Mexico Refrigerants Market (2024-2029)
The Mexico Refrigerants Market was valued at $162.7 Million in 2024 and projected to reach to $222.4 Million by 2029, representing a compound annual growth rate of 6.45%. Mexico's refrigerants market is positioned for steady growth through 2029, driven by escalating cooling demands from climate change, urbanization, and industrial expansion.
| Market Size in | USD 26.32 MN |
| Market Forecast in | |
| CAGR | |
| Forecast Period | |
| Units Considered | Value (USD MN) |
Mexico Refrigerants Market Trends and Insights
- This growth trajectory reflects Mexico's increasing demand for cooling solutions across commercial, industrial, and residential sectors, driven by rising temperatures and expanding infrastructure development.
- Mexico's refrigerants market is supported by regulatory compliance with environmental standards and the gradual phase-out of ozone-depleting substances, which is accelerating adoption of low-GWP alternatives. The Mexican refrigerants sector is benefiting from robust activity in the construction and HVAC industries, alongside growing cold chain logistics for food and pharmaceutical distribution.
- Mexico's strategic position as a manufacturing hub and its proximity to North American markets further enhance demand for efficient refrigeration systems.
- Between 2024 and 2029, Mexico's refrigerants market will witness increased investment in sustainable cooling technologies and compliance-driven product transitions..
Key Market Statistics
- CAGR (2024-2029) 6.45% CAGR
- Market Size, 2024 ~USD 162.7 Million
- Forecast, 2029 ~USD 222.4 Million
- Country Mexico
Mexico Refrigerants Market Overview
Market Valuation :
Mexico's refrigerants market is valued at USD 162.7 million in 2024, with a projected expansion to USD 222.4 million by 2029, representing a robust 6.45% CAGR.
Climate-Driven Demand :
Rising temperatures across Mexico are accelerating demand for cooling solutions in commercial, industrial, and residential sectors, particularly in northern and central regions experiencing extreme heat.
Infrastructure Expansion :
Mexico's ongoing infrastructure development, including retail expansion, manufacturing facilities, and residential construction, is driving increased adoption of refrigeration systems and refrigerant products.
Regulatory Compliance :
Mexico's alignment with international environmental standards and phase-out of ozone-depleting substances is creating opportunities for eco-friendly refrigerant alternatives and sustainable cooling solutions.
Mexico Refrigerants Market Dynamics
- The country's growing middle class and increased consumer spending on air conditioning and refrigeration appliances are key growth catalysts.
- Additionally, Mexico's manufacturing sector, particularly food processing and pharmaceuticals, requires reliable refrigeration systems, further supporting market expansion.
- Regulatory shifts toward low-GWP and zero-ODP refrigerants present opportunities for innovation and market differentiation among suppliers..
Related Ecosystem
Industrial Gases
- Dry Cooling Tower
- HVAC System
- Heat Exchanger
- Hybrid Cooling Tower
- Industrial Refrigeration
- Linde plc
- Air Products and Chemicals, Inc.
- MESSER GROUP GMBH
- AIR LIQUIDE
- Iwatani Corporation
Mining Minerals And Metals
- Wastewater Treatment
- Fiberglass
- Light Commercial Vehicles (LCVs)
- Nitrogen
- Acetic Acid
- LHOIST S.A
- SEVERSTAL JSC
- ArcelorMittal S.A.
- TW METALS, INC.
- Linde plc
Key Takeaways
- Mexico's refrigerants market is valued at USD 162.7 million in 2024 and will grow to USD 222.4 million by 2029, representing a 6.45% CAGR.
- Mexico's regulatory environment is driving the transition from high-GWP to low-GWP refrigerants, aligning with international environmental standards.
- Mexico's construction, HVAC, and cold chain sectors are primary growth drivers for refrigerants demand through 2029.
- Mexico's position as a North American manufacturing and logistics hub creates sustained demand for industrial cooling solutions.
Refrigerants Market Report Scope
| Report Metric | Details |
|---|---|
| Base Year | 2024 |
| Fastest Growing Segment | HFO (Type) |
| Forecast Period | 2024–2029 |
| Growth Rate | CAGR of 6.5% from 2024 to 2029 |
| Largest Segment | HFC & BLENDS (Type) |
| Market Size Base Year (Billions) | ~USD 6.98 (2024) |
| Revenue Forecast (Billions) | ~USD 9.56 (2029) |
| Segments Covered | Type, Application |
Mexico Refrigerants Market Report Segmentation
2 segment dimensions are covered across the global market.
By Type
- Ammonia
- Carbon Dioxide
- Hfc & Blends
- 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
Target Audience
- HVAC & Refrigeration Manufacturers : Manufacturers need Mexico-specific market data to assess demand for cooling systems, plan production capacity, and identify growth opportunities in commercial and residential segments across the country.
- Refrigerant Suppliers & Distributors : Suppliers require detailed market insights to optimize inventory management, forecast demand by region, and develop distribution strategies aligned with Mexico's growing cooling solution requirements.
- Industrial & Commercial Operators : Food processing, pharmaceutical, and retail companies need market intelligence to evaluate refrigeration investments, understand cost trends, and plan equipment upgrades in Mexico's expanding industrial base.
