Thailand Refrigerants Market (2024-2029)
The Thailand Refrigerants Market was valued at $78.1 Million in 2024 and projected to reach to $107.4 Million by 2029, representing a compound annual growth rate of 6.58%. Thailand's refrigerants market is poised for sustained growth through 2029, driven by increasing cooling demands from urbanization, rising ambient temperatures, and industrial expansion.
| Market Size in | USD 26.32 MN |
| Market Forecast in | |
| CAGR | |
| Forecast Period | |
| Units Considered | Value (USD MN) |
Thailand Refrigerants Market Trends and Insights
- This growth trajectory reflects Thailand's increasing demand across cooling and air conditioning applications in both commercial and industrial sectors.
- Thailand's market expansion is driven by rising temperatures, urbanization, and growing adoption of refrigeration in food processing and cold chain logistics. The refrigerants sector in Thailand is transitioning toward environmentally compliant alternatives as regulatory frameworks align with global sustainability standards.
- Thailand's manufacturing base and regional trade position strengthen its role as a key refrigerants hub in Asia Pacific.
- Between 2024 and 2029, Thailand is expected to see accelerated adoption of low-GWP (Global Warming Potential) refrigerants, supported by government initiatives and industry investments in green cooling technologies..
Key Market Statistics
- CAGR (2024-2029) 6.58% CAGR
- Market Size, 2024 ~USD 78.1 Million
- Forecast, 2029 ~USD 107.4 Million
- Country Thailand
Thailand Refrigerants Market Overview
Market Valuation :
Thailand's refrigerants market is valued at USD 78.1 million in 2024, with a projected CAGR of 6.58% through 2029, reaching USD 107.4 million by forecast end.
Urbanization & Climate Drivers :
Rising temperatures and rapid urbanization in Thailand are accelerating demand for cooling and air conditioning solutions across residential, commercial, and industrial sectors.
Sector Growth :
Thailand's refrigerants market is expanding significantly in commercial HVAC, industrial cooling, and retail refrigeration applications, driven by infrastructure development and modernization.
Regional Position :
Thailand represents a key growth market in Southeast Asia for refrigerants, with steady expansion outpacing global average growth rates and attracting regional investment.
Thailand Refrigerants Market Dynamics
- The country's growing middle class and retail sector development are fueling adoption of modern air conditioning and refrigeration systems across commercial establishments and residential complexes.
- Government infrastructure projects and manufacturing facility expansions further support market expansion.
- Regulatory shifts toward environmentally-friendly refrigerants and energy-efficient cooling solutions are reshaping product portfolios, creating opportunities for innovation and market differentiation.
- Thailand's strategic position as a manufacturing hub in Southeast Asia positions it as a critical market for refrigerant suppliers and HVAC equipment manufacturers seeking regional growth..
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
- Thailand's refrigerants market is valued at USD 78.1 million in 2024 and will grow to USD 107.4 million by 2029, representing a 6.58% CAGR.
- Thailand is shifting toward low-GWP and environmentally compliant refrigerants in response to regulatory pressures and sustainability commitments.
- Thailand's growing food processing and cold chain logistics sectors are primary demand drivers for refrigeration solutions.
- Thailand's strategic position in Asia Pacific manufacturing and trade enhances its competitiveness in the regional refrigerants market.
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 |
Thailand 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 Equipment Manufacturers : Manufacturers need Thailand-specific market data to assess demand for cooling systems, plan production capacity, and develop localized product offerings for commercial and industrial clients.
- Refrigerant Suppliers & Distributors : Suppliers require detailed market insights to optimize inventory, identify growth segments, understand regulatory compliance requirements, and establish effective distribution channels in Thailand.
- Investment & Private Equity Firms : Investors need comprehensive market analysis to evaluate acquisition targets, assess growth potential, and make informed capital allocation decisions in Thailand's refrigerants sector.
- Industrial & Commercial Facility Operators : Facility managers and operators need market intelligence to benchmark cooling system costs, evaluate refrigerant options, and plan equipment upgrades aligned with regulatory changes.
- Market Research & Consulting Professionals : Analysts and consultants require Thailand-specific data to support client advisory services, competitive benchmarking, and strategic planning in the refrigerants and HVAC industries.
Key Companies in the Thailand 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 Size & Growth Trajectory : Access precise valuation data for Thailand's refrigerants market (USD 78.1M in 2024) with detailed CAGR projections through 2029, enabling accurate investment and expansion planning.
- Sector-Specific Insights : Understand demand patterns across Thailand's commercial HVAC, industrial cooling, and retail refrigeration segments to identify high-potential application areas and customer segments.
- Competitive Landscape Analysis : Gain intelligence on market dynamics, key players, and competitive positioning specific to Thailand's refrigerants sector to inform go-to-market strategies and partnership decisions.
- Regulatory & Sustainability Trends : Stay informed on Thailand's evolving environmental regulations and shift toward eco-friendly refrigerants, enabling compliance-ready product development and market differentiation.
- Regional Growth Opportunity : Leverage Thailand's position as a Southeast Asian manufacturing and commercial hub to identify expansion opportunities and establish regional distribution networks.
Frequently asked questions
What is the current size of Thailand's refrigerants market?
Thailand's refrigerants market was valued at USD 78.1 million in 2024 and is projected to reach USD 107.4 million by 2029.
What is the expected growth rate for Thailand's refrigerants market?
Thailand's refrigerants market is expected to grow at a compound annual growth rate (CAGR) of 6.58% from 2024 to 2029.
Which sectors drive demand for refrigerants in Thailand?
Key demand drivers in Thailand include air conditioning, food processing, cold chain logistics, commercial refrigeration, and industrial cooling applications.
What regulatory changes are affecting Thailand's refrigerants market?
Thailand is transitioning toward low-GWP refrigerants and environmentally compliant alternatives in alignment with global sustainability standards and regional regulations.
Why is Thailand important in the Asia Pacific refrigerants market?
Thailand's manufacturing base, regional trade position, and growing industrial sectors position it as a key refrigerants hub in Asia Pacific.
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
- 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
Need a Tailored Report?
Customize this report to your needs
Get 10% FREE Customization
Customize This Report