Overview Request Sample Pages Request Customization Download PDF
You are viewing: China Refrigerants Market analysis
Part of: Refrigerants Market (Global)

The China Refrigerants Market was valued at $1658.32 Million in 2024 and projected to reach to $2303.81 Million by 2029, representing a compound annual growth rate of 6.8%. China's refrigerants market is poised for sustained expansion through 2029, driven by accelerating urbanization, infrastructure development, and increasing consumer demand for climate control solutions.

China Refrigerants Market (2024-2029) : Size and Share
logo-mobile
CAGR of
cagr-Chart
USD Million
MARKET SNAPSHOT
Market Size in USD 26.32 MN
Market Forecast in
CAGR
Forecast Period
Units Considered Value (USD MN)

China Refrigerants Market Trends and Insights

  • This expansion reflects China's accelerating demand across HVAC systems, commercial refrigeration, and industrial cooling applications driven by rapid urbanization and rising living standards.
  • China's manufacturing sector and construction boom continue to fuel refrigerant consumption as businesses upgrade to energy-efficient cooling solutions. The Chinese refrigerants market is benefiting from stringent environmental regulations and the phase-out of ozone-depleting substances, which are accelerating the adoption of low-GWP (Global Warming Potential) alternatives.
  • China's commitment to carbon neutrality and green building standards is reshaping the competitive landscape, with manufacturers investing heavily in sustainable refrigerant formulations.
  • Between 2024 and 2029, China is expected to maintain its position as a critical growth engine within the Asia Pacific region, driven by both domestic consumption and export-oriented production capacity..

Key Market Statistics

  • CAGR (2024-2029) 6.8% CAGR
  • Market Size, 2024 ~USD 1658.32 Million
  • Forecast, 2029 ~USD 2303.81 Million
  • Country China

China Refrigerants Market Overview

Market Valuation :

China's refrigerants market reached USD 1,658.32 million in 2024, with projected growth to USD 2,303.81 million by 2029, representing a robust 6.8% CAGR.

Urbanization Driver :

Rapid urbanization and rising living standards in China are fueling demand for HVAC systems and commercial refrigeration across residential and commercial sectors.

Industrial Expansion :

China's booming manufacturing sector and construction industry are accelerating adoption of advanced cooling solutions and industrial refrigeration applications.

Growth Outpacing Global :

China's 6.8% CAGR exceeds the global refrigerants market growth rate of 6.5%, positioning it as a key growth engine for the industry.

China Refrigerants Market Dynamics

  • The country's robust manufacturing base and construction sector continue to create substantial opportunities for refrigeration technologies across commercial, industrial, and residential applications.
  • Government initiatives promoting energy efficiency and environmental compliance are further catalyzing market growth.
  • Rising disposable incomes and modernization of cold chain logistics networks are expected to sustain momentum, with particular strength in HVAC systems and commercial refrigeration segments throughout the forecast period..

Related Ecosystem

Industrial Gases

Top Technologies
  • Dry Cooling Tower
  • HVAC System
  • Heat Exchanger
  • Hybrid Cooling Tower
  • Industrial Refrigeration
Top Companies
  • Linde plc
  • Air Products and Chemicals, Inc.
  • MESSER GROUP GMBH
  • AIR LIQUIDE
  • Iwatani Corporation

    Mining Minerals And Metals

    Top Technologies
    • Wastewater Treatment
    • Fiberglass
    • Light Commercial Vehicles (LCVs)
    • Nitrogen
    • Acetic Acid
    Top Companies
    • LHOIST S.A
    • SEVERSTAL JSC
    • ArcelorMittal S.A.
    • TW METALS, INC.
    • Linde plc

      Key Takeaways

      • China's refrigerants market is valued at USD 1,658.32 million in 2024 and will grow to USD 2,303.81 million by 2029, representing a 6.8% CAGR.
      • China's rapid urbanization and industrial expansion are driving demand for advanced cooling solutions across residential, commercial, and industrial sectors.
      • Environmental regulations and the phase-out of ozone-depleting substances are accelerating China's transition to low-GWP refrigerant alternatives.
      • China's commitment to carbon neutrality and green building standards is reshaping the competitive landscape and attracting investment in sustainable refrigerant technologies.

