The global refrigerant market size was estimated at USD 14.26 billion in 2023 and is projected to grow at a CAGR of 4.7% from 2024 to 2030.The industry is experiencing growth due to increased demand from various end-use sectors, particularly the commercial & industrial refrigeration industry. Rapid urbanization in emerging economies, the expansion of cold storage facilities, and the rising preference for environmentally friendly refrigerants are all expected to fuel global market growth in the coming years.

Refrigerants such as hydrofluorocarbons (HFCs), 1,1,1,2-Tetrafluoroethane, and Ammonia are widely utilized in the beverage and food processing industry due to their minimal contribution to global warming, thus reducing their impact on the ozone layer. These refrigerants are commonly used for storing, producing, and transporting food and beverages. Food, perishable goods, and medicines can be refrigerated throughout their life. Refrigerated containers, trucks, and trailers systems keep these supplies fresh during transportation and preserve the goods from production to delivery. The growing demand for medicines, frozen foods, and new treatments requiring cold chains has increased the need for reliable refrigerated transport.

Gather more insights about the market drivers, restrains and growth of the Global refrigerant market

Refrigerant Market Segments Highlights:

1. The fluorocarbon segment emerged dominant in 2023, accounting for 53.7% market share during the forecast period. Fluorocarbons, specifically in refrigerants, refer to compounds containing carbon, fluorine, and sometimes other elements such as hydrogen and chlorine.

2. The hydrocarbon segment is expected to witness a CAGR of 7.1% CAGR over the forecast period. Hydrocarbons are becoming increasingly popular as refrigerants in various cooling and refrigeration systems.

3. Stationary air conditioning, heat pumps, chillers dominated the application segment with a market share of 53.8%, in 2023. Stationary air conditioning, heat pumps, and chillers, significant components of the HVAC (Heating, Ventilation, and Air Conditioning) system, have significantly influenced the refrigerants market.

4. Mobile air conditioning is a significant application within the refrigerants market, primarily aimed at providing comfort to vehicle passengers.

5. North America refrigerant market is characterized by high demand growth in end-use industries such as domestic refrigeration, commercial refrigeration and mobile air conditioning.

6. S. refrigerants market is expected to grow during the forecast period. This growth is attributed to rising demand for mobile air conditioning units for automobiles in the region.

7. Europe is a prominent consumer of refrigerants in the world with revenue share of 31.0% in 2023. The growth of the market in this region can be attributed to the increasing demand for air conditioning units in automotive, industrial, commercial, and domestic.

8. The Germany refrigerants market has been experiencing steady growth in recent years due to the increasing demand for air conditioning units.

9. The Asia Pacific market is anticipated to grow due to the rapid development of countries like China, India, Japan, and Australia.

10. The China refrigerants market is expected to grow significantly during the forecast period. China is one of the significant producers and consumer of refrigerant.

11. The refrigerants market in Central & South America is expected to grow during the forecast period. This growth is attributed to rising commercial, manufacturing and industrial plants in the region.

12. The Middle East and Africa refrigerants market is expected to grow over the forecast period. The climatic conditions experienced by the region have made it a prominent market for cooling products.

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Refrigerant Market Segmentation

Grand View Research has segmented the global refrigerant market based on product, application, and region:

Refrigerants Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

1. Fluorocarbon

2. Hydrocarbon

3. Inorganic

4. Other Products

Refrigerants Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

1. Industrial Refrigeration

2. Domestic Refrigeration

3. Transport Refrigeration

4. Commercial Refrigeration

5. Stationary Air Conditioning, Heat Pumps, Chillers

6. Mobile Air Conditioner

Refrigerants Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

1. North America

2. Europe

3. Asia Pacific

4. Central & South America

5. Middle East and Africa

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