Refrigerants Market Growth Introduction Trends, Analysis.Growth and Segment Forecast to 2034
Global Refrigerants Market Growth, Size, Trends Analysis- By Product, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2034
| Published: Aug-2025 | Report ID: POAE25159 | Pages: 1 - 244 | Formats*: |
| Category : Power & Energy | |||
Refrigerants Market Growth Introduction and Overview
According to SPER Market Research, the Global Refrigerants Market is estimated to reach USD 25.38 billion by 2034 with a CAGR 4.95%.
The report includes an in-depth analysis of the Global Refrigerants Market, including market size and trends, product mix, Applications, and supplier analysis. The global Refrigerants Market, valued at USD 15.66 billion in 2024, is projected to grow at a CAGR of 4.95% from 2025 to 2034. The industry is growing rapidly, driven by rising demand from sectors like commercial and industrial refrigeration. Urbanization in emerging markets, expanding cold storage facilities, and the shift toward eco-friendly refrigerants are key growth factors. Refrigerants such as hydrofluorocarbons (HFCs), 1,1,1,2-Tetrafluoroethane, and Ammonia are extensively used in the food and beverage industry for storage, production, and transportation. These substances are favored for their low global warming potential and reduced environmental impact, making them ideal for sustainable refrigeration applications.
By Product:
The fluorocarbon segment led the market in 2024, primarily used in vapor compression systems across residential, commercial, and mobile refrigeration and air conditioning. These systems are central to global refrigerant innovation. With the phaseout of HCFCs in developed nations and global efforts to reduce high-GWP HFCs, there has been a shift toward advanced fluorocarbon refrigerants with lower environmental impact. Companies like Honeywell and Chemours are pioneering hydrofluoroolefins (HFOs). Meanwhile, hydrocarbons such as propane and isobutane are gaining traction for their low GWP, zero ozone depletion potential, and high energy efficiency in modern systems.
By Application:
The stationary air conditioning, heat pumps, and chillers segment led the market in 2024 due to widespread use in residential, commercial, and industrial HVAC systems. These systems depend on refrigerants for efficient heat exchange, driving demand across sectors. Domestic refrigeration is expected to grow fastest, fueled by rising demand for chilled food and expanding cold-chain logistics. Growing disposable incomes and consumer preference for smart, connected appliances—such as refrigerators with remote temperature control—are further boosting the adoption of advanced domestic refrigeration solutions.
Regional Insights:
North America held a major revenue share in 2024, driven by strong demand in domestic and commercial refrigeration, as well as mobile air conditioning. Increasing environmental awareness and a shift toward energy-efficient, natural refrigerants are also fueling regional growth. In the U.S., rising demand for automotive air conditioning and commercial HVAC systems, along with regulatory measures like California’s CARB standards, are accelerating the adoption of low-GWP refrigerants. In Europe, market growth is supported by demand across automotive, industrial, and retail sectors, along with stricter food safety regulations and expanding cold chain logistics.
Market Competitive Landscape:
The global Refrigerants Market is moderately consolidated, with several prominent players shaping the industry. Key companies include: Honeywell International Inc., DAIKIN INDUSTRIES, Ltd., Arkema, DONGYUE GROUP, The Chemours Company, Orbia, SINOCHEM GROUP CO., LTD., Linde PLC, Air Liquide, SRF Limited.
Recent Developments:
In April 2025, Daikin invested USD 60 million in a new R&D center in Neemrana, India, to develop energy-efficient HVACR products for export. The facility supports innovation, boosts manufacturing, and reinforces Daikin’s commitment to sustainable technology and the Indian market.
In March 2025, Honeywell International Inc. announced a USD 2.16 billion cash acquisition of Sundyne LLC to strengthen its Energy and Sustainability Solutions division and address global energy security demands. The deal aims to broaden Honeywell’s product offerings, drive innovation through Honeywell Forge digital solutions, and support sales growth. The acquisition is expected to be completed by the second quarter of 2025.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Product, By Application |
| Regions covered | North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa |
| Companies Covered | Honeywell International Inc., DAIKIN INDUSTRIES, Ltd., Arkema, DONGYUE GROUP, The Chemours Company, Orbia, SINOCHEM GROUP CO., LTD., Linde PLC, Air Liquide, SRF Limited. |
Key Topics Covered in the Report
- Global Refrigerants Market Size (FY’2021-FY’2034)
- Overview of Global Refrigerants Market
- Segmentation of Global Refrigerants Market By Product (Fluorocarbon, Hydrocarbon, Inorganic, Others)