      Refrigerants Market Report Scope

      Report Metric Details
      Base Year 2024
      Forecast Period 2024–2029
      Growth Rate CAGR of 6.5% from 2024 to 2029
      Market Size Base Year (Billions) ~USD 6.98 (2024)
      Revenue Forecast (Billions) ~USD 9.56 (2029)
      Segments Covered Type, Application

      China Refrigerants Market Report Segmentation

      2 segment dimensions are covered across the global market.

      By Type

      • Ammonia
      • Carbon Dioxide
      • Hfc & Blends
      • Hfo
      • Isobutane
      • Other Types
      • Propane

      By Application

      • Air Conditioning Systems
      • Chillers
      • Mobile Air Conditioning
      • Refrigeration Systems
      • –Commercial Refrigeration
      • –Domestic Refrigeration
      • –Ducted, Packaged & Rooftop Acs
      • –Industrial Refrigeration
      • –Split Ac
      • –Vrf
      • –Window Ac

      CHINA: REFRIGERANTS MARKET, BY APPLICATION, 2024–2029

      Segment202420252026202720282029CAGR (%)
      AIR CONDITIONING SYSTEMS720.78767.99818.91873.89936.711005.616.89
      CHILLERS94.2699.23104.55110.24116.75123.855.61
      MOBILE AIR CONDITIONING376.69402.28429.92459.83494531.547.13
      REFRIGERATION SYSTEMS466.58495.89527.44561.44600.28642.816.62
      –COMMERCIAL REFRIGERATION143.19152.64162.83173.83186.4200.176.93
      –DOMESTIC REFRIGERATION184.38196.92210.48225.13241.86260.247.14
      –DUCTED, PACKAGED & ROOFTOP ACS69.6373.0676.7180.6185.0789.935.25
      –INDUSTRIAL REFRIGERATION139.02146.33154.13162.47172.02182.45.58
      –SPLIT AC567.93607.32649.91695.99748.61806.447.26
      –VRF80.784.9889.5594.43100.02106.15.63
      –WINDOW AC2.532.632.742.8633.144.47
      TOTAL1658.321765.391880.822005.42147.732303.816.8

      Target Audience

      • HVAC & Refrigeration Manufacturers : Manufacturers need China market data to optimize product portfolios, identify growth segments, and develop localized strategies for the world's fastest-growing refrigeration market.
      • Chemical & Gas Suppliers : Refrigerant producers require detailed market insights to forecast demand, plan capacity expansion, and navigate China's regulatory environment for refrigerant distribution.
      • Construction & Real Estate Developers : Developers planning commercial and residential projects need refrigerants market intelligence to budget HVAC systems and understand cooling technology trends in China.
      • Investment & Private Equity Firms : Investors evaluating opportunities in China's packaging, construction, and industrial sectors require market data to assess refrigerants segment potential and valuation metrics.
      • Logistics & Cold Chain Operators : Cold chain and logistics companies need market forecasts to plan refrigeration infrastructure investments and understand demand drivers across China's expanding distribution networks.

      Key Companies in the China Refrigerants Market

      CompanyHQOwnershipStrongest segments
      AIRGAS INCUnited StatesPrivate CompanyHFC & Blends,HFO,Isobutane,
      TRANE TECHNOLOGIES PLCIrelandPublic CompanyAir Conditioning System,Chillers,Refrigeration System,
      CARRIER GLOBAL CORPORATIONUnited StatesPublic CompanyHFC & Blends,HFO,Isobutane & Propane,
      ARKEMAFrancePublic CompanyHFC & Blends,HFO,Isobutane & Propane,
      DONGYUE GROUP LIMITEDChinaPublic CompanyHFC & Blends,HFO,Isobutane,
      HONEYWELL INTERNATIONAL INC.United StatesPublic CompanyHFC & Blends,HFO,Isobutane & Propane,
      THE CHEMOURS COMPANYUnited StatesPublic CompanyHFC & Blends,HFO,Isobutane,
      LINDE PLCUnited KingdomPublic CompanyHFC & Blends,HFO,Isobutane,
      SINOCHEM HONG KONG (GROUP) COMPANY LIMITEDHong KongPrivate CompanyHFC & Blends,HFO,Isobutane,
      DAIKIN INDUSTRIES, LTD.JapanPublic CompanyHFC & Blends,HFO,Isobutane,
      ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.MexicoPublic CompanyHFC & Blends,HFO,Isobutane & Propane,
      AGC INC.United StatesPublic CompanyHFC & Blends,HFO,Isobutane,
      SRF LIMITEDIndiaPublic CompanyHFC & Blends,HFO,Isobutane,
      GUJARAT FLUOROCHEMICALS LIMITEDIndiaPublic CompanyHFC & Blends,HFO,Isobutane,
      NAVIN FLUORINE INTERNATIONAL LIMITEDIndiaPublic CompanyHFC & Blends,HFO,Isobutane & Propane,

      AIRGAS INC

      Airgas Inc. is a private company founded in 1982 in the United States with 17,000 employees. The company operates in the industrial gases and related products sector.

