| Product Code: ETC13184795 | Publication Date: Apr 2025 | Updated Date: Jul 2025 | Product Type: Market Research Report | |
| Publisher: 6Wresearch | Author: Shubham Padhi | No. of Pages: 190 | No. of Figures: 80 | No. of Tables: 40 |
According to 6Wresearch internal database and industry insights, the Global Refrigerant Market was valued at USD 21 Billion in 2024 and is expected to reach USD 29 Billion by 2031, growing at a compound annual growth rate of 4.50% during the forecast period (2025-2031).
The Global Refrigerant Market is experiencing steady growth due to increasing demand for refrigeration and air conditioning systems across various industries such as automotive, residential, commercial, and industrial sectors. The market is driven by regulations phasing out harmful refrigerants like HCFCs and HFCs in favor of eco-friendly alternatives such as HFOs and natural refrigerants like ammonia and CO2. The Asia-Pacific region dominates the market due to rapid urbanization, industrialization, and rising disposable income. Key players in the market are focusing on research and development to introduce innovative and sustainable refrigerant solutions. The market is also witnessing a shift towards energy-efficient refrigerants to address environmental concerns and meet stringent regulations, driving the adoption of low-GWP refrigerants.
The Global Refrigerant Market is experiencing a shift towards environmentally friendly alternatives due to regulatory measures aimed at reducing greenhouse gas emissions. This has led to an increased demand for low GWP (Global Warming Potential) refrigerants such as hydrofluorocarbons (HFCs) and hydrochlorofluorocarbons (HCFCs). Additionally, the adoption of natural refrigerants like ammonia, carbon dioxide, and hydrocarbons is gaining traction as they offer high energy efficiency and lower environmental impact. The growing demand for air conditioning and refrigeration systems in developing economies, coupled with the trend towards energy-efficient solutions, presents opportunities for market players to innovate and develop sustainable refrigerant solutions to meet the evolving needs of the industry.
The Global Refrigerant Market faces several challenges, including regulatory changes and environmental concerns related to the harmful impact of certain refrigerants on the ozone layer and climate change. The phase-out of ozone-depleting substances such as HCFCs and HFCs, as mandated by international agreements like the Montreal Protocol and Kigali Amendment, has led to a shift towards more environmentally friendly alternatives. However, the transition to new refrigerants presents technical challenges in terms of compatibility with existing equipment, efficiency, safety, and cost implications for manufacturers and end-users. Additionally, the global supply chain disruptions and price volatility in the refrigerant market further complicate the industry landscape, requiring companies to adapt quickly to changing regulations and market dynamics.
The Global Refrigerant Market is primarily driven by the increasing demand for refrigeration and air conditioning systems across various industries such as food and beverage, healthcare, and automotive. The growing population, rising disposable income levels, and urbanization are fueling the demand for these systems, thereby driving the need for refrigerants. Additionally, stringent environmental regulations aimed at reducing greenhouse gas emissions and phasing out ozone-depleting substances are pushing the market towards environmentally friendly refrigerants such as hydrofluorocarbons (HFCs), hydrochlorofluorocarbons (HCFCs), and natural refrigerants. Technological advancements in refrigeration systems to improve energy efficiency and reduce carbon footprint are also contributing to the market growth. Overall, the increasing global focus on sustainable practices and energy efficiency is expected to continue propelling the growth of the refrigerant market in the coming years.
Government policies related to the Global Refrigerant Market primarily focus on phasing out the use of hydrofluorocarbons (HFCs) due to their high global warming potential. The Kigali Amendment to the Montreal Protocol, adopted by over 170 countries, sets targets for reducing the production and consumption of HFCs. Many countries have also implemented regulations to promote the use of alternative refrigerants with lower environmental impact, such as hydrochlorofluorocarbons (HCFCs) and natural refrigerants like ammonia and carbon dioxide. Additionally, energy efficiency standards and labeling programs have been introduced to encourage the adoption of more environmentally friendly refrigeration technologies. Overall, these government policies aim to mitigate climate change by reducing greenhouse gas emissions from the refrigerant sector and promoting sustainable practices in the industry.
The Global Refrigerant Market is expected to witness significant growth in the coming years due to increasing demand for refrigeration and air conditioning systems across various industries. Factors driving this growth include rapid urbanization, rising disposable incomes, and changing climatic conditions. However, the market is also facing challenges such as stringent environmental regulations aimed at phasing out harmful fluorocarbon refrigerants to mitigate climate change. This has led to a shift towards eco-friendly refrigerants such as hydrofluorocarbons (HFCs) and natural refrigerants like ammonia and carbon dioxide. As a result, the market is experiencing a transition towards sustainable refrigerant solutions. Overall, the future outlook for the Global Refrigerant Market is positive, with a focus on innovation and sustainability driving market growth and development.
