Refrigerants Market worth $9.0 billion by 2028 | Key players Arkema S.A. (France), Daikin Industries Ltd. (Japan), Honeywell International Inc. (US), The Chemours Company (US).

According to recent market research the "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", size was USD 6.3 billion in 2022 and is projected to reach USD 9.0 billion by 2028, at a CAGR of 6.4%, between 2023 and 2028. Refrigerants are used to generate a cooling effect in the air conditioning and refrigeration systems industry. They are used in equipment such as freezers, refrigerators, air conditioners, and heating units. Based on their chemical composition, the commonly used refrigerants are HCFCs, HFCs, HFOs, HCs, ammonia, carbon dioxide, and water. In general, refrigerants find application in domestic, commercial, and industrial refrigeration; chillers; window, split, variable refrigerant flow, and other types of air conditioning systems; and mobile air conditioning.

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The rising demand from the increasing population, accompanied by the development of new technologies and products, is projected to make this region an ideal destination for the HFC & blends segment. Improved lifestyles, increasing cost of living, and the multiplying population will help industries such as refrigeration and air conditioning flourish in developing regions, thereby supporting the demand for HFC & blends.

The high urbanization rate and emerging industries in the emerging economic region are increasing the demand for refrigeration systems. China being a global manufacturing base, generates high demand for refrigerants in industrial refrigeration systems. Similarly, other major economies in the Asia Pacific region, such as India, Japan, and South Korea, are also driving refrigerant demand in this application. This application is further divided into three major categories-domestic refrigeration, industrial refrigeration, and commercial refrigeration.

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The increasing demand for consumer appliances in the growing economies of Asia Pacific, such as China, India, and Thailand, along with the growing cold chain network in well-established markets of North America and Europe, is driving the refrigerants market. As this market is highly regulated, fluorocarbon refrigerants are expected to decline in their market share. This is likely to act as an opportunity for manufacturers of natural refrigerants.
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).

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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.

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