      TRANE TECHNOLOGIES PLC

      Trane Technologies PLC is a public company incorporated in Ireland with a history dating back to 1885 and 44,000 employees. The company provides climate control and building solutions globally.

      CARRIER GLOBAL CORPORATION

      Carrier Global Corporation is a publicly traded U.S. company established in 2019 with 47,000 employees. The company specializes in HVAC, refrigeration, and fire and security solutions.

      ARKEMA

      Arkema is a French public company founded in 2003 with 20,700 employees. The company manufactures specialty chemicals and advanced materials for various industrial applications.

      DONGYUE GROUP LIMITED

      Dongyue Group Limited is a Chinese public company established in 1987 with 6,377 employees. The company operates in the chemical manufacturing sector.

      HONEYWELL INTERNATIONAL INC.

      Honeywell International Inc. is a publicly traded U.S. company with roots dating to 1885 and 101,000 employees. The company provides diversified technology and manufacturing solutions across aerospace, building technologies, and performance materials.

      THE CHEMOURS COMPANY

      The Chemours Company is a U.S. public company founded in 2014 with 5,700 employees. The company manufactures and sells specialty chemicals, including refrigerants and fluoroproducts.

      LINDE PLC

      Linde PLC is a public company incorporated in the United Kingdom with origins tracing to 1879 and 65,034 employees. The company is a leading global supplier of industrial gases and engineering services.

      SINOCHEM HONG KONG (GROUP) COMPANY LIMITED

      Sinochem Hong Kong (Group) Company Limited is a private company established in Hong Kong in 1989. The company operates in the chemical and petrochemical sectors.

      DAIKIN INDUSTRIES, LTD.

      Daikin Industries, Ltd. is a Japanese public company founded in 1924 with 104,095 employees. The company is a global leader in air conditioning, refrigeration, and chemical products.

      ORBIA ADVANCE CORPORATION, S.A.B. DE C.V.

      Orbia Advance Corporation, S.A.B. de C.V. is a Mexican public company established in 1953 with 22,683 employees. The company manufactures and distributes specialty chemicals, polymers, and building solutions.

      AGC INC.

      AGC Inc. is a U.S. public company founded in 1990 with 22,000 employees. The company operates in the specialty chemicals and materials sector.

      SRF LIMITED

      SRF Limited is an Indian public company founded in 1970 with 7,686 employees. The company manufactures specialty chemicals, fluorochemicals, and polymer films.

      GUJARAT FLUOROCHEMICALS LIMITED

      Gujarat Fluorochemicals Limited is an Indian public company established in 1987 with 3,405 employees. The company produces fluorochemicals and related specialty chemicals.

      NAVIN FLUORINE INTERNATIONAL LIMITED

      Navin Fluorine International Limited is an Indian public company founded in 1967 with 1,569 employees. The company manufactures fluorochemicals and specialty chemicals.

      Reasons to Buy this Report

      • Market Size & Growth Trajectory : Access precise valuation data for China's refrigerants market with detailed CAGR analysis, enabling accurate financial forecasting and investment planning for the 2024-2029 period.
      • Competitive Intelligence : Understand China-specific market dynamics, regional demand patterns, and competitive landscape to identify opportunities and benchmark performance against local and international players.
      • Sector-Specific Insights : Gain detailed analysis of HVAC, commercial refrigeration, and industrial cooling segments within China, with actionable insights for product development and market positioning.
      • Regulatory & Compliance Framework : Navigate China's evolving environmental regulations and energy efficiency standards with market intelligence that addresses compliance requirements and sustainability trends.
      • Strategic Expansion Planning : Leverage China-focused market data to develop go-to-market strategies, identify high-growth regions, and prioritize investment decisions in Asia's largest refrigerants market.

