South Korea Refrigerants Market (2024-2029)
The South Korea Refrigerants Market was valued at $192.9 Million in 2024 and projected to reach to $258.6 Million by 2029, representing a compound annual growth rate of 6.03%. South Korea's refrigerants market is positioned for consistent expansion, supported by the country's strong manufacturing infrastructure and increasing investments in energy-efficient cooling technologies.
| Market Size in | USD 26.32 MN |
| Market Forecast in | |
| CAGR | |
| Forecast Period | |
| Units Considered | Value (USD MN) |
South Korea Refrigerants Market Trends and Insights
- This growth trajectory reflects South Korea's robust industrial base and increasing demand across cooling and air conditioning applications in the packaging, construction, and manufacturing sectors.
- South Korea's commitment to environmental regulations and the phase-out of ozone-depleting substances continues to drive adoption of advanced refrigerant technologies. The South Korea refrigerants market is supported by the country's strong HVAC and refrigeration infrastructure, coupled with rising consumer demand for energy-efficient cooling solutions.
- South Korea's manufacturing sector, particularly in electronics and food processing, relies heavily on reliable refrigeration systems, creating sustained demand for high-performance refrigerants.
- Between 2024 and 2029, South Korea is expected to see accelerated adoption of low-GWP (Global Warming Potential) refrigerants as regulatory frameworks tighten and industrial operators seek sustainable alternatives..
Key Market Statistics
- CAGR (2024-2029) 6.03% CAGR
- Market Size, 2024 ~USD 192.9 Million
- Forecast, 2029 ~USD 258.6 Million
- Country South Korea
South Korea Refrigerants Market Overview
Market Valuation :
South Korea's refrigerants market is valued at USD 192.9 million in 2024, with a projected CAGR of 6.03% through 2029, reaching USD 258.6 million by forecast end.
Industrial Growth Driver :
South Korea's advanced manufacturing sector and robust industrial base are driving steady demand for refrigerants across cooling, air conditioning, and process cooling applications.
Regulatory Environment :
South Korea's commitment to environmental sustainability and compliance with international refrigerant phase-out regulations is reshaping product portfolios toward eco-friendly alternatives.
Sector Applications :
Key demand originates from construction, packaging, electronics manufacturing, and food processing industries, where climate control and thermal management are critical operational requirements.
South Korea Refrigerants Market Dynamics
- The market's 6.03% CAGR reflects growing demand from construction projects, industrial facilities, and commercial HVAC systems across the nation.
- South Korea's proactive approach to environmental regulations and the transition toward low-GWP refrigerants will create opportunities for innovative product development and market differentiation.
- The forecast period through 2029 indicates sustained growth momentum, driven by modernization of existing cooling systems, expansion of cold chain logistics, and rising consumer demand for advanced air conditioning solutions in residential and commercial sectors..
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
- South Korea's refrigerants market is valued at USD 192.9 million in 2024 and is forecast to reach USD 258.6 million by 2029, representing a 6.03% CAGR.
- South Korea's strong manufacturing and industrial base, particularly in electronics and food processing, drives consistent demand for refrigeration solutions.
- Environmental regulations and the phase-out of ozone-depleting substances are accelerating South Korea's transition to low-GWP refrigerants.
- South Korea's focus on energy efficiency and sustainability is creating opportunities for advanced refrigerant technologies in HVAC and commercial cooling applications.
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 |
South Korea 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
- Refrigerant Manufacturers : Manufacturers need South Korea-specific market data to optimize production capacity, develop compliant product formulations, and identify growth segments within the country's industrial cooling sector.
- HVAC & Cooling System Providers : System integrators and equipment manufacturers require detailed market insights to forecast demand, align product offerings with South Korean regulatory requirements, and capture market share in this growing economy.
- Distribution & Supply Chain Partners : Distributors and logistics providers need market sizing and growth projections to optimize inventory management, plan warehouse expansion, and identify high-demand regions across South Korea.
- Industrial & Commercial End-Users : Facility managers and procurement teams use market intelligence to benchmark refrigerant costs, evaluate supplier options, and plan equipment upgrades aligned with South Korea's sustainability initiatives.
- Investment & Strategy Consultants : Investors and business strategists require comprehensive South Korea market data to assess investment opportunities, evaluate market entry strategies, and support M&A decisions in the refrigerants sector.
Key Companies in the South Korea 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 & Forecasts : Access precise valuation data for South Korea's refrigerants market (USD 192.9M in 2024) with detailed 5-year forecasts, enabling accurate budget allocation and revenue projections for regional operations.
- Regulatory & Compliance Insights : Understand South Korea's environmental regulations and refrigerant phase-out timelines, critical for product development strategies and ensuring compliance with local and international standards.
- Sector-Specific Demand Analysis : Identify growth opportunities across South Korea's construction, manufacturing, packaging, and food processing sectors with tailored insights into application-specific refrigerant requirements.
- Competitive Landscape Intelligence : Gain actionable intelligence on market dynamics, key players, and competitive positioning within South Korea's refrigerants sector to inform strategic planning and market entry decisions.
- Investment & Expansion Planning : Leverage comprehensive market data to evaluate expansion opportunities, assess market attractiveness, and make informed decisions on manufacturing facilities, distribution networks, and product portfolios in South Korea.
Frequently asked questions
What is the current size of South Korea's refrigerants market?
South Korea's refrigerants market was valued at USD 192.9 million in 2024 and is expected to grow to USD 258.6 million by 2029.
What is the projected growth rate for South Korea's refrigerants market?
South Korea's refrigerants market is projected to grow at a CAGR of 6.03% from 2024 to 2029.
Which industries drive demand for refrigerants in South Korea?
South Korea's packaging, construction, mining, and manufacturing sectors—particularly electronics and food processing—are primary drivers of refrigerant demand.
What regulatory trends are shaping South Korea's refrigerants market?
South Korea is implementing stricter environmental regulations and phasing out ozone-depleting substances, accelerating the adoption of low-GWP refrigerants.
What types of refrigerants are gaining traction in South Korea?
Low-GWP and energy-efficient refrigerants are gaining traction in South Korea as manufacturers and operators seek sustainable cooling 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
- Indonesia Refrigerants Market
- Thailand Refrigerants Market
- Malaysia Refrigerants Market
- Australia Refrigerants Market
- Canada Refrigerants Market
- Mexico 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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