- Segmentation of Global Refrigerants Market By Application (Industrial Refrigeration, Domestic Refrigeration, Transport Refrigeration, Commercial Refrigeration, Stationary Air Conditioning, Heat Pumps, Chiller, Mobile Air Conditioner)
- Statistical Snap of Global Refrigerants Market
- Expansion Analysis of Global Refrigerants Market
- Problems and Obstacles in Global Refrigerants Market
- Competitive Landscape in the Global Refrigerants Market
- Details on Current Investment in Global Refrigerants Market
- Competitive Analysis of Global Refrigerants Market
- Prominent Players in the Global Refrigerants Market
- SWOT Analysis of Global Refrigerants Market
- Global Refrigerants Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1.Introduction
1.1.Scope of the report1.2.Market segment analysis
2.Research Methodology
2.1.Research data source2.1.1.Secondary Data2.1.2.Primary Data2.1.3.SPERs internal database2.1.4.Premium insight from KOLs2.2.Market size estimation2.2.1.Top-down and Bottom-up approach2.3.Data triangulation
3.Executive Summary
4.Market Dynamics
4.1.Driver, Restraint, Opportunity and Challenges analysis
4.1.1.Drivers4.1.2.Restraints4.1.3.Opportunities4.1.4.Challenges
5.Market variable and outlook
5.1.SWOT Analysis5.1.1.Strengths5.1.2.Weaknesses5.1.3.Opportunities5.1.4.Threats5.2.PESTEL Analysis5.2.1.Political Landscape5.2.2.Economic Landscape5.2.3.Social Landscape5.2.4.Technological Landscape5.2.5.Environmental Landscape5.2.6.Legal Landscape5.3.PORTERs Five Forces5.3.1.Bargaining power of suppliers5.3.2.Bargaining power of buyers5.3.3.Threat of Substitute5.3.4.Threat of new entrant5.3.5.Competitive rivalry5.4.Heat Map Analysis
6.Competitive Landscape
6.1.Global Refrigerants Market Manufacturing Base Distribution, Sales Area, Product Type6.2.Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Refrigerants Market
7.Global Refrigerants Market, By Product, (USD Million) 2021-2034
7.1.Fluorocarbon7.2.Hydrocarbon7.3.Inorganic7.4.Others
8.Global Refrigerants Market, By Application, (USD Million) 2021-2034
8.1.Industrial Refrigeration8.2.Domestic Refrigeration8.3.Transport Refrigeration8.4.Commercial Refrigeration8.5.Stationary Air Conditioning, Heat Pumps, Chiller8.6.Mobile Air Conditioner
9.Global Refrigerants Market, (USD Million) 2021-2034
9.1.Global Refrigerants Market Size and Market Share
10.Global Refrigerants Market, By Region, 2021-2034 (USD Million)
10.1.Asia-Pacific10.1.1.Australia10.1.2.China10.1.3.India10.1.4.Japan10.1.5.South Korea10.1.6.Rest of Asia-Pacific10.2.Europe10.2.1.France10.2.2.Germany10.2.3.Italy10.2.4.Spain10.2.5.United Kingdom10.2.6.Rest of Europe10.3.Middle East and Africa10.3.1.Kingdom of Saudi Arabia10.3.2.United Arab Emirates10.3.3.Qatar10.3.4.South Africa10.3.5.Egypt10.3.6.Morocco10.3.7.Nigeria10.3.8.Rest of Middle-East and Africa10.4.North America10.4.1.Canada10.4.2.Mexico10.4.3.United States10.5.Latin America10.5.1.Argentina10.5.2.Brazil10.5.3.Rest of Latin America
11.Company Profile
11.1.Honeywell International Inc.11.1.1.Company details11.1.2.Financial outlook11.1.3.Product summary11.1.4.Recent developments11.2.DAIKIN INDUSTRIES, Ltd.11.2.1.Company details11.2.2.Financial outlook11.2.3.Product summary11.2.4.Recent developments11.3.Arkema11.3.1.Company details11.3.2.Financial outlook11.3.3.Product summary11.3.4.Recent developments11.4.DONGYUE GROUP11.4.1.Company details11.4.2.Financial outlook11.4.3.Product summary11.4.4.Recent developments11.5.The Chemours Company11.5.1.Company details11.5.2.Financial outlook11.5.3.Product summary11.5.4.Recent developments11.6.Orbia11.6.1.Company details11.6.2.Financial outlook11.6.3.Product summary11.6.4.Recent developments11.7.SINOCHEM GROUP CO., LTD.11.7.1.Company details11.7.2.Financial outlook11.7.3.Product summary11.7.4.Recent developments11.8.Linde PLC11.8.1.Company details11.8.2.Financial outlook11.8.3.Product summary11.8.4.Recent developments11.9.Air Liquide11.9.1.Company details11.9.2.Financial outlook11.9.3.Product summary11.9.4.Recent developments11.10.SRF Limited11.10.1.Company details11.10.2.Financial outlook11.10.3.Product summary11.10.4.Recent developments11.11.Others
12.Conclusion
13.List of Abbreviations
14.Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Refrigerants Market Growth is projected to reach USD 25.38 by 2034, growing at a CAGR of 4.95 % during the forecast period.
Refrigerants Market Growth size from 2025. The Market is expected to reach USD 25.38 by 2034, at a CAGR of 4.95% during the forecast period.
Refrigerants Market Growth CAGR of 4.95% during the forecast period.
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Refrigerants Market Growth size is USD 25.38 from 2025 to 2034.
Refrigerants Market Growth covered By Product, By Application
The North America is anticipated to have the highest Market share in the Refrigerants Market Growth .
"Honeywell International Inc., DAIKIN INDUSTRIES, Ltd., Arkema, DONGYUE GROUP, The Chemours Company, Orbia, SINOCHEM GROUP CO., LTD., Linde PLC, Air Liquide, SRF Limited.
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The report includes an in-depth analysis of the Global Refrigerants Market Growth , including market size and trends, product mix, Applications, and supplier analysis.
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