In the Global Refrigerant Market, Asia Pacific is poised for significant growth due to rapid industrialization and increasing demand for air conditioning systems in countries like China and India. North America is focusing on adopting environmentally friendly refrigerants to comply with regulations such as the Kigali Amendment to the Montreal Protocol. In Europe, stringent regulations on fluorinated gases are driving the shift towards low-GWP refrigerants. The Middle East and Africa region is witnessing growth in the HVAC sector as a result of infrastructure development and rising temperatures. Latin America is also experiencing growth in the refrigerant market, driven by the growth in the automotive and construction industries. Overall, the global refrigerant market is evolving towards sustainable solutions in response to environmental concerns and regulatory pressures.
Global Refrigerant Market |
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Global Refrigerant Market Overview |
3.1 Global Regional Macro Economic Indicators |
3.2 Global Refrigerant Market Revenues & Volume, 2021 & 2031F |
3.3 Global Refrigerant Market - Industry Life Cycle |
3.4 Global Refrigerant Market - Porter's Five Forces |
3.5 Global Refrigerant Market Revenues & Volume Share, By Regions, 2021 & 2031F |
3.6 Global Refrigerant Market Revenues & Volume Share, By Type, 2021 & 2031F |
3.7 Global Refrigerant Market Revenues & Volume Share, By Application, 2021 & 2031F |
3.8 Global Refrigerant Market Revenues & Volume Share, By Industry, 2021 & 2031F |
4 Global Refrigerant Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Global Refrigerant Market Trends |
6 Global Refrigerant Market, 2021 - 2031 |
6.1 Global Refrigerant Market, Revenues & Volume, By Type, 2021 - 2031 |
6.1.1 Overview & Analysis |
6.1.2 Global Refrigerant Market, Revenues & Volume, By HCFCs, 2021 - 2031 |
6.1.3 Global Refrigerant Market, Revenues & Volume, By HFCs, 2021 - 2031 |
6.1.4 Global Refrigerant Market, Revenues & Volume, By HFOs, 2021 - 2031 |
6.1.5 Global Refrigerant Market, Revenues & Volume, By Isobutane, 2021 - 2031 |
6.1.6 Global Refrigerant Market, Revenues & Volume, By Propane, 2021 - 2031 |
6.1.7 Global Refrigerant Market, Revenues & Volume, By Ammonia, 2021 - 2031 |
6.1.8 Global Refrigerant Market, Revenues & Volume, By Carbon Dioxide, 2021 - 2031 |
6.2 Global Refrigerant Market, Revenues & Volume, By Application, 2021 - 2031 |
6.2.1 Overview & Analysis |
6.2.2 Global Refrigerant Market, Revenues & Volume, By Refrigerators, 2021 - 2031 |
6.2.3 Global Refrigerant Market, Revenues & Volume, By Large-Scale Refrigerators, 2021 - 2031 |
6.2.4 Global Refrigerant Market, Revenues & Volume, By Chillers, 2021 - 2031 |
6.2.5 Global Refrigerant Market, Revenues & Volume, By Air Conditioners, 2021 - 2031 |
6.2.6 Global Refrigerant Market, Revenues & Volume, By Heat Pumps, 2021 - 2031 |
6.3 Global Refrigerant Market, Revenues & Volume, By Industry, 2021 - 2031 |
6.3.1 Overview & Analysis |
6.3.2 Global Refrigerant Market, Revenues & Volume, By Domestic Household Refrigeration, 2021 - 2031 |
6.3.3 Global Refrigerant Market, Revenues & Volume, By Light Commercial Refrigeration, 2021 - 2031 |
6.3.4 Global Refrigerant Market, Revenues & Volume, By Commercial Racks and Condensing Units, 2021 - 2031 |
6.3.5 Global Refrigerant Market, Revenues & Volume, By Industrial Refrigeration, 2021 - 2031 |
7 North America Refrigerant Market, Overview & Analysis |
7.1 North America Refrigerant Market Revenues & Volume, 2021 - 2031 |
7.2 North America Refrigerant Market, Revenues & Volume, By Countries, 2021 - 2031 |
7.2.1 United States (US) Refrigerant Market, Revenues & Volume, 2021 - 2031 |
7.2.2 Canada Refrigerant Market, Revenues & Volume, 2021 - 2031 |
7.2.3 Rest of North America Refrigerant Market, Revenues & Volume, 2021 - 2031 |
7.3 North America Refrigerant Market, Revenues & Volume, By Type, 2021 - 2031 |
7.4 North America Refrigerant Market, Revenues & Volume, By Application, 2021 - 2031 |
7.5 North America Refrigerant Market, Revenues & Volume, By Industry, 2021 - 2031 |
8 Latin America (LATAM) Refrigerant Market, Overview & Analysis |
8.1 Latin America (LATAM) Refrigerant Market Revenues & Volume, 2021 - 2031 |
