In terms of value, the refrigerants market is estimated to grow from USD 6.3 billion in 2022 to USD 9.0 billion by 2028, at a CAGR of 6.4%. The major drivers for this market are the increasing demand for consumer appliances such as refrigeration and air conditioning equipment and the growing cold chain market. Factors such as growth in the organized retail framework, a shift toward horticultural crops, and growth in the processed food sector have also contributed to the demand for refrigerants. Increasing regulations against fluorocarbon refrigerants due to their flammability and toxicity issues restrain the market growth. Owing to the increasing regulations on fluorocarbons, the refrigerants market is likely to witness increased demand for natural refrigerants, which may present an opportunity for the market to grow.
The key players in this market are Arkema S.A. (France), Daikin Industries Ltd. (Japan), Honeywell International Inc. (US), The Chemours Company (US), The Linde Group (Dublin), and Air Liquide (France) and others. The competitiveness in the refrigerants market is rising due to the increasing adoption of growth strategies such as expansions, new product launches, partnerships, and acquisitions by the leading players.
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Honeywell offers products across the buildings, personal safety, vehicles, footwear, industrial, manufacturing, aerospace & defense, oil & gas, security & fire, healthcare & medical, chemicals, and specialty material industries. The company operates under the following segments—aerospace, performance materials and technologies, Honeywell building technologies, and safety and productivity solutions. It manufactures and markets refrigerants under the performance materials and technologies segment. The company has a strong sales network in the US and Europe.
The Chemours Company is a DuPont (US) spin-off that offers solutions to various end-use industries. The company is among the leading players in the refrigerant market and operates through four major business segments—titanium technologies, thermal & specialized solutions, advanced performance materials, and chemical solutions. It manufactures and markets refrigerants under the thermal & specialized solutions business segment. The company offers refrigerants through two brand names: Freon and Opteon. It has a wide geographical presence and meets the demand from North America, Europe, Middle East & Africa, Asia Pacific, and South America.
Refrigerants Market by Type (HFC & Blends, HFO, Isobutane, Propane, Ammonia, Carbon Dioxide), Application (Refrigeration System, Air Conditioning System, Chillers, and MAC), and Region(Asia Pacific , North America, Europe, MEA)- Global Forecast to 2028
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