Refrigerant Market Size To Reach $22.60 Billion By 2033

Refrigerant Market Growth & Trends

The global refrigerant market size is estimated to reach USD 22.60 billion by 2033, expanding at a CAGR of 4.7% from 2026 to 2033, 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 2025, Robertshaw launches an upgraded Ranco commercial refrigeration line that reflects continued innovation in the refrigerant industry, with a focus on improved controls and compatibility with low-GWP, energy-efficient refrigerants. The launch supports sustainable refrigeration practices and regulatory compliance, reinforcing demand in the commercial refrigeration segment.

• The hydrocarbon segment is expected to witness growth at a 7.0% CAGR. Energy efficiency, low cost, and ecofriendly nature of the product are key traits positively influencing demand.

• The stationary air conditioning, heat pumps, and chillers segment led the market with the largest revenue share of 53.7% in 2025.

• 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.

Refrigerant Market Segmentation

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

Refrigerant Product Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Fluorocarbon

• Hydrocarbon

• Inorganic

• Other Products

Refrigerant Application Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• 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, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• Middle East and Africa

  • Saudi Arabia

List of Key Players in Refrigerant Market

• Honeywell Industries Inc.

• Daikin Industries Inc.

• Arkema S A

• Dongyue Group

• The Chemours Company

• Mexichem SAB de CV

• Sinochem Group

• Linde Group

• Air Liquide

• SRF Limited

• Gujarat Fluorochemicals Limited

• Asahi Glass Co, Ltd (AGC)