8.2 Latin America (LATAM) Refrigerant Market, Revenues & Volume, By Countries, 2021 - 2031 |
8.2.1 Brazil Refrigerant Market, Revenues & Volume, 2021 - 2031 |
8.2.2 Mexico Refrigerant Market, Revenues & Volume, 2021 - 2031 |
8.2.3 Argentina Refrigerant Market, Revenues & Volume, 2021 - 2031 |
8.2.4 Rest of LATAM Refrigerant Market, Revenues & Volume, 2021 - 2031 |
8.3 Latin America (LATAM) Refrigerant Market, Revenues & Volume, By Type, 2021 - 2031 |
8.4 Latin America (LATAM) Refrigerant Market, Revenues & Volume, By Application, 2021 - 2031 |
8.5 Latin America (LATAM) Refrigerant Market, Revenues & Volume, By Industry, 2021 - 2031 |
9 Asia Refrigerant Market, Overview & Analysis |
9.1 Asia Refrigerant Market Revenues & Volume, 2021 - 2031 |
9.2 Asia Refrigerant Market, Revenues & Volume, By Countries, 2021 - 2031 |
9.2.1 India Refrigerant Market, Revenues & Volume, 2021 - 2031 |
9.2.2 China Refrigerant Market, Revenues & Volume, 2021 - 2031 |
9.2.3 Japan Refrigerant Market, Revenues & Volume, 2021 - 2031 |
9.2.4 Rest of Asia Refrigerant Market, Revenues & Volume, 2021 - 2031 |
9.3 Asia Refrigerant Market, Revenues & Volume, By Type, 2021 - 2031 |
9.4 Asia Refrigerant Market, Revenues & Volume, By Application, 2021 - 2031 |
9.5 Asia Refrigerant Market, Revenues & Volume, By Industry, 2021 - 2031 |
10 Africa Refrigerant Market, Overview & Analysis |
10.1 Africa Refrigerant Market Revenues & Volume, 2021 - 2031 |
10.2 Africa Refrigerant Market, Revenues & Volume, By Countries, 2021 - 2031 |
10.2.1 South Africa Refrigerant Market, Revenues & Volume, 2021 - 2031 |
10.2.2 Egypt Refrigerant Market, Revenues & Volume, 2021 - 2031 |
10.2.3 Nigeria Refrigerant Market, Revenues & Volume, 2021 - 2031 |
10.2.4 Rest of Africa Refrigerant Market, Revenues & Volume, 2021 - 2031 |
10.3 Africa Refrigerant Market, Revenues & Volume, By Type, 2021 - 2031 |
10.4 Africa Refrigerant Market, Revenues & Volume, By Application, 2021 - 2031 |
10.5 Africa Refrigerant Market, Revenues & Volume, By Industry, 2021 - 2031 |
11 Europe Refrigerant Market, Overview & Analysis |
11.1 Europe Refrigerant Market Revenues & Volume, 2021 - 2031 |
11.2 Europe Refrigerant Market, Revenues & Volume, By Countries, 2021 - 2031 |
11.2.1 United Kingdom Refrigerant Market, Revenues & Volume, 2021 - 2031 |
11.2.2 Germany Refrigerant Market, Revenues & Volume, 2021 - 2031 |
11.2.3 France Refrigerant Market, Revenues & Volume, 2021 - 2031 |
11.2.4 Rest of Europe Refrigerant Market, Revenues & Volume, 2021 - 2031 |
11.3 Europe Refrigerant Market, Revenues & Volume, By Type, 2021 - 2031 |
11.4 Europe Refrigerant Market, Revenues & Volume, By Application, 2021 - 2031 |
11.5 Europe Refrigerant Market, Revenues & Volume, By Industry, 2021 - 2031 |
12 Middle East Refrigerant Market, Overview & Analysis |
12.1 Middle East Refrigerant Market Revenues & Volume, 2021 - 2031 |
12.2 Middle East Refrigerant Market, Revenues & Volume, By Countries, 2021 - 2031 |
12.2.1 Saudi Arabia Refrigerant Market, Revenues & Volume, 2021 - 2031 |
12.2.2 UAE Refrigerant Market, Revenues & Volume, 2021 - 2031 |
12.2.3 Turkey Refrigerant Market, Revenues & Volume, 2021 - 2031 |
12.3 Middle East Refrigerant Market, Revenues & Volume, By Type, 2021 - 2031 |
12.4 Middle East Refrigerant Market, Revenues & Volume, By Application, 2021 - 2031 |
12.5 Middle East Refrigerant Market, Revenues & Volume, By Industry, 2021 - 2031 |
13 Global Refrigerant Market Key Performance Indicators |
14 Global Refrigerant Market - Export/Import By Countries Assessment |
15 Global Refrigerant Market - Opportunity Assessment |
15.1 Global Refrigerant Market Opportunity Assessment, By Countries, 2021 & 2031F |
15.2 Global Refrigerant Market Opportunity Assessment, By Type, 2021 & 2031F |
15.3 Global Refrigerant Market Opportunity Assessment, By Application, 2021 & 2031F |
15.4 Global Refrigerant Market Opportunity Assessment, By Industry, 2021 & 2031F |
16 Global Refrigerant Market - Competitive Landscape |
16.1 Global Refrigerant Market Revenue Share, By Companies, 2024 |
16.2 Global Refrigerant Market Competitive Benchmarking, By Operating and Technical Parameters |
17 Top 10 Company Profiles |
18 Recommendations |
19 Disclaimer |