Overview Request Sample Pages Request Customization Download PDF
You are viewing: Mexico Refrigerants Market analysis
Part of: Refrigerants Market (Global)

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 sustained growth through 2029, driven by climatic pressures and rapid urbanization across major metropolitan areas.

Mexico Refrigerants Market (2024-2029) : Size and Share
logo-mobile
CAGR of
cagr-Chart
USD Million
MARKET SNAPSHOT
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 market benefits from the country's strategic position in North America and its growing manufacturing base.
  • Mexico's refrigerants sector is witnessing heightened investment in HVAC systems, cold chain logistics, and food preservation applications.
  • Mexico's market dynamics are shaped by both domestic consumption patterns and cross-border trade with the United States and Canada, positioning the country as a key regional hub for refrigerant distribution and innovation..

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 CAGR of 6.45% through 2029, reaching USD 222.4 million by forecast end.

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 compliant solutions.

Mexico Refrigerants Market Dynamics

  • The country's expanding commercial sector, including retail chains, food processing, and cold storage facilities, continues to fuel demand for advanced cooling technologies.
  • Additionally, Mexico's manufacturing base and industrial operations require reliable refrigeration systems, supporting market expansion.
  • Government initiatives promoting energy efficiency and environmental compliance are encouraging adoption of next-generation refrigerants.
  • The market's 6.45% CAGR reflects Mexico's strategic importance in North America's cooling solutions landscape, with opportunities emerging in both replacement demand and new installations across diverse end-user segments..

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

      • 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 market growth is driven by expanding HVAC demand, cold chain infrastructure, and regulatory shifts toward environmentally friendly refrigerants.
      • Mexico's strategic North American location and manufacturing capabilities position it as a critical distribution and production hub for refrigerants.
      • Mexico's refrigerants sector is transitioning toward low-GWP alternatives due to environmental regulations and international compliance requirements.

      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

      Mexico 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

      MEXICO: REFRIGERANTS MARKET, BY APPLICATION, 2024–2029

      Segment202420252026202720282029CAGR (%)
      AIR CONDITIONING SYSTEMS23.0424.3625.8527.5229.4231.526.48
      CHILLERS3.663.854.084.324.614.926.11
      MOBILE AIR CONDITIONING30.1131.9534.0136.3338.9741.96.83
      REFRIGERATION SYSTEMS105.91111.86118.52126.04134.56144.026.34
      –COMMERCIAL REFRIGERATION47.0149.8252.9856.5360.5565.026.7
      –DOMESTIC REFRIGERATION10.9911.812.7113.7314.916.28.06
      –DUCTED, PACKAGED & ROOFTOP ACS9.449.8810.3710.9211.5512.245.34
      –INDUSTRIAL REFRIGERATION47.950.2352.8455.7859.1262.85.56
      –SPLIT AC10.8111.5612.413.3514.4315.637.65
      –VRF0.510.540.570.60.640.696.11
      –WINDOW AC2.282.382.52.642.82.975.45
      TOTAL162.71172.02182.45194.22207.56222.366.45

      Target Audience

      • Refrigerant Manufacturers : Manufacturers need Mexico-specific market data to assess production capacity requirements, distribution channel strategies, and competitive positioning in this growing 6.45% CAGR market.
      • HVAC & Cooling Equipment Suppliers : Equipment suppliers require detailed demand forecasts and sector analysis to align product portfolios, optimize inventory, and identify high-potential customer segments across Mexico.
      • Distribution & Logistics Companies : Distributors need market size validation and growth projections to plan warehouse locations, supply chain infrastructure, and partnership strategies for Mexico's expanding refrigerants sector.
      • Environmental & Compliance Consultants : Consultants require Mexico-specific regulatory insights and market trends to advise clients on refrigerant transitions, compliance timelines, and sustainable cooling solution adoption.
      • Investment & Private Equity Firms : Investors need validated market data, growth trajectories, and sector dynamics to evaluate acquisition targets, portfolio companies, and expansion opportunities in Mexico's refrigerants industry.

      Key Companies in the Mexico 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 Validation : Obtain precise valuation data for Mexico's refrigerants market (USD 162.7M in 2024) with verified CAGR projections through 2029, enabling accurate business planning and investment decisions.
      • Competitive Landscape Intelligence : Understand Mexico-specific market dynamics, regional demand patterns, and competitive positioning to identify growth opportunities and develop targeted market entry or expansion strategies.
      • Regulatory & Compliance Insights : Access detailed analysis of Mexico's environmental regulations, refrigerant phase-out timelines, and compliance requirements to ensure product alignment and avoid market access barriers.
      • Sector-Specific Demand Analysis : Gain insights into refrigerant demand across Mexico's commercial, industrial, and residential sectors, identifying high-growth segments and customer segments for targeted marketing.
      • Strategic Investment Planning : Leverage Mexico market forecasts and growth drivers to support investment decisions, partnership evaluations, and resource allocation for manufacturing, distribution, or service operations.

      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.

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

      Mexico's refrigerants market growth is driven by increasing HVAC system adoption, expanding cold chain logistics, rising temperatures, infrastructure development, and regulatory compliance with environmental standards.

      Which applications dominate Mexico's refrigerants market?

      Mexico's refrigerants market is dominated by commercial air conditioning, industrial cooling, food preservation, and cold storage applications across various sectors.

      How are environmental regulations affecting Mexico's refrigerants market?

      Mexico's refrigerants market is experiencing a shift toward low-GWP alternatives due to ozone-depleting substance phase-outs and international environmental compliance requirements.

      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

       

      Get the Full Refrigerants Market Report

      Full forecast, segment splits, and company analysis for all Refrigerants Market.

      Download Sample Pages Buy Report

      METHODOLOGY

      Need a Tailored Report?

      Customize this report to your needs

      Get 10% FREE Customization

      Customize This Report
      Fact checked
      Cite this Research
      DMCA.com Protection Status