China Refrigerants Market (2024-2029)
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 positioned for sustained expansion through 2029, fueled by the country's continued economic development and infrastructure investments.
| 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 the country modernizes its infrastructure and adopts energy-efficient cooling technologies. The Chinese refrigerants market is growing at a compound annual growth rate (CAGR) of 6.8% through the forecast period, outpacing global averages.
- China's regulatory environment, including phase-out mandates for ozone-depleting substances and transition toward low-global-warming-potential (GWP) alternatives, is reshaping China's refrigerant landscape.
- China's position as a global manufacturing hub and its commitment to environmental compliance are positioning the country as a critical market for next-generation refrigerant solutions. China's refrigerants market benefits from strong domestic consumption, technological innovation, and increasing investments in cold chain logistics and food preservation infrastructure.
- China's competitive pricing and production capacity make it a strategic hub for both regional and global refrigerant supply chains..
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 & Growth :
China's refrigerants market reached USD 1,658.32 million in 2024 with a robust CAGR of 6.8%, outpacing the global growth rate of 6.5% and demonstrating strong regional momentum.
Urbanization & Living Standards :
Rapid urbanization and rising living standards across China are driving accelerating demand for HVAC systems, commercial refrigeration, and industrial cooling applications in residential and commercial sectors.
Manufacturing & Construction Boom :
China's thriving manufacturing sector and construction boom are creating substantial opportunities for refrigerant adoption in industrial cooling, cold chain logistics, and new building infrastructure projects.
Forecast Expansion :
The market is projected to expand to USD 2,303.81 million by 2029, representing significant growth potential driven by regulatory compliance, technological advancement, and increased industrial capacity.
China Refrigerants Market Dynamics
- The growing middle class and urbanization trends are accelerating demand for modern HVAC and refrigeration systems in both residential and commercial applications.
- Additionally, China's role as a global manufacturing hub ensures consistent demand for industrial cooling solutions across diverse sectors. Regulatory shifts toward environmentally-friendly refrigerants and the phase-out of ozone-depleting substances present both challenges and opportunities for market participants.
- Companies investing in low-GWP and HFC-free alternatives will capture significant market share as compliance requirements tighten.
- The integration of smart cooling technologies and energy-efficient systems will further drive market growth and innovation across China's refrigerants landscape..
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
- China's refrigerants market is valued at USD 1,658.32 million in 2024 and is forecast to reach USD 2,303.81 million by 2029, representing a 6.8% CAGR.
- China's rapid urbanization, construction growth, and HVAC demand are primary drivers of refrigerant market expansion through 2029.
- China's regulatory shift toward low-GWP refrigerants and phase-out of ozone-depleting substances is accelerating adoption of environmentally compliant alternatives.
- China's role as a global manufacturing and cold chain logistics hub positions the country as a strategic market for refrigerant innovation and supply.
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 |
China 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 & Suppliers : Need detailed China market data to assess market size, growth potential, and competitive positioning for product development, pricing strategies, and distribution channel optimization.
- HVAC & Cooling Equipment Manufacturers : Require China-specific refrigerant demand forecasts and application insights to align product portfolios, supply chain planning, and market expansion initiatives with regional growth trends.
- Investment & Private Equity Firms : Seek validated market intelligence on China's refrigerants sector to evaluate investment opportunities, assess portfolio company growth potential, and identify acquisition targets.
- Regulatory & Compliance Consultants : Need comprehensive China market analysis to advise clients on regulatory requirements, environmental compliance, and market adaptation strategies for refrigerant products.
- Strategic Business Planners & Consultants : Require China market forecasts and trend analysis to develop client strategies, support market entry planning, and identify growth opportunities in the refrigerants industry.
Key Companies in the China 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
- Precise Market Sizing for China : Access validated market data specific to China with exact valuations (USD 1,658.32M in 2024) and forecasts through 2029, enabling accurate business planning and investment decisions.
- Growth Opportunity Identification : Understand China's 6.8% CAGR and identify high-growth segments within HVAC, commercial refrigeration, and industrial cooling to prioritize market entry and expansion strategies.
- Competitive Landscape Intelligence : Gain insights into China-specific market dynamics, regulatory environment, and competitive positioning to develop targeted go-to-market strategies and competitive advantages.
- Regulatory & Compliance Guidance : Navigate China's evolving refrigerant regulations, HFC phase-out requirements, and environmental compliance standards to ensure product alignment and market readiness.
- Strategic Investment Planning : Leverage comprehensive China market analysis to support capital allocation decisions, partnership development, and long-term strategic planning in the refrigerants sector.
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 expected to grow to USD 2,303.81 million by 2029.
What is the projected growth rate for China's refrigerants market?
China's refrigerants market is projected 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, expanding HVAC systems, commercial refrigeration demand, cold chain logistics development, and regulatory compliance with low-GWP refrigerant standards.
How is China's regulatory environment affecting the refrigerants market?
China's phase-out mandates for ozone-depleting substances and transition toward low-global-warming-potential alternatives are accelerating adoption of environmentally compliant refrigerant solutions.
What role does China play in the global refrigerants supply chain?
China is a critical global manufacturing hub for refrigerants, leveraging competitive pricing, production capacity, and strategic positioning in regional and international supply chains.
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.
- 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
- 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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