The global refrigerants market is projected to grow from USD 6.99 billion in 2024 to USD 9.56 billion by 2029, at a CAGR of 6.5%, according to the report “Refrigerants Market by Type, Application, and Region – Global Forecast to 2029.” Refrigerants are essential in creating cooling effects in systems such as freezers, refrigerators, air conditioners, heating units, chillers, and mobile air conditioning. Commonly used refrigerants include HCFCs, HFCs, HFOs, HCs, ammonia, carbon dioxide, and water.
Applications of refrigerants cover domestic, commercial, and industrial refrigeration; as well as various air conditioning systems. The refrigeration system segment is expected to be the fastest-growing in terms of value during the forecast period, driven by urbanization, industrialization, and the expanding cold chain infrastructure.
China, as a global manufacturing hub, significantly contributes to refrigerant demand, particularly in commercial refrigeration systems. Other Asia Pacific economies such as India, Japan, and South Korea also play a key role. The growth of e-commerce and grocery delivery has further boosted demand for efficient refrigeration solutions in developing markets.
Asia Pacific is expected to be the fastest-growing region during the forecast period due to rising consumer appliance demand and expanding cold chain networks. While fluorocarbon refrigerants may see a decline in market share due to regulations, natural refrigerants present new growth opportunities.
Key market players include Arkema S.A. (France), Daikin Industries Ltd. (Japan), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Dublin), and Air Liquide (France), among others.