Refrigerant Market Size (US$ 30.6 Billion), Share, Trends, Growth (CAGR 9.76%), Price, Report 2023-2028

Published February 7, 2023

A refrigerant is a chemical substance used in the refrigeration cycle of air conditioning systems and heat pumps. It undergoes a repeated phase transition from a liquid to a gas and back again. It transfers heat from one area and removes it from another. It absorbs heat from the environment and can provide refrigeration or air conditioning when combined with other components such as compressors and evaporators. Traditionally, chlorofluorocarbons (CFCs) were utilized as refrigerants, but they are being replaced due to their ozone-depleting effects. Some refrigerants used in multiple applications are ammonia, sulfur dioxide, and non-halogenated hydrocarbons such as propane. It finds extensive applications across industrial, residential, and commercial sectors.

The global refrigerant market size reached US$ 18.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.6 Billion by 2028, exhibiting a growth rate (CAGR) of 9.76% during 2023-2028.

The latest report by IMARC Group, titled “Refrigerant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global refrigerant market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Some of these key players include:

  • Honeywell International Inc.
  • Daikin Industries Ltd.
  • Arkema S.A.
  • Dongyue Group Limited
  • The Chemours Company
  • Orbia Advance Corporation S.A.B. de CV
  • Sinochem Group Co. Ltd.
  • Air Liquide S.A.
  • AGC Group
  • Linde Group
  • SRF Limited
  • Gujarat Fluorochemicals Limited

Global Refrigerants Market Trends:

The global market is majorly driven by the increasing product demand in the transportation industry. In line with this, the rising demand for refrigeration systems for domestic use is accelerating the demand for refrigerants worldwide. Furthermore, the growing requirement for natural refrigerants is positively influencing the market. Apart from this, the escalating sales of consumer appliances such as air conditioning are catalyzing product demand.

Moreover, the pharmaceutical sector requires low-temperature conditions for the storage and transportation of drugs, and this, in turn, is propelling product adoption in the pharmaceutical industry. Besides, the flourishing commercial sector worldwide is favoring the demand for heating, ventilation, and air conditioning (HVAC) equipment, which, in turn, is bolstering the uptake of the product. Additionally, the increasing demand for packaged frozen food and confectionery items is offering numerous opportunities for market expansion.

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Key Market Segmentation:

Breakup by Application:

  • Commercial
  • Industrial
  • Domestic
  • Others

Breakup by Product Type:

  • Fluorocarbon
  • Inorganic
  • Hydrocarbon
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Historical, Current and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

TOC for the Report:

  • Preface
  • Scope and Methodology
  • Executive Summary
  • Introduction
  • Global Market
  • SWOT Analysis
  • Value Chain Analysis
  • Price Analysis
  • Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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