Refrigerant Market Gains Support from Government Efficiency Programs

The global refrigerant market was valued at approximately USD 14.92 billion in 2024 and is projected to reach USD 19.65 billion by 2030, growing at a compound annual growth rate (CAGR) of 4.7% from 2025 to 2030. This growth is primarily driven by the increasing demand from commercial and industrial refrigeration sectors, as well as the rising adoption of energy-efficient and environmentally friendly refrigerant solutions.

Key Market Trends & Insights

• Regulatory Influence: International agreements such as the Kigali Amendment to the Montreal Protocol are accelerating the phase-out of high-global-warming-potential (GWP) refrigerants. This has led to a shift towards low-GWP alternatives, including hydrofluoroolefins (HFOs) and natural refrigerants like CO₂ and ammonia.
• Technological Advancements: Innovations in refrigeration technologies, such as magnetic refrigeration and advanced heat pump systems, are enhancing energy efficiency and reducing environmental impact.
• Regional Dynamics: Europe remains a significant consumer of refrigerants, with a substantial revenue share. The Asia-Pacific region is expected to witness the highest growth during the forecast period, driven by rapid industrialization and urbanization in countries like China and India.

Market Size & Forecast

• 2024: USD 14.92 billion
• 2025: USD 15.62 billion
• 2030: USD 19.65 billion
• CAGR (2025–2030): 4.7%

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Key Companies & Market Share Insights

Leading players in the refrigerant market include:

• Honeywell International Inc.: A major player known for its development of low-GWP refrigerants and advanced HVAC solutions.
• The Chemours Company: Specializes in fluoroproducts and is a significant supplier of refrigerants globally.
• Arkema S.A.: Focuses on sustainable refrigerant solutions and has a strong presence in the European market.
• Daikin Industries Ltd.: A leading manufacturer of air conditioning and refrigeration equipment, with a growing portfolio of environmentally friendly refrigerants.
• Dongyue Group Ltd.: A Chinese company that has expanded its footprint in the global refrigerant market through strategic partnerships and acquisitions.

Conclusion

The refrigerant market is undergoing a significant transformation, driven by stringent environmental regulations, technological advancements, and shifting consumer preferences towards sustainable solutions. Companies that invest in research and development to produce low-GWP and energy-efficient refrigerants are well-positioned to capitalize on the growing demand across various sectors. As the market continues to evolve, stakeholders must stay informed about regulatory changes and technological innovations to maintain competitiveness in this dynamic industry.

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