      Frequently asked questions

      What is the current size of China's refrigerants market?

      China's refrigerants market was valued at USD 1,658.32 million in 2024 and is projected to reach USD 2,303.81 million by 2029.

      What is the expected growth rate for China's refrigerants market?

      China's refrigerants market is expected to grow at a compound annual growth rate (CAGR) of 6.8% from 2024 to 2029.

      What are the main drivers of growth in China's refrigerants market?

      Key drivers include rapid urbanization, industrial expansion, rising living standards, HVAC system upgrades, and the transition to environmentally friendly low-GWP refrigerants in compliance with regulatory mandates.

      How are environmental regulations impacting China's refrigerants market?

      China's stringent environmental regulations and phase-out of ozone-depleting substances are accelerating the adoption of sustainable, low-GWP refrigerant alternatives and driving innovation in the market.

      Which sectors are driving refrigerant demand in China?

      Primary demand comes from residential HVAC systems, commercial refrigeration, industrial cooling applications, and the construction sector, all supported by China's urbanization and manufacturing growth.

      RESEARCH METHODOLOGY

      The study involved four major activities in estimating the market size for refrigerants. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Post that, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.

      Secondary Research

      Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold standard & silver standard websites such as Factiva, ICIS, Bloomberg, and others. The findings of this study were verified through primary research by conducting extensive interviews with key officials such as CEOs, VPs, directors, and other executives. The breakdown of profiles of the primary interviewees is illustrated in the figure below:

      Primary Research

      The Refrigerants market comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the automotive, medical, construction and others. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative informations.

      Breakdown of Primary Participants

      Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2023 available in the public domain, product portfolios, and geographical presence.

      Other designations include consultants and sales, marketing, and procurement managers.

      Refrigerants Market

      To know about the assumptions considered for the study, download the pdf brochure

      COMPANY NAME DESIGNATION
      Honeywell International Inc. Director of Marketing
      The Chemours Company Manager- Sales & Marketing
      The Linde Group Sales Manager
      Arkema Production Manager

      Market Size Estimation

      Both top-down and bottom-up approaches were used to estimate and validate the total size of the Refrigerants market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

      • The key players in the industry have been identified through extensive secondary research.
      • The supply chain of the industry has been determined through primary and secondary research.
      • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
      • All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.

      Refrigerants Market: Top-Down Approach

      Refrigerants Market

      Data Triangulation

      After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the refrigerants industry.

      Market Definition

      According to the International Institute of Refrigeration, refrigerants are cooling mediums that absorb heat at low temperatures and pressure and release heat at high temperatures and pressure. Fluorocarbons are the most widely used refrigerants in equipment, such as refrigerators and air conditioners. However, due to their high ozone depleting potential (ODP) and global warming potential (GWP), they are being replaced by greener refrigerants such as propane, isobutane, ammonia, and carbon dioxide, among others, such as water and propene.

      Stakeholders

      • Refrigerants Manufacturers
      • Refrigerants Traders, Distributors, and Suppliers
      • End-use Market Participants of Different Segments of Refrigerants
      • Government and Research Organizations
      • Associations and Industrial Bodies
      • Research and Consulting Firms
      • R&D Institutions
      • Environment Support Agencies
      • Investment Banks and Private Equity Firms

      Report Objectives

      • To define, describe, and forecast the refrigerants market in terms of value and volume
      • To provide detailed information regarding the drivers, opportunities, restraints, and challenges influencing market growth
      • To estimate and forecast the market size by type, application, and region
      • To forecast the size of the market for five main regions: Europe, North America, Asia Pacific, South America, and the Middle East & Africa, along with their key countries
      • To strategically analyze micromarkets1 with respect to their growth trends, prospects, and contribution to the overall market
      • To analyze opportunities in the market for stakeholders and provide a competitive landscape for market leaders
      • To analyze competitive developments, such as deals and expansions, in the market
      • To analyze the impact of the recession on the market
      • To strategically profile key players and comprehensively analyze their growth strategies

       

      Get the Full Refrigerants Market Report

      Full forecast, segment splits, and company analysis for all Refrigerants Market.

      Download Sample Pages Buy Report

      METHODOLOGY

      Need a Tailored Report?

      Customize this report to your needs

      Get 10% FREE Customization

      Customize This Report
      Fact checked
      Cite this Research
      DMCA.com Protection Status