refrigerant Market Segmentation

Grand View Research has segmented the global refrigerant market on the basis of product, application, and region:

Refrigerant Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Fluorocarbon

• Hydrocarbon

• Inorganic

• Others

Refrigerant Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Industrial Refrigeration

• Domestic Refrigeration

• Transport Refrigeration

• Commercial Refrigeration

• Stationary Air Conditioning, Heat Pumps, Chillers

• Mobile Air Conditioner

Refrigerant Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Central & South America

  • Brazil

• Middle East and Africa

  • Saudi Arabia

List of Key Players in the Refrigerant Market

• Honeywell International Inc.

• DAIKIN INDUSTRIES, Ltd.

• Arkema

• DONGYUE GROUP

• The Chemours Company

• Orbia

• SINOCHEM GROUP CO., LTD.

• Linde PLC

• Air Liquide

• SRF Limited

• Gujarat Fluorochemicals Limited

• AGC Inc.