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Part of: Refrigerants Market (Global)

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 positioned for robust growth, driven by accelerating urbanization, rising disposable incomes, and expanding commercial infrastructure.

Thailand Refrigerants Market (2024-2029) : Size and Share
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Market Size in USD 26.32 MN
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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 partnerships. Thailand's market dynamics are shaped by infrastructure development, rising consumer spending, and the country's strategic importance in regional supply chains.
  • The forecast period through 2029 positions Thailand as a growth market with significant opportunities for both established players and new entrants in the refrigerants industry..

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 & Cooling Demand :

Rising urbanization in Thailand is driving increased demand for air conditioning and cooling systems across residential, commercial, and industrial sectors, fueling refrigerant consumption.

Climate & Temperature Factors :

Thailand's tropical climate with consistently high temperatures creates sustained demand for refrigeration and air conditioning solutions, supporting steady market growth.

Industrial & Commercial Expansion :

Growing manufacturing, retail, and hospitality sectors in Thailand are expanding the adoption of advanced cooling technologies and refrigerant systems across multiple applications.

Thailand Refrigerants Market Dynamics

  • The country's tropical climate necessitates continuous investment in cooling and air conditioning systems across residential, commercial, and industrial segments.
  • With a CAGR of 6.58%, the market reflects strong demand fundamentals supported by Thailand's economic development and increasing adoption of modern cooling technologies.
  • Regulatory shifts toward environmentally-friendly refrigerants and energy-efficient solutions are expected to shape product innovation and market dynamics through 2029..

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

      • Thailand's refrigerants market is valued at USD 78.1 million in 2024 and is forecast to reach USD 107.4 million by 2029, representing a 6.58% CAGR.
      • Thailand is transitioning toward low-GWP refrigerants in compliance with environmental regulations and global sustainability standards.
      • Rising urbanization, infrastructure development, and cold chain expansion are primary growth drivers for Thailand's refrigerants market.
      • Thailand's strategic position in Asia Pacific supply chains positions it as a key regional hub for refrigerants manufacturing and distribution.

      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

      Thailand 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

      THAILAND: REFRIGERANTS MARKET, BY APPLICATION, 2024–2029

      Segment202420252026202720282029CAGR (%)
      AIR CONDITIONING SYSTEMS27.9529.6631.4933.4735.7338.26.45
      CHILLERS3.313.483.673.884.114.365.7
      MOBILE AIR CONDITIONING28.4330.1732.0534.0636.3738.96.47
      REFRIGERATION SYSTEMS18.3919.6320.9822.4324.0925.917.1
      –COMMERCIAL REFRIGERATION9.8810.5611.2912.091313.997.22
      –DOMESTIC REFRIGERATION4.995.375.786.226.737.297.86
      –DUCTED, PACKAGED & ROOFTOP ACS6.456.797.167.568.018.55.69
      –INDUSTRIAL REFRIGERATION3.513.73.94.124.364.635.66
      –SPLIT AC20.5121.8123.2224.7326.4628.366.69
      –VRF0.971.021.091.151.231.316.29
      –WINDOW AC0.020.030.030.030.030.034.25
      TOTAL78.0782.9488.1993.84100.3107.376.58

      Target Audience

      • Refrigerant Manufacturers : Manufacturers need Thailand-specific market data to assess production capacity requirements, identify distribution opportunities, and develop localized product portfolios aligned with regional demand.
      • HVAC & Cooling System Providers : System integrators and equipment providers require market insights to forecast demand for cooling solutions, plan inventory, and tailor offerings to Thailand's commercial and industrial sectors.
      • Investment & Private Equity Firms : Investors evaluating opportunities in Thailand's refrigeration sector need detailed market sizing, growth projections, and competitive landscape analysis to inform investment decisions.
      • Government & Policy Makers : Regulatory bodies and government agencies require market data to develop environmental policies, refrigerant standards, and sustainability initiatives aligned with Thailand's cooling industry growth.
      • Distribution & Logistics Partners : Distributors and supply chain operators need Thailand market forecasts to optimize warehouse locations, inventory management, and logistics networks supporting refrigerant supply chains.

      Key Companies in the Thailand 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 Thailand's refrigerants market (USD 78.1M in 2024) with detailed 5-year forecasts to USD 107.4M, enabling accurate investment and expansion planning.
      • Thailand-Specific Demand Drivers : Understand localized growth factors including urbanization trends, climate conditions, and sector-specific cooling requirements unique to Thailand's market landscape.
      • Competitive Positioning : Benchmark your business against Thailand's market dynamics and identify opportunities within commercial, industrial, and residential refrigeration segments specific to the country.
      • Regulatory & Sustainability Insights : Gain intelligence on Thailand's environmental regulations, refrigerant standards, and the shift toward eco-friendly solutions to align product strategies with local compliance requirements.
      • Strategic Market Entry : Leverage comprehensive Thailand market data to develop targeted go-to-market strategies, identify key customer segments, and optimize resource allocation for market penetration.

      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 expected to grow to USD 107.4 million by 2029.

      What is the projected growth rate for Thailand's refrigerants market?

      Thailand's refrigerants market is projected to grow at a compound annual growth rate (CAGR) of 6.58% from 2024 to 2029.

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

      Key growth drivers in Thailand include rising temperatures, rapid urbanization, expansion of cold chain logistics, food processing industry growth, and increasing adoption of air conditioning in commercial and residential sectors.

      How is Thailand's refrigerants market responding to environmental regulations?

      Thailand's refrigerants market is transitioning toward low-GWP alternatives and environmentally compliant refrigerants in alignment with global sustainability standards and local regulatory frameworks.

      What is Thailand's role in the Asia Pacific refrigerants market?

      Thailand serves as a strategic hub in Asia Pacific for refrigerants manufacturing, distribution, and regional supply chain management due to its industrial base and geographic position.

      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

       

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