- Environmental & Regulatory Consultants : Consultants advising on compliance need Mexico-specific data on refrigerant regulations, phase-out timelines, and sustainable alternatives to guide clients through local environmental requirements.
- Investment & Strategy Firms : Investors and strategic planners need validated Mexico market data to evaluate acquisition targets, assess growth potential, and make informed decisions about refrigerants sector investments in Latin America.
Key Companies in the Mexico Refrigerants Market
| Company | HQ | Ownership | Strongest segments |
|---|---|---|---|
| AIRGAS INC | United States | Private Company | HFC & Blends,HFO,Isobutane, |
| TRANE TECHNOLOGIES PLC | Ireland | Public Company | Air Conditioning System,Chillers,Refrigeration System, |
| CARRIER GLOBAL CORPORATION | United States | Public Company | HFC & Blends,HFO,Isobutane & Propane, |
| ARKEMA | France | Public Company | HFC & Blends,HFO,Isobutane & Propane, |
| DONGYUE GROUP LIMITED | China | Public Company | HFC & Blends,HFO,Isobutane, |
| HONEYWELL INTERNATIONAL INC. | United States | Public Company | HFC & Blends,HFO,Isobutane & Propane, |
| THE CHEMOURS COMPANY | United States | Public Company | HFC & Blends,HFO,Isobutane, |
| LINDE PLC | United Kingdom | Public Company | HFC & Blends,HFO,Isobutane, |
| SINOCHEM HONG KONG (GROUP) COMPANY LIMITED | Hong Kong | Private Company | HFC & Blends,HFO,Isobutane, |
| DAIKIN INDUSTRIES, LTD. | Japan | Public Company | HFC & Blends,HFO,Isobutane, |
| ORBIA ADVANCE CORPORATION, S.A.B. DE C.V. | Mexico | Public Company | HFC & Blends,HFO,Isobutane & Propane, |
| AGC INC. | United States | Public Company | HFC & Blends,HFO,Isobutane, |
| SRF LIMITED | India | Public Company | HFC & Blends,HFO,Isobutane, |
| GUJARAT FLUOROCHEMICALS LIMITED | India | Public Company | HFC & Blends,HFO,Isobutane, |
| NAVIN FLUORINE INTERNATIONAL LIMITED | India | Public Company | HFC & 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-Specific Sizing : Access precise valuation data for Mexico's refrigerants market with verified 2024 baseline (USD 162.7M) and 2029 forecasts, enabling accurate budget allocation and revenue projections for regional operations.
- Growth Trajectory Insights : Understand Mexico's 6.45% CAGR performance relative to global 6.5% growth, identifying competitive positioning and market maturity levels to optimize entry or expansion strategies in this specific geography.
- Sector-Specific Demand Drivers : Gain detailed intelligence on Mexico's unique demand catalysts including climate patterns, infrastructure projects, and industrial sector growth to tailor product offerings and marketing strategies effectively.
- Regulatory & Compliance Framework : Leverage Mexico-specific insights on environmental regulations, refrigerant phase-outs, and compliance requirements to ensure products meet local standards and capitalize on the shift toward sustainable alternatives.
- Competitive Landscape Analysis : Identify key competitors, market gaps, and opportunities specific to Mexico's refrigerants sector to develop targeted go-to-market strategies and establish competitive advantages in this growing market.
Frequently asked questions
What is the current size of Mexico's refrigerants market?
Mexico's refrigerants market was valued at USD 162.7 million in 2024 and is expected to reach USD 222.4 million by 2029.
What is the projected growth rate for Mexico's refrigerants market?
Mexico's refrigerants market is projected to grow at a compound annual growth rate (CAGR) of 6.45% from 2024 to 2029.
Which sectors drive demand in Mexico's refrigerants market?
Mexico's refrigerants market is driven by the construction, HVAC, commercial refrigeration, and cold chain logistics sectors.
What regulatory factors influence Mexico's refrigerants market?
Mexico's refrigerants market is shaped by environmental regulations requiring the phase-out of ozone-depleting substances and adoption of low-GWP alternatives.
How does Mexico's geographic position affect its refrigerants market?
Mexico's strategic location as a North American manufacturing and logistics hub increases demand for industrial cooling and refrigeration solutions.
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.
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
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.
- China Refrigerants Market
- India Refrigerants Market
- Japan Refrigerants Market
- South Korea Refrigerants Market
- Indonesia Refrigerants Market
- Thailand Refrigerants Market
- Malaysia Refrigerants Market
- Australia Refrigerants Market
- Canada Refrigerants Market
- US Refrigerants Market
- Germany Refrigerants Market
- Russia Refrigerants Market
- Italy Refrigerants Market
- France Refrigerants Market
- UK Refrigerants Market
- Turkey Refrigerants Market
- Spain Refrigerants Market
- Saudi Arabia Refrigerants Market
- UAE Refrigerants Market
- Iran Refrigerants Market
- South Africa Refrigerants Market
- Brazil Refrigerants Market
- Argentina Refrigerants Market
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