The global refrigerants market size was valued at USD 24.20 billion in 2023 and is projected to grow from USD 26.11 billion in 2024 to USD 47.98 billion by 2032, exhibiting a CAGR of 7.9% during the forecast period. North America dominated the refrigerants market with a market share of 30.58% in 2023. The growth can be attributed to the surging demand for green refrigerants coupled with the increasing number of cold stores globally. The product demand comes from various end-use industries, especially the automotive sector.

Fortune Business Insights™ cites this information in its research report, titled “Refrigerants Market, 2024-2032”.

Get a Free Sample PDF Report On Refrigerants Market: https://www.fortunebusinessinsights.com/enquiry/sample/refrigerant-market-101745

List of Key Players Mentioned in the Report:

  • Air Liquide Advanced Technologies (France)
  • Linde plc (Ireland)
  • A-Gas (England)
  • The Chemours Company (U.S.)
  • Tazzetti S.p.A. (Piedmont)
  • AGC Inc. (Japan)
  • DuPont (U.S.)
  • Honeywell International Inc. (U.S.)
  • Arkema (France)
  • DAIKIN INDUSTRIES, Ltd. (Japan)

Segments:

Hydrocarbons Segment to Gain Immense Traction Owing to Rapid Industrialization in Emerging Economies

Based on type, the market is classified into hydrocarbons, fluorocarbons, and inorganic refrigerants. The hydrocarbon segment held a leading market share in 2022. This was on account of rising industrialization in developing nations coupled with the extensive product usage in residential and commercial applications.

Refrigeration Segment to Lead Due to Surging Equipment Demand

With respect to application, the market is classified into refrigeration, air conditioning, and others. The refrigeration segment held the largest market share in 2022. This can be credited to the surging purchasing power of the middle-class population for consumer goods such as refrigeration equipment. The segment expansion can also be ascribed to surging industrialization and deteriorating weather conditions.

Industrial Segment to Dominate Owing to Rising Product Adoption

Based on end-use industry, the market is categorized into commercial, domestic, and industrial. The industrial segment captured the major market share in 2022. Stringent environmental regulations by the government, especially on manufacturing plants, coupled with surging industrial pollution in emerging nations, has bolstered the demand for refrigerants.

On the basis of region, the market for refrigerants is subdivided into Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.

Report Coverage:

The report provides vital insights into the key trends and drivers, presenting lucrative opportunities for market growth throughout the estimated period. It also offers a comprehensive coverage of the major strategies opted by leading market players to extend their global footprints.

Drivers and Restraints:

Market Value to Grow Owing to Rising Product Usage in Transportation

One of the major factors propelling the refrigerants market growth is the surging usage of transportation globally. Moreover, increasing demand for medicines, frozen food, and new therapeutic treatments within the cold chain has further proliferated the demand for reliable refrigerated transport, augmenting market growth.

However, the flammability and toxicity issues may present major barriers to product uptake.   

Regional Insights:

North America to Become the Prominent Growth Hub Owing to Rising Product Demand from Transportation Sector

The North America refrigerants market share is projected to dominate over the forecast period. This rise is on account of the growing product demand from the automotive and transportation sectors.

The Asia Pacific market is poised to exhibit appreciable growth over the estimated period. The regional growth is driven by improved living standards of people and rapid urbanization.

Information Source: https://www.fortunebusinessinsights.com/industry-reports/refrigerant-market-101745

Competitive Landscape:

Prominent Companies Emphasize on Product Innovations to Strengthen their Market Positions

Major industry players are focusing on product innovations to enhance their position. They are also investing heavy amounts into R&D activities to launch new products. Additionally, they are emphasizing on mergers and acquisition strategies to bolster their market positions.

Key Industry Development:

January 2022- Honeywell, a multinational conglomerate corporation, unveiled Solstice N71(R-417A), a new low-global warming potential refrigerant for the supermarket space.