Refrigerants Market size was over USD 24.39 billion in 2023 and is likely to cross USD 64.75 billion by the end of 2036, growing at more than 7.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of refrigerants is estimated at USD 25.91 billion.
The growth of the market can be attributed to the growing demand for cooling refrigerants from the end-users backed by the growing adoption of residential and commercial cooling equipment, such as heating, ventilation, and air conditioning (HVAC) systems, refrigerators, freezers, air conditioners, and others. The demand for residential cooling equipment, where refrigerants are used widely, has witnessed a significant growth over the past few years. The changing lifestyle of individuals, along with the rise in disposable income are some of the factors that can be attributed to the growing demand for such residential cooling equipment. According to the statistics by the Organization for Economic Co-Operation and Development (OECD), the household disposable income in the United States grew from USD 43929/capita in 2013 to USD 53202/capita in 2018. Moreover, the housing disposable income in the European Union grew from USD 26634/capita in 2013 to USD 32822/capita in 2019. The market is also thriving on account of the growing consumer electronics sector as well as for the growth of the automotive industry.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
7.8% |
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Base Year Market Size (2023) |
USD 24.39 billion |
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Forecast Year Market Size (2036) |
USD 64.75 billion |
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Regional Scope |
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The market is segmented on the basis of product type into fluorocarbons, inorganic, hydrocarbons and others. Among these segments, the fluorocarbons segment is estimated to hold the largest market share by the end of 2029. The growth of the segment can be attributed primarily to the wide application of hydrofluorocarbons in air conditioning applications, as well as for the environmentally friendly properties of these chemicals. Fluorocarbons, as compared to other refrigerant types, are less toxic and also are non-flammable. Moreover, these chemical compounds do not contribute to the depletion of ozone layers and is less harmful for the atmosphere.
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Application Type |
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By End Users |
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Regionally, the refrigerants market is segmented into five major regions including North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa.
The market in the North America industry is set to hold largest revenue share by 2036, attributed to growing demand for cooling equipment to store packaged foods, as well as increasing availability of cold storage facilities in the region. The United States, which is known to be the largest consumers of packaged food products around the world, also has several end users who require cooling equipment to support their supply chain requirements. On the other hand, the market in the Asia Pacific is anticipated to grow with the highest CAGR during the forecast period owing to the presence of numerous countries in the region which fall under temperate climate, and hence require cooling equipment in both commercial and residential setting to keep foods and other products fresh.
Author Credits: Richa Gupta
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